11Mo·

New money laundering law for $V (-0,8 %) / $AXP (-0,92 %) / $MA (-0,86 %) and $PYPL (-1,11 %)

The EU has once again come up with something new to restrict and minimize the quality of life of its citizens. I have just been informed by a friend that it is no longer possible to send money to friends free of charge via payment service providers with new credit cards. Both Mastercard and American Express customer service have confirmed by telephone that it will no longer be possible with immediate effect.

The friend had tried to send money to his sister in Austria via PayPal Friends and had saved his Mastercard as a payment method with PayPal. When this failed, he contacted Mastercard's customer service, who referred to the new Money Laundering Act and confirmed that they block such transactions.

I personally don't have this problem. I have just tried it and can still send my friends PayPal from my Amex and the transaction is also carried out.

Now the question is whether any of you have experienced the same and also have problems making free transactions from your credit card?

In my opinion, this is an absolute absurdity and a significant example of corruption. The whole thing has nothing whatsoever to do with money laundering, but is only intended to create a monopoly position for this strange e-euro by gradually banning all other free services.

27 Commentaires

TAHT@TAHT

11Mo

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Stefan21@stefan_21

11Mo

If only there was a solution to avoid the encroaching regulation👀

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TAHT@TAHT

11Mo

@stefan_21 BTC ✅

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Soprano@Soprano

11Mo

@stefan_21 Emigrate? This is absolutely not a problem that Bitcoin could solve, because the point here is that you want to send money to family members FREE OF CHARGE.

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Stefan21@stefan_21

11Mo

@Soprano You can with Bitcoin too :)
Simply use Lightning to send money around the world in seconds at almost zero cost.

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Soprano@Soprano

11Mo

@stefan_21 What does almost mean? There are always exchange and network fees.

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Stefan21@stefan_21

11Mo

@Soprano yes, in Lightning you pay a few Satoshis per transaction. So less than 1 cent :)

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Soprano@Soprano

11Mo

@stefan_21 So I can transfer €10,000.01 there via Lightning and the recipient then receives €10,000?

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Stefan21@stefan_21

11Mo

@Soprano Yes and no. Lightning currently generates around 4-5k€ in value. For more, you still have to use the main layer.
However, Lightning is already very suitable for smaller amounts.
Strike as a payment service provider already enables euro and dollar transfers to some countries, for example.
The way it works is that the euros or dollars are exchanged for Lightning - then sent around the world - and exchanged back at the destination and credited to the recipient.
I think this has a lot of potential for the future, but amounts as large as 10k upwards probably won't work at the moment :)

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Jupp D.@JuppDupp

11Mo

@stefan_21 🔥🔥

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Alexander_Bitcoin@Alexander_Bitcoin

5Mo

Unfortunately, the EU Travel Rule means that this is no longer so easy.

••

Staatsmann@Staatsmann

11Mo

Just tried to send money to my other half with Amex, Visa and Mastercard:
No problem via Paypal.

Then tried to send money to Poland: Visa and Mastercard went through. Amex did not.

I also wrote to the 3 customer service teams.

Which law is supposed to have been passed?
Were you given an exact regulation or something similar?

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Soprano@Soprano

11Mo

@Staatsmann Very cool that you took action and tested it. But I'm also not sure which regulation or law applies. According to Google, the EU issued the sixth directive on the Money Laundering Act a few weeks ago. But I can only find press releases and not the legal text.

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Staatsmann@Staatsmann

11Mo

@Soprano Visa has replied that there have been no changes in this regard and that payments will be booked normally.

Only any cashback systems will not work, but that is clear and has always been the case.

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Soprano@Soprano

11Mo

@Staatsmann That's funny, because the cashback systems work for me too ^^ Or it's always been a little trick in the Amex community to send each other money via PayPal friends and then send it straight back. Of course, this is forbidden and can lead to the card being canceled, but technically it has always worked so far.

My buddy's Amex support told me that you can't/aren't allowed to send money to friends and then debit it via AMEX. Which, as I said, I can't understand, because it works perfectly for me, even with collecting miles.

He didn't ask about Visa. But maybe that would be a good recommendation for him. He doesn't want cashback, he just wants to send something to his family and is looking for a suitable card where this is possible.

I also just asked again whether his Mastercard was a charge or debit card. Maybe that makes a difference. At least that's what one GQ user said.

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Staatsmann@Staatsmann

11Mo

@Soprano Mastercard has now also replied that there are no new laws in this regard.

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Soprano@Soprano

11Mo

@Staatsmann It's really great how the community supports each other here!

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user03@user03

11Mo

@Staatsmann probably cross-border problems

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Staatsmann@Staatsmann

11Mo

@Soprano Amex has also replied:
No change in the law in this regard.

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Testo-Investor@Testo-Investor

11Mo

Then comes the digital euro, everyone claps and then comes the hammer! But always follow nicely. The system only wants the best for the citizen! 😂

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JCM@TheStoic

11Mo

Maybe you should quickly send me 500€ via Paypal friends so that we can really make sure whether it still works or not 😜

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Soprano@Soprano

11Mo

@JCM It works for me lol

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Ⓜ️@MoneyPrinter1

11Mo

Bitcoin, for example, is a decentralized solution here.

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StonkSniffer@ApezuColabooster

11Mo

The idea of the law is to prevent malicious users from transferring money they don't have and then disappear without paying the bills. You can still use debit cards as that's money you actually have.

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Peter A.@Kamahl_

8Mo

I can tell you why, because I worked at one of the 3 credit card companies in risk and implemented exactly these rules there. This is mainly about fraud prevention (but there are other reasons such as money laundering). The classic fraud case is to open a Paypal account as a buyer and a second one as a seller (merchant). As a buyer you deposit your credit card and send money without having it. An Amex can quickly have a limit of 10-20k (once had a case with 150k). It's a good hourly wage. Since your buddy and his sister probably have the same last name, the decline rule is probably triggered ;)

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Utilisateur supprimé

11Mo

Le commentaire a été supprimé

Soprano@Soprano

11Mo

@PowerWordChill Apparently the sixth directive for money laundering laws (according to Google) but that's where it starts: There doesn't even seem to be a kind of EU civil code where people have the opportunity to read the wording of which laws actually apply.

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