Patek Philippe

No message body

that's a lotta cash, brother! A little awkward to count it twice and then wonder if any is counterfeit, too--which unfortunately, they really have credible reasons to be concerned in this world we live in... and what if there was a fake bill--and you really did not know it yourself-- (repeat--did not know it yourself) wouldn't the whole experience quickly go badly...?

I have to say I understand PP's policy. It's just very awkward for everyone. Even a bank teller will count that money twice or three times and check each large bill with extreme attention...

It's too much to ask of a watch salesperson who must remain absolutely poised and charming at all times...

Cash is awkward sometimes. This message has been edited by Mostel on 2011-07-19 18:52:38

and if I were to hazzrad a guess, it MAY be due to AML concerns or perhaps they have been infomred of counterfeit notes in circulation?

And you will also miss out on the credit points for free flights....

Does anybody know how to pay in the Geneva boutique as a foreigner?
Credit card? Wire? pay in advance?

Thanks,
D.

always pay via bank transfer....
(as all bank transactions can be traced and checked)

As it has been written above, purchases above a certain amount of cash is illegal for reasons of
both money laundrering and for tax evasion... EU has strict rules.....

Cheers

-after taking down your particulars, if its money-laundering concerns.

JLC took down mine when i brought cash.

when I went to collect my new PP3970.

My AD advised me they couldn't accept more than £9k in cash, so I paid a deposit, banked the cash, and made payment by bank debit card.

heavy cash "typically" maybe interpreted as drug money , money laundering or counterfeit?     In u.s. $10,000.00.  you can pay more than $10,000.00 with cash if you provide "acceptable" identification.

you would need a big credit card limit...  not a lot of people have $100,000.00+ limit on their credit card.
This message has been edited by D10 on 2011-07-20 08:30:42

The reason that they don't want anyone paying in cash is to attempt to avoid tax evasion.  Cash is vaey difficult to track, weareas credit cards or checks they leave a trace.

Have found that certain ADs will gladly accept gold. Frankly (and boldly), only someone lacking financial sense would hold paper currencies as historically they always decline in buying power/value. As an example, the United States Federal Reserve Note (a.k.a. Dollar) has lost over 94% of its value since it was first offered. It is the 'hidden tax' called inflation (currency devaluation). As the Swiss will tell you, gold is money. As JP Morgan (the man) said, "Gold is money and nothing else."

AD's will accept gold as payment?  There aren't many that would and if you wanted to flag the transaction as suspicious then turnign up with gold bullion would be a great way to do it, parhaps with it strapped to your body under your clothes.

There ar emany of us on this board who work in financial services and other than a metals broker I think most of us would not advise a client to store all their wealth in gold.  If you thought the USD was volatile just look at gold prices.....

Am not wanting to debate or go O.T. here, though yes some AD's will accept gold as payment. It is nothing unusual depending on the country you reside or do business in. Have you travelled to Saudi, India, Switzerland, etc? Yes, have seen the returns on gold long term and they are excellent. As you know, all major central banks also hold gold as reserves. The long term chart on, as an example, the USD is what should be frightening to many on this board. This is partially why the truly wealthy choose to invest in things of intrinsic value (rare Pateks, artwork, important/rare automobiles, etc). Pateks are not necessarily going up in price; it is the currency that is declining in buying power/value.

At the Federal Reserve’s desired 2% inflation/devaluation annually, you will lose nearly 22% due to inflation in only 10 years and a staggering 48% in only 20 years. Of course it is how they choose to calculate inflation and the actual cause/effect and buying power as goods and services can go up or down due to efficiencies or the need to cover the ever-high highly skilled labor costs. As you probably well know, governments/central banks seem to change how they calculate inflation to better fit into their scheme. By reducing actual inflation via calculations and changines, this helps lower the cost for the US Government of, for example, Social Security liability (cost of living adjustment, or COLA for short).

So yes, it may sound frightening, yet those with high net worth, a longstanding knowledge of currencies and wealth protection do understand that holding on to one's buying power is very important. Many common sense investment advisors do suggest from 5% to 15% holding in physical metals. This is nothing new or drastic, simply common sense in a diversified portfolio against risk. In the past week or so the chairmen of the United States Federal Reserve bank commented that holding gold protects against “tail risk, really really bad outcomes”. Perhaps the wealthiest family in the world for nearly a century, Sir Evelyn Rothschild commented on CNBC during the recent severe downturn that if one is safety conscience they should hold on to their gold bars. Of course if you are wiser than Bernanke or Rothschild please PM me your investment wisdoms.

nt This message has been edited by Dje on 2011-07-21 09:37:53