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Friday, February 14, 2025

The European Union has decided. There will be big changes to cash payment limits

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Payment changes: In 2024 European Union approved the provisions on new ones cash payment limits. For all EU countries it will now be 10 thousand euros (approximately PLN 42,657). Therefore, it will not be possible to pay a larger amount in cash. Additionally with payments over 3 thousand euros (approximately PLN 12,815) the seller will be obliged to pay an additional fee verification identity client.

EU-wide rules: The new cash payment limits ensure uniformity across all EU countries. Any country can impose own cash payment limitsas long as they do not exceed 10,000 euroas for example in France, where the limit is only one thousand euros. In countries such as e.g. Austria and Luxembourg, limits will be introduced that did not exist there before. The changes come into force in 2027.

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What is the reason: As reported by Infor.pl, the restrictions apply companiesas well as private persons. The purpose of the introduced regulations is: fight against money laundering and terrorism financing. It's also about increasing financial transparency across the EU. By introducing limits on cash payments, it will be possible to increase control over cash flow and reduce the anonymity of transactions.

More: Also read the article: “Additional money for seniors over 75. How many and what conditions must be met?“.

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Sources: Center Européen des Consommateurs France, Infor.pl



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