Wednesday, November 6, 2024
HomeThe limit for cash usage in Europe will be 10,000 euros from...

The limit for cash usage in Europe will be 10,000 euros from 2027

Dal 10 July 2027 The cash usage limit is set at 10,000 euros. A new roof is to be introduced. 1624 of EU Regulation No. 2024 Published in the European Journal last June 19 and entered into force on July 9, 2024, it established rules and guidelines for the use of cash in European countries.

Wanting to summarize as much as possible, we can state that the cash payment limit in the countries belonging to the European Union – starting from July 10, 2027 – has been set at 10,000 euros. Italy will also have to adopt the new rules. The purpose of this rule is to try and minimize the use of notes in economic transactions. Prevention of money laundering And Terrorist financing. In our country, at the moment, the maximum limit for using cash is 5,000 euros.

Use of cash in Europe, new limit of 10,000 euros

The use of cash is predicated by a limit of 10,000 euros.Article 80 of the Regulation of the European Unionwhich introduced new rules that paying parties had to follow. cash High value services or goods. They must respect the new rules:

  • i Subjects who are trading goods. O Provide services: Can accept or make cash payments of less than or equal to 10,000 Euros. The operation may be carried out in national or foreign currency, regardless of whether the transaction refers to a single operation or to several payments linked to each other;
  • Individual Member States have the possibility to do so. Adopt lower limitsprovided that the European Central Bank is consulted in advance in accordance with Article 2, paragraph 1 of Decision no. 98/415/EC of the Council. Any lower threshold must be notified to the Commission within three months of introducing the measure at national level.
  • Any lower thresholds already in place at national level may still be applied, provided that Member States have notified the Commission by 10 October 2024.

It is important to note that the cash usage limit does not apply in the following cases:

  • For any payments made Among the natural people who are not engaged in the practice of a profession;
  • For any payments or deposits made. In the premises of credit institutionselectronic money issuers and payment service providers.

Limitations on Use of Cash: Control

It will be directly up to Member States to take appropriate measures – including any sanctions – against persons who act in the exercise of their profession, A cash limit violation is suspected..

The overall level of restrictions should be calculated accordingly. For provisions of national law. But, above all, they should create consequences proportionate to the seriousness of the violation and above all, they should discourage repetition of the same offense.

In any case, if due to force majeure, alternative means of payment Cash paymentindividual Member States have the possibility to temporarily suspend the application of sanctions, but they must immediately notify the Commission.

When the new regulation comes into effect.

The European regulation on the use of cash will certainly come into effect – in all member states – From next 10 July 2027. By that date, the alignment between the relevant national legislation and the provisions introduced by the EU regulation should be guaranteed.

i ItalyIt is worth repeating that there is a limit on the use of cash of 5,000 euros: this rule concerns transfers between different subjects. However, the new EU provision only covers entities that trade in goods or provide services.

Use of cash, image in Europe

Laws in force in Europe on the use of cash They are very inconsistent. According to data highlighted byEuropean Consumer Centers Network – an organization created specifically by the European Commission and Member States and aimed at providing support to consumers – in 30 states at the beginning of 2021 – including Great Britain, Iceland e Norway – Only 12 countries, including Italy, have laws that limit the use of cash. With the exception of Belgiummainly from Southern or Eastern European countries.

According to his report ECC France We are at the top of the ranking of the most restrictive countries. Greecewhich introduced a maximum limit of 500 euros. After Francecapped at 1,000 euros for residents and variable between 10,000 and 15,000 for certain cases and reserved for non-residents.

Maximum ceiling inside Spain It is set at 1,000 euros for residents, rising to 10,000 for non-residents. i Belgium The limit for commercial transactions is 3,000 euros. i Portugal The threshold is set at 3,000 euros, which is reduced to 1,000 euros in case the individual has to apply income or company tax. i Bulgaria A sum of 10,000 levs was set, which corresponds to approximately 5,100 euros. Maximum range that the operation time can be sensitive to exchange rate variations.

with the sole exception of Spain e Franceso the highest limits are presented in:

  • Croatia: 15.000 euros;
  • Czech Republic: 10.500 euros;
  • Malta: 10.000 euros.

Merchants, i Denmarkis likely to accept cash payments up to a maximum of 2,5000 euros. i The NetherlandsHowever, suspicious transactions exceeding €2,000 must be reported. i Sweden Merchants are given the right to refuse any cash payment.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments