10 thousand euros — new limit on cash payments in the EU: what restrictions currently apply by country

A unified limit on cash payments of 10 thousand euros is set to take effect in the countries of the European Union. The innovation is part of the European policy to combat money laundering and terrorism financing.

Currently, there is no single EU-wide restriction on cash payments, but many member states already have their own national limits.

The decision to establish a single maximum threshold for cash payments of 10 thousand euros was supported by the European Parliament in April 2024, and at the end of May of the same year, it was approved by the EU Council.

After the official publication of the relevant regulation in the Official Journal of the EU, the document will come into force. However, the new rules will only be applied three years after that.

It is expected that the restriction will not apply to financial transactions between private individuals who do not engage in commercial activities.

At the same time, EU countries that already have lower limits on cash payments will have the right to keep their existing stricter restrictions.

The European Union also reminds about a number of other rules regarding the use of cash. In particular, in eurozone countries, sellers are not obliged to accept more than 50 coins in a single payment. In addition, some retail outlets may refuse to accept large banknotes, such as 200 euro notes.

Separate rules apply to the movement of cash across borders. Persons bringing into or taking out of the EU cash amounts exceeding 10 thousand euros are required to declare such funds to the customs authorities of the respective country.

The new rules aim to unify approaches to cash payments in the European Union and strengthen control over financial transactions to counter illegal money flows.

The lowest limits currently apply in Greece and Spain. In Greece, the maximum cash payment amount is 500 euros, and in Spain — 1000 euros for payments with business entities.

In France, residents can pay in cash up to 1000 euros, while for non-residents this limit is increased to 15 thousand euros. In Italy, the maximum cash payment amount is 5000 euros.

Lithuania and Slovenia have set a limit of 5000 euros, Latvia — 7200 euros, and Portugal prohibits cash payments from 3000 euros.

In Belgium, the limit for payment of goods and services is 3000 euros, and in Poland the restriction applies only to payments between entrepreneurs — up to 15 thousand zlotys (about 3300 euros). There are no restrictions for individuals.

In Slovakia, the maximum cash payment amount is 15 thousand euros, and in Czechia — about 10.5 thousand euros per day.

At the same time, several countries do not set general restrictions on cash payments. These include Germany, Austria, Cyprus, Estonia, Finland, Ireland, Luxembourg, Sweden, and Iceland.

However, even in these countries, additional financial monitoring rules apply. For example, in Germany, for cash payments over 10 thousand euros, the buyer must present an identity document, and the seller is obliged to record and keep information about the client.

In addition, special prohibitions apply in some countries. For example, in Germany since 2023, it is forbidden to buy real estate with cash, and in Belgium such restrictions have been in place for a long time. In Malta, it is not allowed to pay in cash amounts of 10 thousand euros or more for real estate, cars, boats, jewelry, antiques, and works of art.

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