Europe to limit cash payments, here are the future maximum amounts allowed

A new rule will soon come into force to regulate cash payments.

We thought it was obsolete: it has not been completely abandoned. The banknote has not been completely replaced by the bank card and still seems to have a bright future ahead of it. According to the latest figures, half of transactions are still carried out in cash, even if using a bank card – even more so since they are on smartphones – is an easier solution.

However, the regulations on the use of cash will soon change, due to a decision taken at the European level. The EU has decided to establish a maximum amount for cash payments.

From 2027, the law will prohibit that in the 27 countries of the European Union, including France, any payment in cash is prohibited when an individual buys something from a company, the amount of which exceeds 10,000 euros. Obviously, this only concerns very few people.

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In reality, with this regulation, the EU seeks to combat money laundering. “One of our main objectives has been to ensure that white-collar criminals will no longer be able to launder their money by purchasing luxury cars, yachts and private jets,” explained Paul Tang, a Dutch socialist MEP who was tasked with leading this case.

This “tightening” of the law will therefore have no impact on ordinary people. Only a few will be impacted by this new rule, which will not apply to transactions between two individuals: they are free to agree as they wish to carry out a transaction. Furthermore, this will not come into force immediately. It is not expected until 2027.

This will mainly have consequences in Ireland, Scotland, England, Wales, the Netherlands, Luxembourg, Germany, Austria and even Cyprus, countries where no limit is currently set in the legislation. On the other hand, this will have no impact on France, Spain or Italy: national laws already provide for a maximum amount of 1000 euros if you want to pay for a purchase in cash.