Cash Payment Ban Already In Place. Who Will It Hit Hardest?

The European Union is fighting various threats related to terrorism financing and money laundering. Its goal is to reduce financial abuse. One way to combat this problem is cash payment limit.

Cash Payment Limit – What Awaits Us?

In order to regulate money laundering and strengthen the means of combating illegal practices, the European Parliament and the EU Member States have taken concrete steps in Strasbourg. Discussions on this topic have been ongoing since April. Agreement was reached on uniform rules to be introduced in the EU.

The limit for cash payments has been set at 10,000 euros.and EU countries will have the right to individually modify this type of limit. As for Poland, here We have a limit of PLN 15,000 for cash payments, which applies to companies.

Additionally, it will be introduced supervision and identity control, using an appropriate document, of cash transactions in the range of 3-10 thousand euros.

The new regulations will not only apply to cash payments, but will also cover the sale of luxury goods and the cryptocurrency trading sector.

Ban on cash payments – when will it apply?

The ban on cash payments above 10,000 euros is to come into force in 2027. In the case of football clubs – from 2029.

In Poland, at the moment, there is no limit for private individuals. All payments – cash and non-cash – can be made without restrictions.

Will the new regulations make it harder for companies to operate?

For most companies, not much will change, as they have long used cashless transactions. However, some consumers and smaller companies may perceive such a ban as an attack on privacy and putting banks first. According to the Fiserv study, Poles most often pay cash to tutors or for additional classes and services such as a seamstress or shoemaker.

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