The European Union limits cash payments starting in 2027
Cristina Petrache
Current Affairs
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The European Union will impose, starting in July next year, a limit of 10,000 euros for cash payments between individuals and merchants, in order to combat money laundering. Merchants will be required to report detailed data about buyers for transactions exceeding 3,000 euros. These restrictions do not apply to private transactions between individuals, allowing the use of cash without limit for personal use. Examples from other European countries, such as Germany, which has limited cash payments to 1,999.99 euros, highlight the trend to reduce fraud risks. The purpose of these regulations is to control financial flows and diminish the use of cash in illegal activities, without affecting citizens' right to hold cash.
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