The European Union will introduce a common ceiling of €10,000 on large cash payments from July 10, 2027, as part of new regulations designed to combat money laundering and terrorist financing. However, Greece, which already imposes one of Europe’s strictest restrictions on cash transactions, will be allowed to maintain its much lower €500 threshold.
The measures are included in EU Regulation 2024/1624, adopted by the European Parliament and Council in 2024. According to the European Commission, the legislation aims to reduce opportunities for criminals to conceal illicit proceeds through expensive purchases while establishing more consistent rules across the bloc’s 27 member states.
The new framework does not prohibit people from holding large amounts of cash, nor does it establish a general limit on private savings kept in banknotes. Instead, it primarily regulates payments involving businesses and professionals, with additional identification requirements for certain transactions.
New identification rules and different national limits
Under Article 80 of the regulation, businesses trading in goods or providing services will generally be prohibited from accepting or making cash payments exceeding €10,000, including transactions divided into several related installments. Member states may retain existing lower thresholds or introduce stricter national restrictions.
The legislation also establishes customer identification requirements for certain cash transactions of at least €3,000. Businesses subject to anti-money laundering obligations must verify customers’ identities in applicable transactions, even when the amount falls below the new European ceiling. The requirements are not universal for every private payment and do not override lower national prohibitions.
According to the European Consumer Centre Germany, significant differences currently exist across Europe. France generally limits cash payments to businesses to €1,000 for tax residents, while Belgium applies a €3,000 ceiling and Italy has a threshold of €5,000. Austria and Germany have traditionally operated without general statutory cash payment ceilings, although identification requirements apply to certain large transactions.
Importantly, the €10,000 ceiling generally does not apply to transactions between private individuals acting outside professional activities. Payments and deposits made at financial institutions are also covered by specific exceptions, although financial institutions remain subject to anti-money laundering checks.
Greece maintains €500 restriction and increases penalties
Greece has already established considerably tighter controls on cash payments as part of its efforts to combat tax evasion and improve the traceability of commercial transactions. Under Greek legislation, purchases of goods or services from businesses totaling €500 or more must be settled through electronic means, including payment cards, bank transfers or electronic wallets. Cash payments are prohibited for transactions reaching that threshold.
Legislation adopted in 2026 strengthened enforcement by introducing a penalty equal to twice the amount improperly accepted in cash for each violation. Consequently, a business accepting €1,000 in cash for a transaction subject to the prohibition could face a €2,000 fine. Separate rules apply when traveling with cash. Individuals entering or leaving the EU carrying €10,000 or more must declare the amount to customs authorities, while additional national requirements may apply to movements between member states.
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