Answer given by Ms McGuinness on behalf of the European Commission
12.5.2023
At present, no EU-wide limit for cash payments exists. The Commission proposed[1] to introduce such a limit, set at EUR 10 000, while allowing Member States that have lower limits at national level in place to maintain them.
In order to ensure that consumers without access to banking services continue to be able to purchase goods or services, the Commission’s proposal introduces a carve-out to this limit for payments executed on the premises of credit institutions.
In addition, to ensure financial inclusion, consumers legally resident in the EU have the right to a payment account with basic features according to Directive 2014/92/EU[2].
The limit on large cash payments is not expected to materially impact citizens’ financial privacy or increase risks of cybercrime. As outlined by the Commission in its reply to Question E-001213/2022[3], the average value of a point of sale or a person-to-person payment in the euro area, taking cash and non-cash payments together, is EUR 25.55[4].
This is far below the proposed measure, which aims to limit the use of disproportionate amounts of cash for individual payments in order to prevent money laundering and related predicate offences or terrorism financing.