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(France has already confirmed for its own taxpayers the maximum amount will be just €1,000, but for holidaymakers it'll be €15,000, about £12,800.)
It'll apply to all commercial transactions for goods and services, and can't be bypassed by making lots of smaller transactions, as linked cash payments will be treated as a single payment under the law.
For transactions between €3,000 and €10,000, merchants will be obliged to verify the customer's identity before they pay in cash. This ensures that all financial transactions can be linked to individuals, even if cash is used, and aims to prevent money laundering.
As part of the move to a digital Euro, the cash payment limit of €10,000 (about £8,500) will be introduced in Spain as of July 10, 2027.
Banks in the EU will continue to monitor unusual deposits at cash points, and will also need to report transactions of over €3,000 where large banknotes are used.
All a bit of a problem with racecourse betting when Andy follows.
It'll apply to all commercial transactions for goods and services, and can't be bypassed by making lots of smaller transactions, as linked cash payments will be treated as a single payment under the law.
For transactions between €3,000 and €10,000, merchants will be obliged to verify the customer's identity before they pay in cash. This ensures that all financial transactions can be linked to individuals, even if cash is used, and aims to prevent money laundering.
As part of the move to a digital Euro, the cash payment limit of €10,000 (about £8,500) will be introduced in Spain as of July 10, 2027.
Banks in the EU will continue to monitor unusual deposits at cash points, and will also need to report transactions of over €3,000 where large banknotes are used.
All a bit of a problem with racecourse betting when Andy follows.
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