The legislation in force sets the maximum limit for payments made in cash at € 2,000. On the other hand, there is no maximum ceiling for the withdrawal of cash, but once a certain threshold has been exceeded, anti-money laundering controls could be activated. Let’s see all the details about it in the following article.
What are the constraints related to the use of cash?
For 2022, the upper limit for i payments made in cash is fixed in 2,000 euroswhile with regard to the withdraw of cash at ATMs there was no limit.
Let’s see in detail what the legislation says about it.
Withdrawals and cash payments: the limits
In 2022, for the payments made in cash the legislation in force sets the limit of 2,000 euros per transaction.
The limit is valid both for payments to companies and for payments to other people, including professional fees and gifts (such as donations to children or relatives): in all these situations, if the amount is greater than 1,999, 99 euros is obliged to use necessarily traceable meanssuch as bank or postal transfers, checks, credit or debit cards, prepaid cards and ATMs.
In case of cash transactions exceeding the permitted limithowever, the bank may ask the user to justify the operation: based on the latter’s response, the bank itself will decide whether report the transaction to the Financial Intelligence Unit or not (UIF) of the Bank of Italy.
Cash: no limit for withdrawals
For what concern withdraw of cash, on the other hand, there is no limit for individuals. However, the control system provides that, in the event that the threshold of 10,000 euros in one monththe credit institution is obliged to ask its customer for explanations in this regard, based on the provisions of the legislation on anti-money laundering.
In the case of suspicious transactions, theFinancial Information Unit (UIF), notified by the bank’s central management, will inform the Public Prosecutor’s Office, which in turn will decide whether to initiate more in-depth checks.