2023-12-14 19:39:48
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Brussels wants to restrict paying with cash within the EU. A limit amount emerges. Germany would also be affected.
Munich – Germans love their cash. According to a new survey, notes and coins are the most frequently used payment method for 71 percent of people in Germany. But the popularity might soon take a hit. The European Union wants to limit its use and is planning an upper limit for payments.
During negotiations, an amount for an EU-wide cash limit emerged. © picture alliance/dpa | Julian Stratenschulte
The issue has been on the EU agenda for a long time. Brussels wants to make money laundering more difficult with the limit. The EU Commission is considering an upper limit of 10,000 euros. This amount has already been approved by the EU countries. Federal Interior Minister Nancy Faeser also spoke out in favor of a cash limit of 10,000 euros. The European Parliament recently even demanded a maximum of 7,000 euros.
Cash upper limit in the EU: It should be between 7,000 and 10,000 euros
The Austrian National Bank (OeNB) assumes that an EU-wide cash limit will be within this range. There will probably be a decision, said Matthias Schroth, Director of the Cash, Investments and Internal Services Department, according to parliamentary correspondence on Tuesday (December 5th) in the Finance Committee of the Austrian National Council.
The EU Commission, Parliament and members still have to come to an agreement. According to Schroth, it remains unclear when the decision will be made. The legal scholar emphasized that an abolition of cash is not to be expected. Cash is even more in demand in Austria than in Germany. According to the survey by the management and technology consultancy BearingPoint Cash is the most frequently used payment method for 79 percent of Austrians.
The cash limit decided by the EU should also apply in Germany
If the EU institutions reach an agreement, it would have direct consequences for both German-speaking countries. If the regulation is enshrined in law, it will also apply in the member states. Because EU regulations take precedence over national law.
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While an upper limit for cash is common across Europe – from 15,000 euros in Croatia to 5,000 euros in Italy to 500 euros in Greece – there is no such regulation in either Austria or Germany. In the Federal Republic there are only conditions. For example, for transactions worth 10,000 euros or more, a dealer is obliged to show ID and record and store the data. Because of its lax handling of cash payments, Germany is considered a money laundering paradise. (mt)
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