EU will ban cash payments over €10,000 starting July 2027

The European Union is putting a ceiling on how much cash can change hands in a single deal. Starting July 10, 2027, businesses across all member states will be barred from accepting cash payments above €10,000. There’s a second layer too. Cash transactions over €3,000 will require identity verification, so the anonymous envelope of banknotes is about to get a lot more paperwork attached. The rule comes from Regulation (EU) 2024/1624, part of the bloc’s broader push against money laundering and terrorist financing. For anyone who pays for cars, jewelry or renovations in physical notes, the countdown has started. What the rule actually does The core mechanic is simple. No business or service provider in the EU may take a cash payment for goods or services that exceeds €10,000. The cap covers more than single handovers. Linked payments are also caught, so splitting a €15,000 purchase into two neat €7,500 installments won’t get around it. Below the €10,000 line, cash is still permitted, but it gets less private past a certain point. For cash transactions over €3,000, the businesses involved will need to carry out customer due diligence, which means identity checks. Who gets a pass Not ...