In Italy there is a new limit on cash payments: 1999.99 euros

In Italy, starting from 1 March 2022 (with effect backdated to 1 January 2022) the limit for those who intend to pay using cash returns to 2,000 euros, after it was set at 1,000 euros from 1 January to 28 February 2022.

It is possible to pay in cash only up to € 1,999.99 for each single transaction. Beyond this threshold, there is an obligation to carry out digital and traceable transactions.

If you have to make a payment for an amount greater than € 1,999.99, it is allowed to divide the amount between cash and traceable payments, as long as the amount paid in cash does not exceed the established threshold.

The new measure does not only concern sales but concerns any other form of transfer of money between subjects, such as donations or loans.

BANKS

As regards bank withdrawals and deposits, there are no limits as it is not a question of money transfers between two different subjects but of movements that concern a single person. However, the Bank may consider – where the cash sum exceeds the legal limit – to ask for clarification.

EXCEPTION

Foreigners not resident in Italy can purchase goods and services from retail traders and travel and tourism agencies within the limit of 15,000 euros. This threshold did not change on 1 March 2022.

 

For more information, contact us.