The European Union will ban cash payments exceeding €10,000 starting July 10, 2027, under Regulation (EU) 2024/1624 aimed at combating money laundering and terrorist financing. Cash transactions above €3,000 will require identity verification from businesses involved. Linked payments are also covered, making it impossible to circumvent the limit by splitting a purchase. Bank transactions and private sales between individuals remain exempt from these restrictions. Member states retain the right to impose stricter national limits than the EU-wide cap, with Spain already maintaining a €1,000 threshold.
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