The EU wants to curb the use of cash – and has its sights set on a fee cap

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Brussels wants to limit cash payments within the EU. The range is revealed. Germany will also suffer.

MUNICH – Germans love their money. According to a new survey, notes and coins are the most frequently used form of payment for 71 percent of people in Germany. But fame can soon win. The EU wants to limit its use and plans to cap payments.

During the negotiations, the amount for the EU-wide monetary ceiling emerged. © Image Alliance/dpa | Julian Stratensult

This issue has been on the agenda of the European Union for a long time. Brussels wants to make money laundering tougher with limits. The EU Commission is considering a cap above 10,000 euros. This amount has already been approved by EU countries. Federal Interior Minister Nancy Fasser also spoke in favor of a cash limit of 10,000 euros. Even the European Parliament recently demanded a maximum of 7,000 euros.

Cash limit in EU: It should be between 7,000 and 10,000 euros

The Austrian National Bank (OeNB) assumes that the EU-wide monetary limit will remain within this range. Matthias Schroth, director of the Department of Money, Investments and Internal Services, said a decision would be made in the Austrian National Council’s finance committee on Tuesday (December 5), according to parliamentary correspondence.

The EU Commission, Parliament and members still need to reach an agreement. According to Schroth, it is unclear when a decision will be made. The jurist insisted that demonetisation could not be expected. Austria has a higher demand for money than Germany. According to a survey by Management and Technical Consulting bearing point Cash is the most frequently used payment method for 79 percent of Austrians.

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The monetary limit determined by the European Union also applies in Germany

If the EU institutions reach an agreement, it will have direct consequences for both German-speaking countries. If the regulation is enshrined in law, it also applies in member states. Because EU regulations take precedence over national law.

While upper limits on cash are common across Europe – from 15,000 euros in Croatia to 5,000 euros in Italy and 500 euros in Greece – there is no such restriction in Austria or Germany. In a federal republic there are only conditions. For example, for transactions with a value of 10,000 euros or more, a dealer is obliged to show the ID and record and store the data. Due to its lax handling of money transactions, Germany is considered a money laundering haven. (MD)

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