Europe struggles with the use of cash more than others — RIA Novosti

Making large purchases for cash is of interest to many financial regulators around the world, but in In Europe, measures to combat the use of cash are more stringent than in other countries. This is based on a study that analyzed the specifics of making payments in the countries of the European Union and in the G20 member states, RIA Novosti reports.

According to the agency, a single limit on cash payments in the European Union will begin to operate in a year and a half: paper money will be able to pay for purchases worth up to 10 thousand euros, and in case of exceeding this amount — only cashless. At the same time, most countries have already established their own borders, limiting the freedom of cash payments to amounts, as a rule, not exceeding the specified value, but significantly differing in rigidity.

In Greece, for example, there is a cash payment limit of 500 euros. This is the lowest limit in Europe, except for the purchase of cars.

Slovenia also has a restriction on cash payments, but it is more stringent and amounts to 420 euros for legal entities. Individuals can pay up to 5,000 euros in cash.

The highest limit in Europe is set in neighboring Slovakia — 15,000 euros.

In total, restrictions on cash payments are in force in 19 of the 27 countries of the European Union.

Some States that are members of the "Group of Twenty" also use the practice of limiting cash payments when making purchases. In Australia, there is a limit of 10 thousand local dollars per operation. In India, there is a limit of 200 thousand rupees per person for one day. In Turkey, the limit is 30 thousand lira. In Mexico, there are restrictions on cash payments for certain goods, such as real estate, vehicles and jewelry.

Some states that are members of the European Union and the G20 have chosen a path that implies greater freedom in making payments, but at the same time requires stricter control. So, in Canada, there is a rule according to which when making a large transaction with cash in the amount of more than 10 thousand Canadian dollars, it is necessary to submit a report to the tax service. This rule applies, among other things, to casinos and jewelry stores.

In Austria, Germany, Luxembourg and Sweden, an ID card is required to make a purchase worth more than 10 thousand euros.

In some States, the legislation does not contain clear instructions on limits or control measures when certain amounts are reached. These countries include Russia, Hungary, Estonia, Finland, Ireland, Argentina, Indonesia, the USA, South Korea, South Africa and Japan. However, each of these countries may have its own peculiarities.

For example, in Russia, a limit of 100 thousand rubles is set for legal entities, and in Finland stores may not accept paper money for payment at all.