Starting July 10, 2027, a single limit for cash payments will be active in all European Union countries — €10,000. This new rule is part of a large package of measures to fight money laundering and terrorism financing. We explain what exactly will change and how it will affect life in Slovakia, where its own limits already exist.
What Exactly Is Changing?
The main change is setting a common European upper limit for cash payments for goods and services. According to the new regulation, any commercial transaction over €10,000 must be made without cash, for example, by bank transfer or payment card.
This rule applies to deals where at least one party is a business owner or a legal entity. The limit does not apply to purely private transactions between natural persons who are not business owners. EU member states also have the right to set stricter national limits, but they cannot make them less strict.
Additionally, for cash transactions from €3,000 to €10,000, mandatory customer identification will be introduced.
What About Now in Slovakia?
For people living in Slovakia, the idea of cash limits is not new. A law on limiting cash payments (Zákon č. 394/2012 Z. z.) is already in effect, and its rules are even stricter than the future European ones.
Currently, the following limits are in place in Slovakia:
- €5,000 — for any payments where one of the parties is a legal entity (company) or a self-employed person (živnostník). This applies to deals between two companies, as well as when a regular person buys something in a store.
- €15,000 — for deals exclusively between natural persons who are not self-employed. For example, when buying a used car from another private person.
Therefore, for businesses and payments with them in Slovakia, practically nothing will change, as the €5,000 limit remains valid. However, for private deals between natural persons, from 2027 the limit will decrease from the current €15,000 to the European standard of €10,000.
Who Else Will Be Affected by the New Rules?
The new EU package of laws against money laundering (AML) expands the list of entities that will be subject to stricter financial control. Besides the cash limit, the new rules will affect:
- Sellers of luxury goods. Jewelry, watches, luxury cars, works of art — all these areas will be under stricter control.
- Providers of crypto-asset services (CASPs). For crypto transactions of €1,000 or more, full customer identification will be required. Anonymous crypto wallets will be banned.
- Professional football clubs and agents. From 2029, they will also be required to follow AML rules.
To coordinate these efforts, a new supervisory body is being created in Frankfurt — the Anti-Money Laundering and Terrorism Financing Authority (AMLA).
Why Is the EU Introducing These Limits?
The main goal is to make the EU's financial system more transparent and less vulnerable to criminals. Large cash payments are difficult to track, making them a convenient tool for money laundering, tax evasion, and financing illegal activities.
By setting a single limit for all countries, the EU aims to close loopholes that allowed illegal money to be moved through countries with weaker laws. This is a step towards creating a single and reliable financial space.
