New cash payment limits and limits on ATM withdrawals have late been introduced in Europe. These changes aim at expanding financial transparency and preventing illegal financial activities. In this article we will present details of the fresh regulations as well as current cash withdrawal limits at popular banks in Poland.
New Cash Payments Limits in Europe
Reasons for change
Amendments to the cash payment rules have been introduced as part of a broader strategy to counter money laundering and terrorist financing. These decisions were approved by the associate States of the European Union, including Poland.
New Limits
Under the fresh rules, the cash payment limit is EUR 10 1000 (about PLN 43 thousand) for transactions in which 1 of the parties is an entrepreneur. This means that companies cannot make cash payments exceeding that amount. Transactions between private persons not related to professional activities are not covered by this restriction.
Registration of Transactions
The introduction of the work to registry cash payments above EUR 3 000 (about PLN 13 000) aims to further increase financial transparency. Any specified transaction will should be identified and reported accordingly.
Adjustment of the provisions
The fresh rules will apply as shortly as they are published in the authoritative diary of the European Union. associate States will have 3 years to adapt their national regulations to the fresh guidelines. In mid-2025, Frankfurt will have a fresh anti-money laundering and terrorist financing authority (AMLA), which will monitor and coordinate actions at EU level.
Payment limits from ATMs in Popular Banks
Cash withdrawal limits from ATMs vary depending on the bank and the kind of payment card. Below are the most popular payout limits in popular banks in Poland.
PKO BP
- Debit Card: The regular cash withdrawal limit is PLN 10,000.
- Credit card: The regular cash withdrawal limit is PLN 5 000.
PEKAO S.A.
- Debit Card: The regular cash withdrawal limit is PLN 8,000.
- Credit card: The regular cash withdrawal limit is PLN 4,000.
MBANK
- Debit Card: The regular cash withdrawal limit is PLN 6,000.
- Credit card: The regular cash withdrawal limit is PLN 3,000.
ING Bank of Silesia
- Debit Card: The regular cash withdrawal limit is PLN 9,000.
- Credit card: The regular cash withdrawal limit is PLN 4,500.
Santander Bank Polska
- Debit Card: The regular cash withdrawal limit is PLN 10,000.
- Credit card: The regular cash withdrawal limit is PLN 5 000.
Alior Bank
- Debit Card: The regular cash withdrawal limit is PLN 7,000.
- Credit card: The regular cash withdrawal limit is PLN 3 500.
Amendments to the cash payment and payment limits rules from ATMs aim at improving financial transparency and preventing illegal financial activities. The fresh limits for cash payments in Europe are EUR 10 000 for business transactions and the work to registry transactions above EUR 3 000 is intended to guarantee greater control over cash flow.
W Poland's cash withdrawal limits vary depending on the bank and kind of card, so it is worth reading the applicable limits to avoid surprises while paying larger amounts of money.
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Limits on Cash Payments and Payments from ATMs in 2024
