Cash withdrawal restrictions have become 1 of the hot topics in Poland and these changes have the possible to importantly influence the way we make payments. On the 1 hand, Poland avoided a full ban on cash, but on the another hand, rising withdrawal limits from ATMs and bank commissions may make access to cash difficult. Check what changes are planned and how they can affect your regular transactions.
Limitations on Cash Payments in Poland and EU
1. Poland: Increase in the cap on ATM payouts
Although Poland has not introduced a full ban on cash payments, rising withdrawal limits from ATMs and bank commissions already affect the availability of cash. Currently, most ATMs in Poland have one-off withdrawal limits ranging from PLN 800 to PLN 1000. For larger amounts, users are forced to visit a bank branch, where commissions of up to 5% of the paid amount are frequently collected.
2. European Union: fresh government on the horizon
The European Union, according to the website infor.pl, introduces fresh regulations that will enter into force from 24 April 2024. The European Parliament has approved provisions which prohibit cash transactions above EUR 10 000 and introduce supervision for transactions above EUR 3 000. Moreover, the fresh regulations will besides include private trading, which means that even the acquisition of more costly electronic equipment can be controlled in case of cash payments.
Limits and Provinces: What Must You Know?
1. What are the Pay Limits in ATMs?
The payout limits of ATMs vary depending on the operator and the kind of account. Here is an overview of current limits:
- Planet Cash: The maximum amount of one-off payment is PLN 1000 for clients of cooperating banks; otherwise the limit is PLN 800.
- Euronet: The maximum amount of one-off payment is PLN 800.
- Santander Bank Polska: The maximum amount of one-off payment is PLN 1000, while the regular payment limit is PLN 15 thousand.
- PKO BP: regular payout limit is PLN 20 thousand.
- Pekao: The regular payout limit is PLN 6 1000 for Visa, Mastercard and Maestro card holders and PLN 15 1000 for gold debit cards.
- Millennium: The default regular payment limit is PLN 2 thousand, with the anticipation to increase to PLN 20 thousand.
2. Commissions and Additional Costs
For larger payments, bank customers frequently face commissions that can scope 5% of the amount paid. This makes cash payments more expensive, which discourages many users from utilizing this form of payment.
What will turn into the Future?
As the European Union introduces fresh regulations, further restrictions on cash may besides arise in Poland. It is worth keeping track of the news related to this subject to keep up with the upcoming changes and adjust your financial habits to the fresh regulations.
Cash withdrawal restrictions and rising bank commissions represent crucial changes in the way individual finance is managed. Although the ban on full cash payments in Poland has so far been postponed, fresh EU regulations and local payout limits indicate expanding restrictions on access to cash. Follow the news and adjust your financial habits to be prepared for upcoming changes.
Read more:
Cash Payment Limits: Is ATMs just the beginning?
