Cash limit 2020: that’s why it’s better to have an online current account
From 1 July 2020 in Italy the threshold for cash transfers has dropped from a maximum of 3,000 euros to 2,000. Once again, the ability to manage expenses through an online current account, reducing the need for cash, is undoubtedly an advantage.
The provision is included in the 2020 Tax Decree, which provides for a progressive reduction of the limit granted. In fact, a further lowering of the ceiling is scheduled for 1 January 2022, which will be set at 1,000 euros.
How does the new decree work?
The current legislation provides for a ban on the transfer of cash between different parties for an amount equal to or greater than 2,000 euros.
This prohibition also applies to split payments of sums higher than the permitted amount, which are in any case punishable. If the transaction proves to be “suspicious”, a more thorough assessment of the case will be the responsibility of the competent authorities.
What are the operations granted?
However, the cash limit does not affect traceable payments. In fact, if the transaction takes place by wire transfers or debit cards through your online current account, the sum paid may be greater than that granted by law.
Going beyond the limit is therefore lawful, provided that the movements take place through the mediation of banks, electronic money institutions, or other appointed bodies. Payments can also take place in part in cash and in part by bank transfer or check, provided it does not exceed the permitted amount.
With our online current account, you will receive a debit card for free with which to carry out operations and transfers, and you will have up to 15 wire transfers included. Contact us for more information!