By Joshua Manning • 28 April 2022 • 14:31
European Central Bank issues warning on Spain's cash limit
Spain has a set limit on the amount of cash that can be used to carry out payments, a restriction which aims to stop tax fraud. The limit was previously 2,500 euros, but as of last year the limit was lowered to 1,000 euros which is why consumers who wish to pay for a purchase that exceeds 1,000 euros, in any establishment, must pay by card or by transfer.
However, as stated by the Organisation of Consumers and Users (OCU), the European Central Bank does not agree with this limit, and has therefore drawn up a report in which states:
In addition to this, cash payment is of great importance, especially for certain social groups, which is why the European Central Bank also makes several points in this respect, as stated by the OCU:
There are several factors that explain why this limit on cash payments encourages financial exclusion: “Cash is essential for elderly users, migrants, the disabled, socially vulnerable citizens and anyone with limited access to digital services”, they argue.
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Originally from the UK, Joshua is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]
Spanish banks are obviously aware of all the reasons outlined why the limit should not be so low so what will the central banks statement do to help those penalised action is required
How will this help in persuading banks to increase limits
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