News in Brief

Cash Cap Coming for All Europeans

The European Commission is preparing to introduce new rules on cash payments in order to fight against money laundering.

From 2027, across all 27 European Union members there will be a cap of €10,000 for cash payments between an individual and a company. This limitation does not apply to transactions between individuals.

While France, Spain and Italy already have €1,000 limits, Ireland, the Netherlands, Luxembourg, Germany, Austria and Cyprus currently have no limits. Although the cap on cash payments at €10,000 only affects a minority of transactions, it marks a significant step in the evolution of financial practices within the European Union.

Revolut to Introduce ATMs

The so-called ‘neobank’ Revolut is celebrating hitting the 50 million customer milestone. In 2025 it is planning to introduce branded ATMs using facial recognition technology. These are coming from Spain early in 2025, dispensing both cash and cards, and in the long-term accepting cash deposits.