- According to the decision of the Council of the European Union, from 2027 we will no longer be able to pay more than PLN 10,000 in cash. euro.
- Due to the new requirements, the acceptance of cash in furniture stores, electronics stores and car showrooms will decrease.
Poles like cash. We proved this by overturning the planned cash limits that the Polish government wanted to introduce. This is also confirmed by the latest research by Tavex – as many as 25% of Poles prefer to pay with physical money, and another 25% prefer to use both traditional and modern forms of transactions. No wonder that only 30% of us believe that Poland should agree to European cash limits. Is there no way back and in three years we won't pay for a car, new kitchen furniture or a holiday in the form we choose? Is it possible to protect and limit cash at the same time? What is the EU's plan for this?
Only cashless? What does the EU say about the system in Poland?
According to the decision of the Council of the European Union, from 2027 we will no longer be able to pay more than PLN 10,000 in cash. euro. Due to the new requirements, the acceptance of cash in furniture stores, electronics stores and car showrooms will decrease.
The adopted regulations additionally indicate that all stores will be obliged to identify and register cash transactions in amounts exceeding EUR 3,000. Looking at the current euro exchange rate, this gives an amount of almost PLN 14,000. zloty. Currently, you can buy a flagship laptop, high-quality photographic equipment or a bicycle for it. Creating an AML (Anti-Money Laundering) department to accept payments will be an additional cost for many entrepreneurs, so we can expect to pay for them in cash. What about 25% of the Polish population, who indicated – in the latest study by Tavex – that they prefer to pay in local shops and service points with physical money?
Currently, many European Union member states already have detailed regulations regarding recording and recording transactions above a certain amount. In Poland, this limit is EUR 15,000. Thanks to this, the relevant offices have full information about transactions above this amount. The introduction of additional restrictions may result in some transactions being carried out outside the European Union or in the gray zone, which will make it more difficult to control them and instead of reducing them, they will only increase them. Therefore, it is worth considering whether there are other, more effective ways to combat money laundering and terrorism financing that do not violate citizens' freedoms and do not lead to loss of control over the payments market – points out Aleksander Pawlak, president of Tavex.
Two Unions?
The next question arises when we visit the website of the European Central Bank, where we can read, among other things, that: "Euro banknotes and coins are legal tender in the euro area. Cash is an important element of the freedom to choose a payment method and a condition for the financial inclusion of all social groups. Our strategy is to ensure that cash remains widely available and accepted as a means of payment and a store of value.”
– This statement conflicts with the limits on cash payments that await us in 2027. If we reduce the share of cash in circulation, we will reduce its acceptance, which in turn will result in a decrease in the number of ATMs and limit access to paper money. The displacement of cash from the market will also result in an increase in the costs of handling it. It is worth remembering that card payments became popular in Poland only when the EU lowered the maximum level of commission for a non-cash transaction for the payment operator. This proves that the cost factor is of great importance for the popularity of a given payment method – believe Tavex specialists.
It is worth emphasizing that 49% of respondents do not support the planned European limits on cash payments – according to the Tavex survey. It also shows that the ability to use cash in everyday life is still important in our country. Cash is present in every age group. It is most frequently used by people aged 65+ (35%), 55-59 years old (33%) and 30-39 years old (20%). Young people aged 18-29 also use it (17%).
Moreover, society constantly recognizes how important cash is to the country. Even before the introduction of new regulations on cash payment limits, Poles were asked whether the elimination of cash was a good idea, as many as 98% of respondents answered that it was an unfavorable move for the economy and consumer safety – according to a study by Tavex on the payment methods preferred by Polish women and men. Poles (2023).
