EU Holiday Hotspots Introduce Temporary Cash Payment Limits

The European Central Bank (ECB) has proposed introducing temporary cash payment limits for holidaymakers visiting popular European destinations, including Spain. The limit will be set at €10,000, around £8,500, and will cover linked payments, preventing customers from avoiding the restriction by splitting large transactions into smaller ones.

Under the new rules, businesses will also be required to verify a customer's identity when cash transactions fall between €3,000 and €10,000. This is part of efforts to tackle financial crime and money laundering. EU countries can introduce their own lower limits, with France already confirming that its maximum amount for taxpayers will be €1,000.

The limit for visitors will reportedly remain higher at €15,000, around £12,800. Piero Cipollone, a member of the ECB's executive board, has said the digital euro is intended to strengthen European monetary independence and reduce reliance on non-European payment networks.