There is a cash limit. Big rule changes

The new cash payment limits may come into effect as early as January 1, 2024. The argument for introducing such a restriction is the fight against the so-called. gray area. However, honest entrepreneurs and customers can also suffer. In the end, the rules will apply to both groups.

What are the limits for cash transactions?

From 2024, entrepreneurs will be able to make cash payments up to PLN 8,000. Previously, the limit was up to PLN 15,000. What does this mean for the business owner? For example, a store that purchases goods from a wholesaler will not be able to pay for the entire order. He will first have to pay his proceeds to the bank, and then make a non-cash transaction.

The restrictions will also apply to customers. They will be able to pay a maximum of PLN 20,000 in cash. In this case, it will be problematic, for example, to buy a car in a second-hand store. There may also be problems in the case of making an advance payment for the purchase of an apartment. Entrepreneurs will be forced to accept payments by card or bank transfer.

Who will suffer the most?

According to the portal praw.pl, the changes will affect the sector of small and medium-sized businesses the most. Businesses working in the trade sector will be especially affected. This situation also applies to customers. It turns out that, according to statistics, about 19 percent. adult Poles do not have a bank account. Some use it only to collect rewards, and then withdraw all the funds.

The new rules will also lead to the loss of customers by car dealerships. It is in them that cash is usually used to speed up the process of buying a used car. The same may apply to car dealerships, but most of them accept card payments. Real estate agencies that accept an advance payment for an apartment in physical form will also suffer from this. These companies will be forced to change the way they operate.

What are the implications for entrepreneurs?

Changes in the limit of cash transactions also entail a number of other problems. The entrepreneur will pay more to maintain the business. All because of the need to introduce card payments. The presence of the terminal entails additional costs and commissions.

There may also be a problem with paying bills on time. Cash transactions have allowed many entrepreneurs to protect themselves from possible fraud. The new changes will lead to the fact that the regulation of invoices will depend mainly on the activities of the bank. This can lead to late payments, which makes many entrepreneurs feel insecure.

How much money can we keep at home?

Many countries have limits on the amount of cash you can keep at home. This rule is intended to limit the circulation of unregistered banknotes. However, these rules are not yet in force in the countries of the European Union.

The EU, on the other hand, has imposed restrictions on the cash that we can carry outside the country. This amount is 10,000 euros. For a large amount of money must be reported to the customs authorities. Otherwise, there is a chance that our funds will be confiscated.