Europe To Ban Large Cash Transactions
The European Union Plans to Ban Large Cash Transactions Pictured: €500 Bank Note. €500 notes were withdrawn from circulation in 2019 The European Union is setting the stage to ban Cash transactions of 10,000 Euro or more, in the 25 countries using the Euro Currency. Originally hailed as a method to stop money laundering, but now saying it doesn't work, the previous rule to report Cash transactions of €10,000 or more is being replaced with an outright ban on spending that amount in cash in those countries. For decades, banks, and then businesses, have had to notify the IRS, and in the case of Europe, its European Union version of the IRS, when a person deposited, withdrew or spent $10,000 or more in cash or "cash equivalents", (ie: money orders & cashier's checks under $10,000). Banks we'll even flag your account at much lower amounts, $3,000., to monitor if a person attempts to deposit or withdraw smaller amounts at multiple branches, totaling $10,000 o