Current account, is there a maximum amount for the transfer?

Is there a maximum amount to be respected when making payments by bank transfer? Let’s go into the details and see everything there is to know about it.

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Each product or service of our liking to be purchased necessarily requires a counterpart of character economic. Therefore, it is not surprising that i money often end up being the subject of discussion. On the other hand, there are many times when we find ourselves having to shell out money. If all this were not enough, there are several payment instruments available to us.

Starting from cash up to wire transfers, in fact, we are spoiled for choice. If all this were not enough, there is no shortage of doubts about it, such as whether or not there is an amount maximum to be respected when making payments via transfer. So let’s go into the details and see everything there is to know about it.

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Current account, pay attention to the maximum amount for the transfer: everything you need to know

A few days ago we saw together how important it is to be beware of bank transfers as they end up, even in 2022, under the magnifying glass of the tax authorities and the banks themselves. In this context, in fact, there are several doubts, such as whether or not there are gods limits to be respected when making payments by wire transfer, as is the case with cash payments.

In the latter case, in fact, we remind you that starting from 1 January 2022 it is not possible to carry out cash payments for amounts exceeding one thousand euros. How does it work, however, with regard to the wire transfers? Well, since the latter are traceable payment instruments, based on current legislation there are no limits to respect. There is therefore no law that sets a maximum limit to be respected.

Current account, watch out for transfers in the SEPA area

At the same time, in the event of suspicious movements, the Revenue Agency may decide to carry out, especially in the presence of particularly high amounts, checks ad hoc. As already mentioned, however, there are no limits to be respected, at least as regards the exchanges of money within the area SEPA, acronym for “Single Euro Payments Area”. The latter, it will be interesting to know, includes:

  • 19 European Union countries that use the euro, namely: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia , Spain;
  • 9 EU countries that have a different currency in their national territory but make payments in euros in any case, namely: United Kingdom, Sweden, Denmark, Poland, Czech Republic, Hungary, Bulgaria, Romania, Croatia;
  • 8 non-EU countries that allow payments in euros and have decided to adopt SEPA payment schemes, namely: San Marino, Iceland, Liechtenstein, Norway, Switzerland, Principality of Monaco, Principality of Andorra and Vatican City.

Current account, pay attention to the maximum amount for the transfer outside the SEPA area

In the event that one of the two counterparties, or recipient or issuer, is not part of the SEPA area, we must instead deal with limits. Particularly if it is a transfer made from an Italian account to a foreign account which does not fall within the SEPA area, for an amount exceeding 12,500 euros, must be completed in Statistical currency communication, or CVS.

In the presence of a bank transfer from a foreign account, always outside the SEPA area, to an Italian current account, for an amount exceeding 15 thousand euros, on the other hand, a specific report must be made to the Revenue Agency.

Current account, possible limits imposed by banks

While it is true that, by law, there are no limits to be respected, at least as regards the wire transfers in the SEPA area, it is true that, on the other hand, we may find ourselves in the situation of having to deal with the limits imposed by the bank itself.

This is because the banks themselves, in the event of computer fraud, for example, must reimburse their account holders. In order to limit the damage, therefore, the various credit institutions can decide to set maximum amounts to be respected and not exceeded.

For example, as reported by Money, Unicredit provides for an instant transfer limit equal to 15 thousand euros, as well as BNL. In the case of the Credem bank, however, a “cumulative maximum daily limit of 25 thousand euros for transfers to Italy“. Other institutions also have limits, such as the Mediolanum bank which provides for a limit of € 100,000 for entry and € 15,000 for exit.

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While it is true that by law there are no particular limits to be respected when making transfers, on the other hand it is always advisable to pay attention to conditions provided by your bank, in order to avoid having to deal with unpleasant inconveniences.

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