if you withdraw this, the bank asks for explanations and reports

2022 will be a pivotal year as regards the fight against cash strongly desired by the government.

The government, in fact, to combat tax evasion is trying in every way to wage a real war on cash. Obviously, this war on cash is waged by making everything more difficult for citizens in terms of using cash. From January 1, 2022, a lot of things change and it is better to have clear ideas. First of all, the threshold of cash that can be used for payments or for any other movement changes: from the old € 2000 it goes down to € 1000 and woe to forget these new thresholds because the penalties are very heavy. The motivation for moving money does not matter, if you exceed € 1000, or to be precise € 999, heavy penalties are triggered. Therefore the usability of cash is drastically halved. But all this is also reflected on the current account and on the ATM, let’s see why.

Pay attention to the withdrawal

The government is well aware that if it is to fight cash, current accounts and ATMs must be involved because otherwise this fight risks being a failure and indeed it is. The limit for an ATM withdrawal remains at € 1500 just like in 2021, but in 2022 there is something that changes. If you withdraw more than € 1000, the bank, although the withdrawal itself is possible, has the right to ask for an explanation of this withdrawal. But that is not enough, he may also have the right to report this operation to the tax authorities. This shows that from next year, the use of ATMs must be done taking into serious consideration the new government regulations. But the fight the executive is having over cash is truly all-encompassing. In fact, anyone who refuses to use a credit or debit card for payment will even be sanctioned. This will affect all traders and professionals.

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It is unclear whether this will take effect immediately or there will be some tolerance.

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But public merchants and professionals who refuse to receive payments by card or ATM will be sanctioned.

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