How much money can you put to account in cash in EU without much financial monitoring?

[DesertHorse]

Hello,

As EU is so cashless and transparent, I wonder how much money one can put in cash to his EU bank account without triggering some automated financial monitoring routines?

Have opened account in one of EU countries and brought some cash with me (all declared at customs and not that much also), but still wondering. Have a feeling that if you wan't to top up better to split transactions into small 5K amount or less.
Anyone knows more on the topic?

 

[wellington]

DesertHorse said:
Hello,

As EU is so cashless and transparent, I wonder how much money one can put in cash to his EU bank account without triggering some automated financial monitoring routines?

Have opened account in one of EU countries and brought some cash with me (all declared at customs and not that much also), but still wondering. Have a feeling that if you wan't to top up better to split transactions into small 5K amount or less.
Anyone knows more on the topic?
Click to expand...

Croatia, Reminds me of Romania joining the EU.

Took a while for the banks to catch up.

 

[Sols]

DesertHorse said:
As EU is so cashless and transparent, I wonder how much money one can put in cash to his EU bank account without triggering some automated financial monitoring routines?
Click to expand...

Following EU directives (Repeal of the Savings Directive in line with international and EU developments) and CRS/AEOI, not having an account is the only way to avoid automatic reporting in EU.

In addition to automatic reporting, there is additional reporting. For example, in case of suspicious activity.

DesertHorse said:
Have opened account in one of EU countries and brought some cash with me (all declared at customs and not that much also), but still wondering. Have a feeling that if you wan't to top up better to split transactions into small 5K amount or less.
Click to expand...

Every single bank and financial institution is using automatic monitoring tools. One of the most basic checks these systems do is check for exactly this: accumulation of several small transactions.

DesertHorse said:
Anyone knows more on the topic?
Click to expand...

Whatever weaknesses there are today, the future is clear: use only cash and crypto (no fiat on/off) if you want to avoid reporting. Actions taken today may be in scope for reporting in the future.

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This is the probably the answer to your question.

 

[Jorozey]

If you can easily prove the origin of the funds, there is no need to worry, whatever the amount is. Otherwise stick to 5k deposits going under the radar, if you become too obvious they will just call you to explain and most likely close your account.

 

[DesertHorse]

Sols said:
Following EU directives (Repeal of the Savings Directive in line with international and EU developments) and CRS/AEOI, not having an account is the only way to avoid automatic reporting in EU.

In addition to automatic reporting, there is additional reporting. For example, in case of suspicious activity.


Every single bank and financial institution is using automatic monitoring tools. One of the most basic checks these systems do is check for exactly this: accumulation of several small transactions.


Whatever weaknesses there are today, the future is clear: use only cash and crypto (no fiat on/off) if you want to avoid reporting. Actions taken today may be in scope for reporting in the future.
Click to expand...

Decided to make one single deposit, as its most logical to explain (savings, just settling up in country). Also there were only 2 branches in the capital with cash desk (all others are cashless). Yeah, thats the new reality.

 

[JohnLocke]

DesertHorse said:
Also there were only 2 branches in the capital with cash desk (all others are cashless). Yeah, thats the new reality.
Click to expand...

Has been like this in some Scandinavian countries for at least 5 years!

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