In this article, we answer the question of whether you can deposit unlimited cash if you stay below the verification limits.
First of all, there is no statutory cap on how much cash can be deposited into an account. Theoretically you can deposit unlimited money. However, the banks are from a deposit amount of 10,000 euros for existing customers and 2,500 euros for occasional customers to request proof of origin from the customer. This primarily serves to combat money laundering.
However, this does not mean that no proof is required for smaller amounts. Because the banks can decide at their own discretion whether to ask about the origin of lower amounts. Especially if many deposits are made regularly, which add up to a large sum. It is therefore not possible to say whether and when the banks will follow up more closely with a deposit or demand proof of origin. It is therefore not possible to put a general figure on how often you can deposit money without proof.
While some customers may be contacted by the bank upon their first deposit, others may never be. Banks use various technical and non-technical methods to detect suspicious deposits. If a certain deposit does not match the usual behavior of a customer, that can be enough to make the bank suspicious.
Appropriate: Deposit limits at ATMs
What serves as proof of origin?
If a customer wants to make a cash deposit and is asked for proof of origin of the money, they can provide various documents. This includes, for example, a recent bank statement from another of the customer’s bank accounts showing the cash payment, or a bank statement from a third party when acting on that person’s behalf. This requires additional documents and information about the third party. Payment receipts from other banks or the customer’s savings accounts, which show the cash payment, can also serve as proof. Furthermore, sales and invoice receipts, such as from the purchase of a car or the sale of gold, are valid receipts. Receipts from foreign currency transactions involving foreign currencies, wills opened by the probate court, and deeds and notices of donation are also acceptable documents.
Reading tip: These banks accept cash deposits from non-customers
No proof of origin: what happens?
If you make a cash deposit and the bank asks you for proof of origin but you fail to provide it, there can be a number of consequences. How exactly the bank proceeds depends on the individual case. The following measures therefore only offer an exemplary overview of the possible consequences.
suspicion report: The bank could report the suspicious transaction to the relevant authorities.
Kontosperre: In some cases, the bank could temporarily suspend the account pending further investigations or until sufficient information is available on the origin of the funds.
rejection of the transaction: If the bank is not satisfied with the information provided or if you cannot provide proof, the bank may decline the deposit.
termination of the business relationship: In serious or repeated cases, the bank could terminate the business relationship with you altogether.
Legal consequences: If there is a suspicion that the money comes from illegal sources or is connected to criminal activities, you could also face legal consequences. This can involve investigations, fines or even criminal prosecution.
2023-09-04 12:54:59
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