How much money can you deposit without being monitored?

Limit on Cash Use: What are the Deposit Limits?

When discussing limits on cash use, a common question that arises is how much money can be deposited without checks.
Are there any limits to be observed when making a cash deposit into your current account or savings account?

In 2024, the limit for cash transfers between private individuals remained unchanged at 5,000 euros.
This means that cash can be used to pay amounts up to 4,999 euros or to transfer money to a third party.
Those who exceed this threshold may face hefty fines:

– From 1,000 to 50,000 euros for amounts up to 250,000 euros;
– From 5,000 to 250,000 euros for higher amounts.

For transferring amounts exceeding 5,000 euros, traceable means such as credit/debit cards, bank transfers, or checks are required.

Cash Deposits: Are there any limits?

The law does not impose any limits on cash deposits into your own accounts.
In this case, since the money remains in the possession of the same person, it does not involve transferring cash to third parties.
Therefore, even for substantial deposits, there is no risk of sanctions.

Article 49 of Legislative Decree 231/2007 states that the transfer of cash and bearer securities in euros or foreign currency between different entities, whether individuals or legal entities, with a total value equal to or exceeding 3,000 euros is prohibited.
However, this prohibition does not apply to transfers within the same entity or individual.

As of January 1, 2023, the limit of 3,000 euros mentioned in the article is raised to 5,000 euros.
It is important to note that this article only refers to transfers of cash between different subjects and does not mention cases where the same entity transfers amounts exceeding the limit within its own saving methods.

What to be aware of regarding deposit limits

Since this does not involve transferring money to third parties, individuals are free to deposit any amount in the bank.
However, caution is advised in any case.
If a person withdraws or deposits amounts exceeding 10,000 euros (total sum within a month), the bank must notify the Financial Intelligence Unit for Italy, which may trigger a tax investigation by the Revenue Agency.

Depositing large cash sums could lead to having to justify the source of the money, demonstrating that it has already been taxed or originated from donations, compensations, or other non-taxable sources.
It is important to remember that depositing a significant sum into your current account could potentially require you to prove the money’s source.