Cash payments in Slovakia

From 1 July 2023, restrictions on cash payments were introduced in Slovakia in order to prevent illegal transactions with paper money.

According to the amendments to the law, the payment limit is 15 thousand euros.

In case of violation, an individual faces a fine of 10 thousand euros, and a legal entity - up to 150 thousand euros.

There are some exceptions. Cash payments over the limit are possible when:

• the obligation to accept or deliver payment in cash is regulated by a special regulatory act;
• business involves currency exchange;
• a legal entity provides postal services and carries out postal payment transactions;
• the activity is related to ensuring the protection of classified information in accordance with the legislation on the protection of classified information;
• payment is made at the tax administration;
• the relevant customs regulations apply;
• processing, transportation and exchange of banknotes and coins is carried out;
• a court decision related to the storage of money is being executed;
• social insurance is carried out in accordance with the Law on Social Insurance;
• outside Slovakia, payment is made in cash in connection with ensuring the performance of tasks of the armed forces outside the Republic, if the legislation of the state to which the cash payment is to be transferred or received prohibits the transfer or receipt of this payment in other ways than cash;
• tasks are carried out in accordance with the Law on Military Intelligence and Information Service.

The fight against illegal cash turnover in Slovakia encourages the use of non-cash payment methods and strengthens state control over financial transactions.