Economy

Current Account, What Happens If You Exceed This Limit? “attention”

A current account is one of the savings/custodial management systems that allows citizens to take advantage of fairly diverse services: withdrawals, sending and receiving bank transfers, account management (which is now mainly done through the official application of your bank) but also the possibility of obtaining debts Loans and checks are cashed fairly freely, in addition to being able to use a credit card. Compared to a prepaid card, the possibilities are greater but checking account holders should also “be careful” of certain limits.

Current Account, What Happens If You Exceed This Limit? “attention”

In fact, these are applied indiscriminately to any form of electronic economic instrument, and therefore also to current accounts. It has been designed and applied under various measures to any form of money management so as to limit any “suspicious” transactions, ie related to “moves” that might betray illegal maneuvers. Money laundering, undeclared work and tax evasion are very important issues and with the proliferation of electronic money, those who really intend to “escape” from controls should also turn to ATMs, checking accounts and the like.

These limits are triggered mainly for two reasons: actual transactions of a certain amount (usually over thousands of euros) that are not properly authorized by the tax authorities, or simply “unjustified”. Even if there are no limits on the ‘amount’ you can have in your checking account not even for wire transfers. Controls tend to be “launched” especially if amounts in excess of 15,000 are received from countries outside the Eurozone: in this case the Revenue Agency, through the UIF, ieFinancial Information Unit(a) Italy has a unit specifically used to “discover” these situations. The limits for cash withdrawn from the account are usually high enough to be able to generate effective interest from the Revenue Agency: the maximum is usually 10 thousand euros per month.

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Thelma Binder

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