New capital controls limits from September 1st
Citizens will be permitted withdraw a cumulative amount of 1,800 euros per month, as the capital controls will be relaxed starting from Friday, September 1st..
The new limits will correspond to each bank account with new rules also applying to freelance professionals and companies who will be able to open a new bank account by creating a new client code. Professional farmers will also be permitted open a new bank account provided they do not have an existing one.
An overdraft beyond the 1,800 limit will only be possible for those depositing physical cash in their accounts (up to 100% of the deposit) and for international bank transfers (up to 50% of transfer). A closer look at the new monthly limits, however, reveals that on an annual basis people will actually be able to withdraw less.
The current rules permit the withdrawal of 21,840 euros per year (52 weeks per 420 euros), while under the new “relaxed” limits they can withdraw 21,600 euros.
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