There are rules for cash payments in the Netherlands. For example, cash payments over €10,000 are not allowed. It is also forbidden to accept counterfeit money. You cannot just refuse cash payments. And you must comply with the rules of the Prevention of Money Laundring and Financing of Terrorism Act (Wet ter voorkoming van witwassen en financieren van terrorisme, Wwft, in Dutch).
Several rules apply with regards to cash transactions. For example: you are not allowed to refuse cash payments and commemorative coins are lawful currency.
Refuse cash payments
You may not refuse cash payments unless you have a valid reason to do so.
You may, for example, refuse cash if:
- You cannot keep enough change
- you cannot check whether the money is counterfeit
- the banknote is damaged (in Dutch)
- the note is not in proportion to the amount the customer has to pay
- it is unsafe to have cash in your business
- you round off the amounts (you do not accept 1 or 2 euro cents, in Dutch)
If you refuse cash, you must clearly indicate this in advance and offer another payment method.
You must refuse cash in these situations:
- You cannot accept or pay cash for large amounts of €10.000 or more. Please note that depositing cash into a bank account is also a cash payment.
- You cannot accept counterfeit money. If you do so, you are liable to prosecution.
- If you suspect money laundering or terrorist financing, you should report this to FIU-Netherlands or the police.
Commemorative or collectors coins
Commemorative or collector coins are also legal tender (in Dutch). A commemorative coin has a value of €2 and is lawful currency throughout the Eurozone. A collector coin usually has a value of €5 or €10 and is lawful currency only in the country of issue.
Rounding cash payments
You may round the total amount of a cash payment to 0 euro cents or 5 euro cents. However, you must clearly show with a window sticker or till sticker that you apply the rounding rule (in Dutch).
You cannot make or receive cash payments of € 10,000 or more. Even if you make or receive a deposit into your own bank account, this is considered cash. It does not matter whether the amount is paid all at once or in instalments.
Please note: Cash payments over € 3,000 will be banned in time.
To receive, hold, or pay with counterfeit money is prohibited. You can check if cash is real with the feel-look-tilt method or with a counterfeit money detector. You must refuse transactions with counterfeit money and you may not pass on counterfeit money that has been accepted. You must always report counterfeit money and hand it in at the local police, bank, or De Nederlandsche Bank (Dutch Central Bank). If the cash turns out to be real, you will get it back.
Client screening and duty to report
Do you have a duty to report? If so, you must report cash payments in the reporting portal of the Financial Intelligence Unit-Netherlands (FIU-Nederland). You can check whether you have a duty to report to FIU-the Netherlands on their website. If you do not have a duty to report and you suspect unusual transactions, you can also report this to FIU or the local police.
If you have a duty to report, you must also carry out risk-oriented research on your customers: a client screening. You may not accept payments from anonymous customers. The client screening ensures that you have identity information of your customer in case of unusual events that require you to report the payment.
Do you trade in high-value goods, such as vehicles, ships, antiques, gemstones, precious metals, jewellery, and jewels? You have a duty to report all cash payments of € 20.000 or more. You must report such payments at all times, whether or not you suspect an unusual transaction.