Portugual prohibits cash payments of over 3,000 euros

Portugal prohibits cash payments of more than 3,000 euros (3,544 U.S. dollars) as of Wednesday, excepting for non-residents, for whom the limit is 10,000 euros or the equivalent in foreign currency, according to Portuguese Lusa News Agency.

The rule also applies to transactions that have already been completed but not yet paid.

The 10,000-euro limit for non-residents is possible only when they are making payments in personal capacity and not as entrepreneurs or traders.

The law was promulgated by Portuguese President Marcelo Rebelo de Sousa last week. The Portuguese parliament approved the bill on July 19.