How much cash can you keep at home? The regulations are clear

The failure that affected customers of the largest Polish bank a week ago makes us realize that it is always worth having some cash with you. Polish law does not impose any restrictions on the amount of money that can be kept in a home safe, drawer or the famous sock.

How much money can you keep at home?

Storing larger amounts at home is therefore not prohibited, but it is associated with specific threats, such as theft, fire or other unforeseen events. Cash – as RMF FM reminds – is not covered by any insurance. It is also worth bearing in mind the fact that money kept at home loses its value due to inflation from year to year.

Therefore, it is better to keep larger amounts of money in the bank. However, it should be remembered that the regulations provide that these institutions are obliged to report to the General Inspector of Financial Information (GIFI) every transaction exceeding EUR 15,000, i.e. the equivalent of approximately PLN 65,000. zloty. In practice, this means that when depositing a larger sum, the bank may ask for an explanation of the origin of the money. How to behave in this type of situation? To avoid an uncomfortable situation, it is worth taking care of documents confirming the source of cash, e.g. transfer confirmations, bank statements or sales contracts.

In the absence of evidence, you must take into account the imposition of tax on the so-called undisclosed income, which is as much as 75%. amount paid.

Instead of keeping cash at home, it is worth considering depositing funds, e.g. on a deposit. It is true that the interest rate on deposits is not very high at the moment, but there are proposals with a rate that is quite high for today’s times. For example, monthly and semi-annual deposits offer interest rates ranging from 6.50 to even 7 percent.