How much money can you keep at home?


Can Italian savers who want to keep money at home avoid opening a bank or post office account? Can cash be kept in one’s apartment perhaps in a safe? Are there any risks beyond the possible incursion of thieves? Is the Guardia di Finanza authorized to carry out checks or is it legal to keep money in your home?

First of all, we clarify that it is not illegal to store cash in a hidden place in the house. Let’s check rather how much money can be kept in the house and if there is a limit not to be exceeded. In the article “5 reasons to keep little money in the current account” we explained why it is not convenient to leave large sums of money on deposit. Now, however, we evaluate the convenience of hiding money at home rather than opting for a deposit in a bank or post office account.

How much money can you keep at home?

There is no limit to the amount of money a saver can keep in the house. Nor does anyone who opts for this solution fear that the Guardia di Finanza will lead at any moment to investigate. And this is not the case if any of your enemies or detractors take care to send a report to the financial authority.

Paradoxically and in some ways keeping the cash in one’s own home is equivalent to removing it from troublesome glances. Anyone has the right to accumulate even prodigious amounts of money and to store them in the most remote places of the house. Even the Revenue Agency could not ask for reason for the presence of cash in the house. The holding of money in places other than banking or postal institutions is not one of the illegal actions.

Instead, what you need to pay close attention to is how the money is used and above all the intended use of the money. From 1 July 2020, in fact, the absolute ban on the use of cash for payments in excess of 2000 euros has started. Therefore it will not be possible to use cash beyond this threshold and strategies will have to be adopted to circumvent the obstacle. For example, payments can be split where possible or bank drafts can be issued upon deposit of money in the bank.

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