Does this make you liable to prosecution if you exceed a certain amount?

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  • For theft and insurance: It really makes sense to keep your cash at home

Not to the bank, but directly to your savings account at home: is it a crime if you keep your cash at home? Who does not know these headlines: several thousand euros found under the bedding of retirees! Such reports have always existed and even today some people prefer to keep their savings at home under the mattress or in the closet among the clothes. Today there are people who do not trust banks. What is the legal situation to have money at home?

Store cash at home: there is a limit, under one condition

At a time when banks hardly pay interest or, above certain limits, even pay interest penalized interest Savers claim, no one can be blamed if they don’t put their money in the bank in the first place. The Deutsche Bundesbank even conducted a study on this in 2020 and found that the average German keeps €1,364 at home or in a locker. But is that really allowed? Or is it only allowed up to a certain limit? We have been hearing for a long time that the amount of money allowed is 10,000 euros.

That The Money Laundering Law actually knows this upper limit, but only if you want to deposit this amount or more in the bank. In this case, you must show where the money came from. If you can’t do that, the prosecutor investigates. If you have saved larger amounts at home, it is best not to deposit them into your account all at once.

You also hear over and over again that large sums of money have been found on someone and that this person is now in trouble with the police. But that is definitely not true. There is in the Federal Republic of Germany not a single law prohibiting the storage of cash at home. In fact height doesn’t matter.

Storing large sums of money at home: why you should think twice

Therefore, storing cash at home is true not punishable, but should still be carefully considered. Because what happens in the case of a water damagea fire or in one robbery with robbery with the purpose of? Hide cash safely at home – here are smart ways.

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In the first two cases, even the safest hiding place is of little use. If the thieves are looking for it, the money has to be very well hidden so that it does not fall into the hands of professionals. Even those who think that their household insurance will compensate them for the damage may be wrong: the insurance only compensates Damages up to 2000 euros cash To insure large amounts of money, insurance companies often require wall-mounted safes or extremely heavy safes that cannot be easily carried. The cost of this is a not insignificant investment.

But what can you do if you don’t want to deposit large amounts of cash into your account and don’t want to keep it at home for security reasons? here could be one security box be an alternative. The money is safely stored there and is also insured.

Such lockers can be rented in various sizes at bank branches, so that even larger sums or other valuables can be stored there without any problems. Depending on the bank, the commissions for this usually range between 60 and 80 euros per year.

More about finances:

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