IRIS Cash Transfer Cap Upped to €1,000

Starting today, July 8th, Greeks will be able to transfer up to €1,000 via IRIS, a Greek system that enables instant money transfers between bank accounts using just a mobile phone number or Tax Identification Number (TIN).

The new increased transaction limits have come into effect as part of the government’s broader efforts to curb the shadow economy and improve oversight of payments—particularly those made to self-employed professionals.

This total is split into two distinct categories:

• €500 per day for P2P (person-to-person) transactions, such as transfers between family or friends. These remain fee-free.
• €500 per day for P2B (person-to-business) transactions, such as payments to professionals, with a small fee borne by the recipient.

The combined limit of €1,000 per day per user is intended to promote greater transparency in electronic payments and forms part of the government’s broader strategy to reduce tax evasion and encourage digital transactions.

Starting November 1, 2025, all physical and online retail businesses in Greece will be required to accept IRIS payments.

Immediate payments in Greece now account for 25% of all transactions, outpacing the Eurozone average of 20.9%, underscoring the country’s fast-growing adoption of digital payment infrastructure.

The IRIS payment system has officially joined the EuroPA Project, a major initiative aimed at advancing European financial integration. The project launches with participation from 10 countries and 100 million users, marking a significant step forward for cross-border digital payment interoperability in Europe.

Source: tovima.com