New EU rules looking to clamp down on tax evasion and money laundering mean these transactions will have to be done by card or bank transaction.
The changes are expected to come into force within the next three years.
Head of the Banking and Payments Federation Brian Hayes says the rules are already in place in many EU countries:
"The point has to be made that 18 member states of the European Union, already have cash limits agreed in place of €10,000 or less, and whilst this might be new in Ireland I think the majority of member states, it's already in place, what the European Commission has been doing is really around harmonising the rules and tightening the rules around anti-money laundering standards."
