One of the objectives of Tax authorities This is to avoid tax fraud and that is why it controls all citizens’ movements, both monetary and real estate. These activities also include the elimination of cash at ATMs. Nowadays, withdrawing money from ATMs is a practice that, despite the increase in card payments, continues to grow and that is why the tax authorities are very aware of the movements that we make in banks to fight against all monetary crimes. We will explain to you below whyYou should never withdraw this amount from the ATM, otherwise the Treasury will come after you..
Despite what many people think due to false rumors, in Spain there is no specific limit for withdrawing money from a bank. Clients of the entities can withdraw the amount they want, but they should know that it is from certain amounts that the Treasury can start to ask questions and even open an exhaustive investigation to avoid tax fraud. Many banks set limits on credit cards, but these are security-related and can be changed.
Ensuring customer security, at a time when crimes applied to new technologies are fashionable, is vital for banks and that is why they automatically establish limits so that in the event of loss or theft, the amount withdrawn cannot exceed 600 euros. If you need to get more moneythe customer has channels to communicate with banks and be able to extend the limit without any problem.
Cash and cash withdrawal from ATM
Tax authorities It does not set a ceiling for cash withdrawals from ATMs, but the amount at which the tax authorities can ask questions, whether it is a withdrawal or a deposit of money, starts at 1,000 euros. In this way, the bank is required to give the customer’s identification and provide all necessary data on the customer’s movements.
From 1,000 the Treasury can intervene and 3,000 is the amount that will trigger the alarm in the country. Tax agency which could open an investigation. In fact, banking entities recommend that customers, if they withdraw or deposit this amount of money at the ATM, speak to the bank employee and prepare a receipt which can then be given to the authorities in the event of opening of an investigation.
He Bank of Spain He also recently spoke out on everything related to withdrawing cash from ATMs. “Entities must deliver the requested amount, provided there is a balance in the account. If you plan to withdraw a large amount, your bank may ask you to notify it with reasonable notice, as long as it does not have sufficient funds to meet your request,” he begins, specifying about cash withdrawals.
“Your bank may require you to identify yourself when you deposit money and will do so when you make a cash transaction of an amount equal to or greater than 1,000 euros,” it says on its website about the amount from which the Treasury can begin to investigate a cash withdrawal or deposit at an ATM.
CaixaBankthrough its website, also specifies that the Tax Agency “recommends banking entities to inquire when the figure exceeds 1,000 euros”. “It is so rare to carry large sums of cash that deposits at ATMs of more than 3,000 euros or with a 500 note are reported to the Tax agency to prevent fraud”, warns this banking entity through the blog in which it informs its customers activated on its official portal.
Regarding the money limit with which you can walk on the street, this is established in accordance with Law 10/2010 of 100,000 euros. From this amount, you could have problems in the event of intervention by state security forces. For safety reasons, it is also best not to carry these amounts on the street. Regarding the amounts that can be stored at home, the CaixaBank blog also specifies that there is “no legal limit to the amount of cash that can be stored at home, provided that its origin can be proven.”
