The Treasury monitors all movements of citizens in order to avoid tax evasion and is therefore also attentive to cash withdrawals made at banks. Withdrawing money from an ATM is a practice that continues to grow despite the increase in card payments and Tax Agency is aware of large cash withdrawals intended to prevent crimes from being committed.
Contrary to what many people think, in Spain there is no limit to withdraw money from a bank. Customers can withdraw the amount they want, but it is true that from certain amounts Tax authorities You can ask questions and even open an investigation in order to avoid tax fraud. Many banks set limits on credit cards, but these are related to security and can be changed.
Ensuring customer safety, at a time when crimes against 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vital for banks and that is why they automatically establish limits so that in the event of loss or theft, the amount withdrawn cannot exceed 600 euros.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 the banks and be able to extend the limit without any problem.
Cash and ATM cash withdrawals
Tax authorities It does not set a ceiling for cash withdrawals from ATMs, but the amount that the tax authorities can question, 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 the 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 that can then be given to the authorities in the event of an investigation.
He Bank of Spain He also recently spoke about everything related to withdrawing money 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 them with reasonable notice, as long as they do 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 carry out a cash transaction of an amount equal to or greater than 1,000 euros,” it indicates on its website regarding the amount from which the Treasury can begin to investigate a withdrawal or deposit of cash at an ATM.
CaixaBankthrough its website, also specifies that the Tax Agency “recommends that banking entities inquire when the figure exceeds 1,000 euros”. “It is so rare to have large sums of cash on you 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 limit of money 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 the State security forces. For security 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.”
