Even if Spain remains one of the countries where cash maintains a notable presenceTHE Digital and card payments are growing rapidly. However, it is possible that at some point we need to make a payment in cash or prefer to carry money in bills, either for unforeseen events or for certain specific payments. This raises a question that, while seemingly simple, has several considerations: How much money can you withdraw from the ATM in a single transaction?
Unlike digital transactions, which have few restrictions, cash withdrawal is subject to specific controls that each banking entity imposes and which, in addition, are monitored by the Treasury to prevent fraud and ensure tax control. Each bank sets a daily limit for its ATMs, and although these limits may vary between entities, In most cases, they are around 600 euros. It is nevertheless possible to modify this limit according to the user’s preferences within legal limits. Although banks set a maximum daily withdrawal limit, The law allows, under certain conditions, to withdraw a considerable sum of money. In order to prevent tax fraud, the Tax agency establishes certain protocols and, in certain cases, imposes identity checks and justification of movement, particularly when handling large sums. Next, we will see in detail the allowed amounts and regulations regarding cash withdrawals.
Money you can withdraw from an ATM
For most customers, The maximum daily withdrawal of money from an ATM is between 500 and 700 euros. This amount may, however, vary depending on the bank and the type of card used. Banking entities establish this daily limit as a security measure to protect the user against possible fraud or theft. In most cases, the preset limit can be adjusted through online banking. or on request from a bank office.
This daily limit control also responds to the need to promote customer financial security and reduce the use of cash, a growing trend in today’s digital economy. However, it is possible change this limit if the user needs to have a larger amount of money in their accountalways within the limits of the possibilities offered by the entity and in compliance with tax regulations.
Maximum amount authorized by the Treasury
Despite what we may encounter when going to our bank branch, the The Tax Agency establishes that users can withdraw up to a maximum of 3,000 euros from an ATM in a single operation. Beyond this figure, the customer must go to a bank office where they must present proof of the transaction. This documentation is then sent to the Tax Agency and the Bank of Spain to track significant cash movements.
Although 3,000 euros is the maximum limit without the need to provide justification, banks tend to be cautious when transactions reach high amounts. From 1,000 euros, entities can request identification from the user and proof of the destination of the funds. This is because authorities seek to prevent activities such as tax evasion and money laundering, so banks are required to report these transactions.
Why is it important to control cash withdrawals?
Cash is a tool that, although traditional, offers advantages in terms of privacy and autonomy. By not relying on appliances or energy for its use, it is practical in emergency situations. Additionally, cash is a payment method that protects against certain cybercrime risks. However, carrying large amounts of cash carries certain dangers, such as the risk of loss or theft.
To minimize these risks, The Bank of Spain recommends that users do not withdraw more than necessary and use ATMs with security measures.like video surveillance. Furthermore, it is advisable to limit frequent cash withdrawals and opt for digital payments as much as possible, as these are more secure and allow better control of personal spending.
Limits on cash that can be transported
Although you can withdraw up to 3,000 euros from the ATM, It is important to know that the law allows carrying up to 100,000 euros in cash throughout the national territory without additional justification. This practice is, however, rare and is only recommended in specific circumstances where the traceability of funds is ensured. ATM deposits of more than 3,000 euros, or any transaction including 500 euro notes, are reported to the Treasury in order to prevent fraudulent activity.
