It is true that the card payment has been generalized, Wallet OA through electronic devices among most citizens, being less and less frequent cash payment and, therefore, money withdrawal at the cashier. But this does not mean that people have stopped getting money from the bank, many still do it because in certain situations you need to pay with physical money and we need to have ‘something loose’ in our portfolio.
Well, although we know that the Treasury puts special emphasis on monitoring money movements virtually, such as Bizum, it is also focusing on controlling cash extractions from cashiers. Although there is no limit to get money in Spain and the Treasury cannot fine you directly for getting money, it is true that the Tax Agency and other agencies will receive information on relevant movements to be able to investigate them if they are suspicious. Specifically, since 2010 the banks must inform the Treasury of any withdrawal or cash of more than 3,000 euros, as stated in the BOE.
You may be interested
Finance could delay until December the return of the IRPF to more than 3.3 million taxpayers
Justice gives the reason to the Treasury: parents who donated the nuda property to their children will not be able to use the age of donation to value housing and pay less IRPF
Why can the Treasury control the movements at the cashier
Although certainly in Spain there is no money limit to extract from the bank, from certain amounts Treasury can begin to analyze the movement and can even open an exhaustive investigation to avoid tax fraud. In fact, Spanish legislation on the prevention of the money laundering (Law 10/2010 and regulations of the Bank of Spain) requires the identification of the client in cash operations equal to or greater than 1,000 euros.
The objective is to avoid monetary fraud that have to do with amounts of money not declared, what we commonly call ‘black money’, but also with maintaining customer safety. At a time when scams are fashionable through new technologies, it is very important for banks that are safe and therefore automatically establish limits to get money. If you need to get more money, the client has at your disposal channels to communicate with the banks and be able to expand the limit without any problem.
How much money I should not get out of the cashier
As we said, it is possible to take virtually any amount of cash from the cashier, beyond the limits that the bank itself puts for security. But that does not mean that the Tax Agency does not put the eye from certain amounts when we are taking money from the bank. It is from 1,000 euros, be it a withdrawal or income of money, when Finance can apply control measures on us, how to ask our data to the entity. In this way, the bank is obliged to identify the client and provide all the necessary data on customer movements.
From 1,000 euros Treasury can intervene and when the movement exceeds 3,000 euros, it will be able to jump all alarms, with the possibility that this agency initiates an investigation and requests information about the issuing entity. In fact, the banking entities recommend to the clients that, in case of getting this amount of money from the cashier or entering the bank of the bank and a justification is prepared that can subsequently be delivered to the authorities in case an investigation is opened.
What does the Bank of Spain say
The Bank of Spain has recently stated about the conditions to get money at an ATM. “The entities must deliver the requested amount, provided that there is a balance in mind. If you are going to withdraw a significant amount, your bank could request that you notice in reasonable in advance, provided that it does not have enough funds to attend your request,” he says about the removal of cash.
In addition, in relation to money income, the agency explains on its website: “Your bank may demand that you identify when you enter money and necessarily do so when you perform an cash operation for an amount equal to or greater than 1,000 euros”, specifying that it is from that amount when the Treasury could begin to control the cash movements in a cashier.