Sunday, December 5

How much money can i carry with me? And kept at home?



It is evident that the advancement in the field of technology has caused monetary operations to be carried out more and more electronically. Although it is true that cash is still far from disappearing, banking entities have taken a greater role, making a huge amount of daily movements.

In addition, with the aim of reducing illicit activities and money laundering as much as possible, since last July cash payments have a lower limit in Spain. These are the main doubts about use with the money in cash And in the transfers banking.

How much money can I carry walking down the street?

According to sources from the Financial Users Association (Asufin), the money that a person can carry “has a limit in which the authorities could ask you for a receipt.” Specifically, the Law for the prevention of money laundering and terrorist financing establishes that the limit within Spain is 100,000 euros. From that amount, it will be necessary to declare the movement of the money with the S1 form of the Tax Agency.

Can I store all the cash savings I want at my home?

From the entity of financial users they point out that “there is no law that prohibits keeping cash at home, whatever amount it may be, as long as the funds have a legitimate origin and we keep the supporting documents of having withdrawn these funds to be able to demonstrate in the future if necessary, the origin of the same ”.

Am I entitled to withdraw as much cash as I please on the same day?

According to Asufin sources, there is no cash withdrawal limit. “Of course, the usual thing is that you must notify your office if the amount exceeds 3,000 euros so that they have the sufficient balance you need, normally one day in advance is enough. If our office cannot give me the amount I need, it should offer me a commission-free alternative such as writing a check or making a transfer, “they explain.

What is the limit to withdraw money from the bank and keep it in cash at your home without having to declare it?

As indicated by the financial users entity, the maximum amount that can be entered or withdrawn from the bank without justification is 3,000 euros. “Any movement that exceeds this amount will be notified to the Bank of Spain and the Tax Agency,” they warn.

If I want to buy a laptop for 1,500 euros in cash. I can do it?

On July 11, a new regulation on cash payments came into force. Following this rule, the maximum amount for cash payment transactions is 1,000 euros per transaction. “The objective of this measure is to fight against tax fraud and non-compliance can lead to penalties of 25% of the amount paid,” they argue from Asufin. So I couldn’t buy my laptop with cash.

What penalty do I risk if I pay with cash in breach of the 1,000 euro limit?

Both the payer and the one who receives the money will be jointly and severally liable for the offense committed and the penalty imposed. The amount of the penalty will be 25% of the amount unduly paid in cash. On an amount of 10,000 euros, it would be 2,500 euros.

I am carrying a 500 euro bill. Do I need to identify myself?

As indicated by Asufin, it would not be necessary, although banks are obliged to notify when their customers use 500 euro bills. “It is legal tender, even if that money is withdrawn,” they maintain.

I want to make a transfer of 15,000 euros to my cousin. Can I be fined for not declaring it?

From Asufin they explain that, in Spain, according to law 7/2012 of the tax regulations, the limit to transfer money without declaring it is set at 10,000 euros. This maximum also applies to other operations such as withdrawing money at ATMs, through ‘online’ banking or with mobile phones.

If I want to make ten bank transfers in one day. Am I able to do it?

The financial users entity assures that “normally there are no limits for transfers.” “We only have to bear in mind that, from 10,000 euros,” the entity will have to notify the Tax Agency, not preventing this from being carried out for any amount “.

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