The decrease in the use of cash
In recent years, the use of cash has seen a significant decline, with a significant increase in digital payments. However, CaixaBank emphasizes that cash remains essential for a significant part of the population.
How much cash can you legally carry?
According to the regulations in force in Spain, specifically Law 10/2010, each individual is allowed to transport up to 100,000 euros in cash. This amount, despite being considerable, is not accessible to most citizens.
Reflection on the cash limit
The legal limit for carrying cash highlights the possibility of moving substantial amounts of money, which, while legal, is not common in everyday life.
Cash receipts and their monitoring
Although carrying cash is legal, incomes above €3,000 are subject to reporting to the Tax Agency, as part of anti-money laundering measures.
500 euro notes: an exception
Income from 500 euro notes is also monitored, reflecting the authorities’ intention to maintain transparency in financial operations.
Cash storage at home
There is no legal limit on the amount of cash that can be kept at home, as long as the source of the funds can be proven. However, from 2021, the payment in cash for transactions exceeds 1,000 euros, which makes the accumulation of large amounts inadvisable.
Storage risks
Although it is legal to keep cash at home, it is advisable to limit this amount to avoid theft and difficulties in justifying the origin of the funds.
Advantages and disadvantages of cash
The Bank of Spain emphasizes that cash offers security against cybercrime, as it cannot be hacked, and provides a higher level of privacy in transactions.
Associated risks
However, carrying cash carries risks, such as theft or loss. For this reason, it is recommended to make moderate withdrawals and use ATMs with vigilance.
A look towards the future
With the rise of digital transactions, the role of cash is likely to continue to evolve, but its intrinsic security and privacy features will continue to be valued by many users.