The limits established to prevent financial crimes
Cash seems to be losing more and more strength. However, there are still millions of people who continue to use it to carry out their daily operations. For this reason, certain limits have been established when withdrawing and depositing at the cashier. This is what they remember from the Bank of Spain, who indicate that these limits were set with the aim of preventing certain crimes, such as fraud or money laundering. Knowing these limits is vital when you go to operate at the cashier.
Limit for depositing money at the cashier
In general, we usually talk about the limit when withdrawing cash from the teller. However, it should also be noted that there are limitations when you will enter from a certain amount. Although there is no exact limit for depositing money at the cashier, movements can be investigated by the Tax Agency when they exceed 3,000 euros. As a point to take into account, from the bank they control, above all, the income of 500 euro notes, due to the low frequency and to avoid possible fraud.
Limit to withdraw money
As we said, there are also limits to withdrawing money. In this case, the maximum amount that can be withdrawn at once without the Tax Agency becoming suspicious is 3,000 euros, as indicated by CaixaBank. To withdraw more than 3,000 euros, you must give the institution a receipt with the amount to be withdrawn. Afterwards, the bank will notify the Treasury and the Bank of Spain of the reason for this withdrawal.
Other restrictions to consider
The two limits above are the most important because the operations of entering and withdrawing money are the most common. However, Law 11/2021 of July 9, on measures to prevent and fight tax fraud, also includes others. It happens, for example, when traveling with cash in the country and abroad. It is mandatory to declare the money in several cases. If this amount is “equal to or greater than 10,000 euros in case of exit or entry” to the country, or “100,000 euros” if you will be moving through national territory. Natural persons who act on behalf of companies and who are authorized and registered by the Ministry of the Interior to carry out professional transport activities of funds or means of payment are exempt from submitting this declaration.