Withdraw cash from the ATM of a bank is a common action of Spanish citizens, since despite the boom in card payment, more than a million operations are still carried out with cash, according to data from the Bank of Spain for the third quarter of 2019 However, there is a limit to when removing Money of the bank that bank customers should know.
Spanish banks advise the Bank of Spain already Estate when there are suspicious movements in the accounts, and one of them is to withdraw a lot of money from the bank in the same day. Although the usual daily withdrawal limit is 600 euros, this can be extended up to 1,200 euros in some banks.
Currently, the amount of money that can be withdrawn from the ATM in the same day without having to justify it a priori is less than 1,000 euros. Any figure that equals or exceeds 1,000 euros could be analyzed by the Tax Agency, requiring its justification, since in order to carry out operations of this amount, it is necessary to identify the client in the bank, as specified by the Bank of Spain’s banking client portal.
Also, a special statement, for cash movements if they exceed 10,000 euros outside the national territory or 100,000 euros within the country.
Made the law, cheated, one might think. But the fact of taking high amounts below 1,000 euros for several days can also be a reason for analysis by the Treasury.
Basically, the Tax Agency will ask the bank account holder to justify what the amount of cash is for, and if they cannot justify it, sanctions may be applied.
Law 10/2019 of April 28 determines that in the fight against money laundering, penalties for income or movement of money without justifying greater than 1,000 euros range between 60,000 and 150,000 euros.