New changes regarding the use and withdrawal of cash in Spain
The Tax Agency has introduced new changes regarding the use and withdrawal of cash. For this, the Treasury has set a new limit for withdrawing money from the ATM for all citizens. Being the main reason for it the fight against tax fraud and money laundering.
Each bank sets its own limits on the amount of cash that can be withdrawn from the ATM each day, and it varies from bank to bank. An amount that is around 600 euros per day and that the users themselves can modify according to their preferences, on the condition that it is not an amount higher than that established by law. In fact, in the case of depositing money at the ATM, the limit for not justifying the operation is 1,000 euros.
However, in the case of money withdrawal, the maximum limit is set at 3,000 euros. If an amount of money between 1,000 and 3,000 euros is withdrawn, the bank will notify the client of the movement made so that it can justify the operation carried out. In addition, it could request the identification of the user and the proof itself to give the green light to the operation.
To withdraw amounts greater than 3,000 euros from the ATM, you must provide any proof that can be obtained at the bank branch. A receipt through which the bank will notify the Bank of Spain and the Tax Agency of the transaction. With this, it is intended to provide new security measures that prevent a possible fraudulent use of cash.