In times of high consumption due to Christmas purchases, many users withdraw large amounts of money to be able to pay cash their expenses. For this reason, it is advisable to take more into account one of the advice of the Bank of Spain, where the limit for purchases in cash is remembered, which, if exceeded, carries a heavy fine.
Despite the fact that payments with credit or debit cards or telematic money applications continue to grow, with the consequent loss of power that this implies for cash, many are the Spaniards who continue to bet on the bills and coins to meet your daily expenses.
However, not all operations can be paid for in cash and it is that according to the fight against fraud and money laundering, the Bank of Spain has been determining limits for these purchases in recent years. Some caps that this 2021 have been regulated to become much stricter in the face of operations that are more difficult to control by banks.
This is the limit that is established from summer 2021
Thus, from this summer the limit for a cash payment is at 1.000 euros this being in a single operation. That is, according to the law, a purchase that exceeds such an amount cannot be divided into two parts to be financed in cash and telematics, having to be done only through the second mechanism.
On the other hand, for people who they do not have their tax domicile in Spain, this amount reaches 10,000 euros as long as they do not act as businessmen or professionals. Likewise, these limits are not applicable to payments and income in credit institutions in payment institutions and currency exchange operations in cash carried out in currency exchange establishments open to the public.
This is the fine for exceeding the cash limit
Having established all this, the Bank of Spain also remembers the fines for those who exceed the established limits. Both for the payer and for the one who receives the money, the penalties are of the 25% on the amount that exceeds 1,000 euros.
That is, for a payment of 1,500 euros, both the customer and the seller must pay 375 euros each to the Tax Agency, which, yes exonerates anyone who denounces such movement. Therefore, if within three months after payment one of the two parties confesses to having participated in a cash payment of more than 1,000 euros, this will be exempt, the other party having to face the fine alone.
These are the cases in which the bank can block your account
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