by Frank Mokrani at EuroWeekly News
Thinking of pulling out a large amount of cash from your bank account in Spain? A new rule is now in force — and ignoring it could cost you dearly.
New rules in Spain: cash withdrawals over €3,000 under strict control
From now on, anyone withdrawing €3,000 or more from a Spanish bank must notify the Agencia Tributaria (Spain’s tax agency) in advance. If you’re planning to take out €100,000 or more, you’ll need to give at least 72 hours’ notice. For smaller sums over €3,000, a 24-hour notification is mandatory.
The warning must be filed through the tax agency’s official website using a digital certificate, Cl@ve PIN, or electronic ID card. You’ll receive a receipt that must be shown at the bank when withdrawing your cash.
Fail to notify? You risk a fine between 1 per cent and 10 per cent of the amount withdrawn — starting at €600 and climbing up to a massive €150,000, depending on the seriousness of the violation.
Banks are now required to block withdrawals if they detect missing paperwork, and must report suspicious transactions to the authorities, even if amounts are repeatedly just under the threshold.