Are you planning to withdraw cash in Spain? You could now face a fine of up to €150,000. If you are considering taking a large amount of cash from your bank account in Spain, a new regulation has come into effect, and failing to comply could have serious financial consequences.
According to the new rules in Spain, cash withdrawals exceeding €3,000 are now subject to strict oversight. Anyone withdrawing €3,000 or more from a Spanish bank must notify the Agencia Tributaria, Spain’s tax agency, in advance. If you intend to withdraw €100,000 or more, you are required to give at least 72 hours’ notice. For amounts above €3,000 but below €100,000, a 24-hour notification is mandatory. This notification must be submitted through the tax agency’s official website using a digital certificate, Cl@ve PIN, or electronic ID card. Upon completion, you will receive a receipt, which you must present at the bank when collecting your cash. If you fail to notify the authorities as required, you risk a fine ranging from 1 percent to 10 percent of the withdrawn amount, with penalties starting at €600 and potentially reaching €150,000, depending on the severity of the violation.
Banks are now obligated to block withdrawals if the necessary paperwork is missing and must report any suspicious transactions to the authorities, even if the amounts are repeatedly just below the reporting threshold.
This measure is part of Spain’s broader effort to combat tax fraud, money laundering, and the financing of terrorism. Authorities emphasize that cash remains a key instrument for illegal activities, making tighter monitoring essential. Notably, it is not only large withdrawals that may attract scrutiny. Even frequent smaller withdrawals, such as €800 or €900 at a time, could raise suspicions if they are not properly justified. The Spanish government’s message is clear: every significant cash movement must now be fully traceable.
Banks themselves will play a more active role, regularly reporting detailed information about all significant cash transactions to the tax agency, Hacienda.
To comply with these regulations, you must submit a formal notification through the Agencia Tributaria’s online platform before making a large withdrawal. The notification should include the amount you plan to withdraw, the purpose of the withdrawal, your identity, and, if applicable, the identity of the final recipient. After submitting the notification, keep the confirmation ready, as your bank will request it before releasing the funds.
Therefore, if you are planning a large cash withdrawal, do not wait until you are at the bank counter. File your notice in advance, or you could face a fine substantial enough to ruin your day.
