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Paying Cash into Bank

Paying Cash into Bank

Old Dec 11th 2021, 6:45 pm
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Default Paying Cash into Bank

We have just sold the contents of our apartment ready to gut it and refurbish and now I have a pile of cash that makes me feel like a small time drug dealer. Is there any issue with paying it into my Spanish bank account as I will want to use it when we buy the new stuff and don't want to walk into stores with wadges of cash! In the UK when I sold one of my motorbikes the bank just asked where it came from and paid it in.

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Old Dec 11th 2021, 7:12 pm
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Default Re: Paying Cash into Bank

Good 'eavens, is it legal to settle a property transaction in cash in Spain? I thought there was an EU-wide limit of 10k per transaction, and I think the limit in France is lower.
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Old Dec 11th 2021, 7:44 pm
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Default Re: Paying Cash into Bank

Spain has recently lowered the limit on cash payments people can make down to only €1,000. Here are the new rules, who it will affect the most and the penalties you need to know about.What are the new rules and are there any exceptions?

The Spanish government recently introduced a new Anti-Fraud Law, which establishes a limit on the amount you’re allowed to pay in cash.

The previous limit was €2,500, but now this has been reduced to only €1,000. This means all amounts above €1,000 will have to be paid by card.

Spain’s official state bulletin states: “Operations in which any of the intervening parties act as an entrepreneur or professional, with an amount equal to or greater than €1,000 or its equivalent in a foreign currency, cannot be paid in cash.”

The measure affects Spanish companies and the amount you can pay in shops or for professional services.

For payments between individuals residing in Spain, the limit remains at €2,500.

For tourists, a cash limit of €10,000 on transactions remains in force.
https://www.thelocal.es/20210817/exp...cash-payments/
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Old Dec 11th 2021, 8:07 pm
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Default Re: Paying Cash into Bank

Thanks guys, but that does not answer my question.

we sold an absolute shed load of stuff for small amounts via Facebook etc not to one individual. Which meant almost everyone turned up with cash. A few paid on Bizum on the spot but mostly everyone was cash. Now I have enough to paper the room in small notes that I want to put in the bank. I just wanted to know if I was going to get treated like a drug dealer or if I could just pay it in!!
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Old Dec 11th 2021, 8:30 pm
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Default Re: Paying Cash into Bank

Hola,
Very simply, just pay in LESS than 1,000€ a day so you are under the limit. Above that limit attracts the bots in blue

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Old Dec 11th 2021, 8:53 pm
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Default Re: Paying Cash into Bank

Originally Posted by Dxf View Post
Hola,
Very simply, just pay in LESS than 1,000€ a day so you are under the limit. Above that limit attracts the bots in blue

Davexf
cheers!!
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Old Dec 13th 2021, 8:53 pm
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Default Re: Paying Cash into Bank

I went to the bank today and paid some of my cash into my account. The bank told me that the regulations do not apply to private individuals or non residents where the limit remains at 15,000. The limits apply to business and autonimo taking cash for services.Definitions of cash transactions:
  • Hard money (paper and coins) Included national and foreign currencies.
  • Cheque ´al portador´ / bearer cheque in any currency
  • Whatever other medium, electronic or not, that could be considered as ´pago al portador´ i.e: where the origin nor the destination of the funds are clear.
The restriction is only valid for transactions where at least one professional is involved. Includes the autonomo (self employed), a shop owner and up to large companies, the amounts are valid for the total of the price of the goods or services you pay for. This also means that a vehicle, household appliances you buy, or a builder´s invoice that is higher than the max amount of 2.500 euros cannot be paid for in instalments that are lower, the total amount of the invoice counts. Nor can you pay your rent in cash (if over 2.500 euros) if you pay the rent to an agent or a bank, for example.

The same restriction is not applicable to transactions between two private individuals, nor is it applicable to transactions that tourists or non-residents make in Spain. The limit there is 15.000 euros for cash payments.

Note 1: The fines that the Tax Agency can issue are 25% of the amount that was paid in cash erroneously!

If either party involved in a cash transaction over the max. amount realise within 3 months that in fact they should have chosen another method of payment, they can alert Hacienda through a special form on their website without risk of being fined. You need to have a digital certificate installed on your computer or have applied for a [email protected] Pin for access.
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Old Dec 14th 2021, 5:06 am
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Default Re: Paying Cash into Bank

Airways has sold contents, not the property. 🤣🤣
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Old Dec 14th 2021, 10:11 am
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Talking Re: Paying Cash into Bank

Originally Posted by Woodzie View Post
Airways has sold contents, not the property. 🤣🤣
LOL yep! Wife made me stick all the [email protected] on Facebook market etc and get rid of it!! Everyone then turned up and paid cash and I got left feeling like a drug dealer with about 5k in notes!!!
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Old Dec 18th 2021, 8:20 am
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Default Re: Paying Cash into Bank

There are lots of mostly cash transaction businesses, such as restaurants and bars and 2nd hand shops.. I wonder what they do with their cash. If they can only deposit 1000 at a time.
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Old Jan 13th 2022, 12:36 am
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Default Re: Paying Cash into Bank

Originally Posted by amideislas View Post
There are lots of mostly cash transaction businesses, such as restaurants and bars and 2nd hand shops.. I wonder what they do with their cash. If they can only deposit 1000 at a time.
This is a limit per transaction with customers, not an overall daily total limit with all customers combined. So restaurants for instance can deposit all their daily intake in one go.
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Old Jan 13th 2022, 8:03 am
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Default Re: Paying Cash into Bank

In the UK you can deposit as much as you like....
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Natwest fined £264m after taking deposits of laundered cash in bin bags
Natwest fined £264m after taking deposits of laundered cash in bin bags | NatWest Group | The GuardianThe court heard £700,000 was paid into the Walsall branch in a single day.

“At times, thousands of pounds in cash was brought into the branch uncounted in big black bin liners,” stated the agreed statement of facts. A member of staff later told FCA investigators that they often found that the weight of the cash “was too great for the bin liners, which would then break”. Staff would have to move the cash into stronger hessian sacks.



Last edited by agree_to_disagree; Jan 13th 2022 at 10:00 am.
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Old Jan 13th 2022, 9:37 am
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Default Re: Paying Cash into Bank

LOL, I have plenty of bin bags, I just wish I had cash to fill them......
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Old Jan 13th 2022, 1:30 pm
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Default Re: Paying Cash into Bank

Originally Posted by airways View Post
LOL yep! Wife made me stick all the [email protected] on Facebook market etc and get rid of it!! Everyone then turned up and paid cash and I got left feeling like a drug dealer with about 5k in notes!!!
Definitely a very small time drug dealer!
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