Withdraw money from ATM is every day a less common practice, but it is still common for many people who keep their payments in cash. However, there is a daily limit of money withdrawable from an ATM in Spain. The Tax Agency stipulates that no person may withdraw more than 3,000 euros in cash from an ATM per day. However, banking entities, on the recommendation of the Treasury, usually require explanations for withdrawals greater than 1,000 euros with the aim of stopping illegal activities, although, legally there is no specific limit for cash withdrawal. The measure is aimed at fighting money laundering and tax fraud, two illegal practices common in our country.
Under this premise established by the Spanish organization, banking entities also usually establish a daily maximum for withdrawing cash from an ATM or an entity. They want so much protect client’s moneyin the event that your debit or credit card is stolen, as well as control your finances, to prevent you from incurring a lot of expenses on a recurring basis. The card user has the option to modify this limit at any time.
With regard to BBVA, the institution has set a limit of 2,000 euros per day to this modification. From the personal finance portal ‘HelpMyCash’ they indicate that the maximum allowed by the entity It can be modified, but never exceed that figure. If you wish to withdraw more money, you must arrange inside the headquarters of the entity, and never at an ATM.
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The entity that allows you to withdraw the least money per day is the Sabadell Bankwith 600 euros, followed by Bankinter and Ibercajawith 1,000 and Openbankwith 1,200 euros. CaixaBankfor its part, allows the withdrawal of 1,200 euros per day, while ING Direct amounts to 2,500 euros and Santander Bankat 3,000 euros per day. Abancafor its part, establishes two different limits, allowing you to withdraw 1,000 euros per operation or 2,000 euros per day.
In case a user wishes to withdraw amounts greater than 3,000 eurosyou must coordinate directly with your bank and probably present proof which will be sent to both the Tax Agency and the Bank of Spain. Similarly, there is a limit for cash deposits in a bank account, with 3,000 euros being the maximum amount that can be deposited without the need for justification, whether the deposit is occasional or regular. These limits are established within the framework of the Ley of Fight against Tax Fraud.
It is important to highlight that these measures have the ultimate objective of strengthening the integrity of the Spanish financial system, as well as ensuring compliance with tax regulations and the prevention of economic crimes. Banks, in compliance with said legislation, have the obligation to implement internal control systems and procedures to detect unusual or suspicious transactions, including those involving large sums of cash.
