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 You risk a fine between 1 per cent and 10 per cent of the amount withdrawn — starting at €600 and climbing up to a massive €150,000, depending on the seriousness of the violation.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.
Spain steps up fight against tax fraud and money laundering
This tough new measure is part of a wider strategy to crack down on tax fraud, money laundering and terrorism financing.
Authorities say that cash remains a key tool for illegal activities, making tighter monitoring essential.
Interestingly, it’s not just massive withdrawals that will raise red flags.
Even frequent small withdrawals — say, €800 or €900 at a time — could draw unwanted attention if not properly justified.
The message from the Spanish government is clear: every move involving large sums of cash must now be fully traceable.
Hellbound and Down 