Here we tell you how much money you can put into your account without raising suspicions from the Spanish Tax Agency.
The coronavirus pandemic has largely favoured financial transactions by card, and tools such as Bizum have made cash a smaller and smaller part of our everyday lives.
However, plenty of people still prefer to use cash. If you want to put cash into your bank account, there is a certain limit.
If you make the deposit at a cash point, no identification is needed, but you do it in person at a bank, the entity may require the your identification. This is mandatory if the amount is 1,000 euros or more.
But what about the Spanish Tax Agency? The Tax Agency may perform an investigation if you make a deposit of 3,000 euros in cash. Your bank is obliged to inform the Bank of Spain, which in turn informs the Spanish Tax Agency, Hacienda.
If the investigation finds no justification for the deposit, the Tax Agency may consider it to be unjustified equity income, and the money will need to be included as taxable income in the Impuesto sobre la Renta de las Personas Físicas (IRPF).
Thank you for taking the time to read this article, do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.