If you regularly withdraw or deposit cash in Spain, whether for daily life or for a larger purchase, it helps to know where the limits are and when the bank will start asking questions.
The Tax Agency has introduced new rules on cash withdrawals and deposits, mainly aimed at fighting tax fraud and money laundering.
Each bank sets its own daily ATM withdrawal limit, and this varies from bank to bank. As a guide, it tends to be around 600 euros a day, though you can usually ask your bank to adjust this within what the law allows. For deposits, you can put in up to 1,000 euros at an ATM without needing to justify where the money came from.
Withdrawals work differently. The overall legal limit is 3,000 euros. If you withdraw between 1,000 and 3,000 euros, the bank will notify you about the transaction and may ask you to justify it, including requesting identification and supporting proof before approving the withdrawal.
For anything above 3,000 euros, you will need to provide proof at the bank branch. The bank will then report the transaction to the Bank of Spain and the Tax Agency. These measures exist to add a layer of security and reduce the risk of cash being used fraudulently.
