The Treasury monitors citizens' bank transfers and has set a limit on the amount to be transferred of €10,000 (€6,000 online). If the Treasury realizes that this limit has been exceeded, it could face a significant fine that could range from €600 to €150,000.
If you do not declare to the tax office that you have overpaid, you may be penalized between 2% and 25% of the undeclared amount. Remember that the Treasury closely monitors all moves to avoid tax evasion problems. To avoid these situations, Law No. 10/2010 dated April 28-Set locker limits that you cannot exceed.
For example, in the case of transfer between family members, the allowed limit cannot exceed 6,000 euros. Of course, from the transfer of 3,000 euros, the Treasury can start an investigation against you. You will be asked for information regarding the source of funds, the reason for the transfer, and any other necessary information.
The fine that can be imposed by the Treasury if the transfer amount exceeds 10,000 euros
Through this procedure, all bank movements are also included in the income statement. For their part, banks have set a transfer limit of €150,000 from ING to entities such as ABANCA or Unicaja, which do not set transfer limits.
Bank transfer limits in 2023
|€150,000 – Orange account (current accounts worth €15,000)
|€15,000 (daily total: €30,000)
|€6,000 (adjustable up to €30,000)
|15,000 EUR Instant (Normal – Unlimited)
If you do not want the Inland Revenue to take action against you if you exceed this limit of €10,000 or €6,000 online, you should follow this advice. To add this conversion to income, you must submit Model S-1which you will have to fill when you exceed this maximum.
You must include all information relevant to the transfer, including the recipient/sender, the origin of the funds, the concept of the shipment and its destination. To obtain this form, enter the website of the Tax Agency, but be careful, because if you fill it out incorrectly, you may be fined 150 euros.
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