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Transactions through Banks
The above refers only to cash, gold and bearer cheques. Transactions made through banks - the great majority of all money transfers in and out of Spain - are regulated more closely The top limit for absolutely free transfers is €600. That is, a resident or non-resident may obtain a bank cheque in foreign currency from his bank or effect a transfer in Sterling pounds or US dollars up to this amount without any control at all, simply exchanging his euros for the foreign money.
In order to make a payment abroad of more than €600, the Spanish resident must declare to the bank the name and address of the recipient of the transfer or payment, and state the reason for the payment.
The resident must make this declaration to the bank before the payment is made, unless the payment is being made by a cheque in the name of the recipient, drawn on the resident’s account, in which case the declaration may be made up to 15 days after the transfer. So, even if you are just sending a cheque for €1,000 for an encyclopaedia you have ordered from London, you must fill in the form.
A resident who is receiving payments or transfers from abroad must also supply full information to the bank where the transfer arrives, including the name and address of the non-resident who sends the sum, and the reason for the operation.
This means that, if your pension cheque each month is more than €600, you must declare it each time. It takes only a moment to fill up the form at the bank.
The same declaration applies for transfers affected by debits and credits in your bank account to or from another bank account.
Residents who receive payments from non-residents or make payments to them of more than €600 in cash or bearer cheques, must declare these payments, made or received, on form B-3.
This form includes the name, address and NIE of the resident and details of the non-resident and states the reason for the operation.
Note here that the resident who receives or makes the payment must make the declaration even when he is not the final recipient or the person responsible for the operation. This would include a fiscal representative who is receiving funds from abroad to pay his client’s tax bill, for example, or a person who is acting as agent for another in making a payment abroad.
So, we see that transactions between residents and non-residents are documented for sums above €600 when they involve bank transfers, but cash and bearer cheques can be freely imported and exported up to €6,000.
We can begin to see why the banks have already complained about the paperwork involved. Even where it is not a question of permission being denied, the simple reporting takes a lot of time.
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