Since the coronavirus pandemic broke out in early 2020, credit card use has increased dramatically to avoid contact with coins and bills. However, when taking a trip we all like to carry some cash in case our card is stolen. Now, there is something very important that we must take into account: the Tax Agency controls more and more cash .
If we travel through the national territory there is no limit of money that we can carry in cash . However, we have the obligation to declare any type of internal movement of an amount of at least 100,000 euros, as established by the Bank of Spain.
What if we leave Spain? If we do it with an amount equal to or greater than 10,000 euros we have to make a declaration in the Customs Services. This applies whether we travel to European Union countries or to others outside the political community. The obligation to declare an amount of cash equal to or greater than 10,000 euros applies when traveling by any means: airport, land or sea border.
How to declare the money in cash?
If we exceed the limit amount in movements within the national territory, we have to go to the provincial dependencies of customs and special taxes of the Tax Agency to make a declaration .
If the funds arrive by a withdrawal of money in the bank , the declaration can be made in the entity itself. In addition, if we try to make a deposit of funds in cash in the bank, the entity will ask us for the S1 form.
If the movement of cash is international , we have to submit form S1 to the Customs Services.
Complying with current legislation is essential. Failure to complete and deliver the S1 form implies that the authorities will proceed to the total intervention of the cash . In addition, they will initiate a sanctioning file.
Not declaring the cash that is over the legal limit when making a trip carries a fine of between 600 euros and twice the amount transported .
eye! Not only cash is taken into account, but also other means of payment , such as purse cards, bearer checks and other electronic means.
