How much cash can we carry on us in Spain? The amount is decided by law

A limit was set in 2010 to prevent money laundering and the financing of terrorism, but there are also other limits to cash transactions in some cases. Many people are not aware of the legal restrictions or how they are applied

Susana Zamora

Malaga

Tuesday, 8 March 2022, 13:24

Although the coronavirus pandemic saw the increased use of credit or debit cards, many people still like to use cash for their payments. A national survey published last July showed that 35 per cent of people said they usually paid cash in 2020, a sharp drop from the nearly 80 per cent in 2014. However, it should be taken into account that most people who use cash rather than cards are aged over 64 or between 18 and 24.

Many people have no idea that there are legal limits in Spain to the amount of cash they can carry on them. Law 10/2020, dated 28 April, was put into effect to prevent money laundering and the financing of terrorism, and it sets 100,000 euros as the limit within Spain. When entering or leaving the country, no more than 10,000 euros can be carried in cash.

Business persons

But there is even more to it than that. Since 11 July 2021, there has been a 1,000 euro limit (or the equivalent in foreign currency) for cash transactions if any of the parties involved is acting in the capacity of a business person, or a professional. The amount is 10,000 euros if the individual can prove that they are not tax domiciled in Spain and are not acting in the capacity of a business person or professional. The idea is that transactions of these types should be carried out via bank transfer or card, so they are traceable.

The restriction is applied to the full amount of the invoice; for example, if a bill is for 1,500 euros, it is not possible to pay 500 euros in cash and the rest another way. Obviously, this does not apply to payments made in credit or payment entities or in money exchange offices.

With regard to cheques which are made out to ‘the bearer’, or any other means of payment where those involved in the transaction are not identified, the Bank of Spain treats these as if they were cash. It also advises people who carry out any transactions over the cash limit to keep the proof of how payment was made for a period of five years, in case they are ever asked for it.

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