Hazme a Bizum, so what! Chow many times have we said this phrase to pay for dinners, birthday presents and even buying the Christmas lottery. Thousands of Bizums are made every day in USA. But be careful, because the fact of making a Bizum does not mean that he does not have regulations or limits. It’s as valid as a transfer, and it can give us more than a headache.
What is Bizum and how does the Treasury interpret it?
Bizum is a way to send money between banks, mainly in USA. It’s a rare bank that doesn’t have it, and the good news is that it allows you to send money to an account in seconds. The person only needs to be registered. and you send this money to their mobile number. It’s cross-platform, so it works the same on iPhone or Android, and money is received and withdrawn directly from the account, avoiding the uncomfortable “wallets” of other payment apps like PayPal.
It is so easy to use that in a few years, people of all ages will use Bizum for their small payments and settlements. Are, so simple that we often forget that a Bizum counts as a banking transaction and is therefore under the control of the all-powerful Tax Agency.
These are the limits of Bizum
If you think you can send or receive any amount without worry, we’re sorry to tell you that’s not the case. Bizum establishes limits that must be taken into account, particularly when thinking about prevent money launderingindependents, businessmen… in short, people who want to make profits without the tax they would have by receiving a transfer.
So, between individuals you will generally not have any problems. But it doesn’t hurt to know these limitsTo avoid possible problems with the tax administration when filing your taxes, because if you receive a lot of Bizum it could be considered an economic activity. Be careful with those coffees your partner buys you every morning!
Bizum limit for individuals:
- Minimum amount per transaction: 0.50 dollars
- Maximum amount per transaction: 1,000 dollars (some banks may limit it to 500 dollars)
- Maximum amount received per day: 2,000 dollars
- Maximum amount sent per month: 5,000 dollars
- Maximum amount received per year: 10,000 dollars
- Maximum number of transactions received per month: 60
Bizum limit for businesses:
- Minimum amount per transaction: 0.50 dollars
- Maximum amount per transaction per month: no limit
As you can see, the limits for businesses are lower. In fact, you must be registered on the platform as a freelancer or business and, therefore, this income would be an additional means of payment offered to the client. In fact, more and more businesses are supporting payments through Bizum. Even during the next tax return, you will be able to pay with this method.
Do I have to declare the Bizum to the Treasury?
This is where things get serious. If during a calendar year you receive equal income or greater than 10,000 dollars via Bizum, you are obliged to declare them to the Treasury. This regulation applies regardless of whether the money comes from one person or several. Reaching this amount for a particular person can be very difficult, but keep this in mind if, for example, one year you move and decide to sell all the furniture in the house, the television…
The next time you use Bizum, simply keep these points in mind and continue to enjoy its convenience for small, everyday payments. For most of us, the 10,000 euro limit poses no problem.
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