Although it is not the safest method to pay from the iPhone, the truth is that Bizum has become very standardized for share payments with friends or family and even buy from establishments. However, not everything happens at Bizum, because there are certain limits to respect.
On the one hand, we find the limits that the payment platform itself integrates in all the banks where it is available. Other, This must also be taken into account when you have to declare them to the Treasury.. And for certain amounts, they must be added to the annual income tax return. If you use it often on your iPhone (or on an Android phone, since the limits are the same), you will be interested in what we have in this article.
What are Bizum’s limits for making and receiving payments?
Maybe you already knew this, but Bizum is a payment platform that allows you to make no payments or up to an infinite number. Extremely small amounts cannot be transferred due to banking limitations, but neither are excessively large amounts nor can we carry out multiple daily transactions. They don’t work the same way as transfers
The first thing you need to know is that There are differences between the use of Bizum between individuals and businessestherefore the limits are different in each case.
Limits on the use of Bizum between individuals
|
MINIMUM PER DAY |
MAXIMUM PER DAY |
MINIMUM PER month |
MAXIMUM PER month |
|
|---|---|---|---|---|
|
MONEY SENT IN AN OPERATION |
0.01 dollars (0.50 dollars in most banks) |
2,000 dollars (500 dollars in most banks) |
0.01 dollars (0.50 dollars in most banks) |
5,000 dollars |
|
MONEY RECEIVED IN AN OPERATION |
0.01 dollars (0.50 dollars in most banks) |
2,000 dollars (500 dollars in most banks) |
0.01 dollars (0.50 dollars in most banks) |
Limitless |
|
TOTAL MONEY SENT IN VARIOUS OPERATIONS |
0.01 dollars (0.50 dollars in most banks) |
2,000 dollars |
0.01 dollars (0.50 dollars in most banks) |
5,000 dollars |
|
TOTAL MONEY RECEIVED IN VARIOUS OPERATIONS |
0.01 dollars (0.50 dollars in most banks) |
2,000 dollars |
0.01 dollars (0.50 dollars in most banks) |
Limitless |
|
MINIMUM PER DAY |
MAXIMUM PER DAY |
MINIMUM PER month |
MAXIMUM PER month |
|
|---|---|---|---|---|
|
TRANSACTIONS AS AN ISSUER |
0 operations |
Unlimited |
0 operations |
60 operations |
|
OPERATIONS AS RECEIVER |
0 operations |
Unlimited |
0 operations |
60 operations |
It must be said that there is another limit to take into account and that is Bizum allows you to add up to 30 recipients in the same operation. Some entities might have fewer, but never more than those that constitute the limits set by the platform itself.
Bizum usage limits sent to businesses and for donations
|
MINIMUM PER DAY |
MAXIMUM PER DAY |
MINIMUM PER month |
MAXIMUM PER month |
|
|---|---|---|---|---|
|
MONEY SENT IN AN OPERATION |
0.01 dollars (0.50 dollars in most banks) |
Limitless |
0.01 dollars (0.50 dollars in most banks) |
Limitless |
|
TOTAL MONEY SENT IN VARIOUS OPERATIONS |
0.01 dollars (0.50 dollars in most banks) |
Limitless |
0.01 dollars (0.50 dollars in most banks) |
Limitless |
|
MINIMUM PER DAY |
MAXIMUM PER DAY |
MINIMUM PER month |
MAXIMUM PER month |
|
|---|---|---|---|---|
|
TRANSACTIONS AS AN ISSUER |
0 operations |
Unlimited |
0 operations |
Unlimited |
|
OPERATIONS AS RECEIVER |
0 operations |
Unlimited |
0 operations |
Unlimited |
From what amount must the Bizum be declared to the Treasury?
If you received income equal to or greater than 10,000 dollars in a calendar year via Bizum, you must declare them. And this is not due to any specific law that regulates the platform, but rather it falls under the general tax law in the same way as any other income exceeding this amount.
It doesn’t matter if you received this money from different people or from one person, nor if it arrived all at once or in several Bizum operations. It must be reported as other income in the same way that income generated from property rentals or our own salary is reported.
The 2024 income campaign (corresponding to 2023) begins on April 3 and ends on June 29.
This income is reflected in the annual income tax return., whose submission deadlines generally begin in April and end in June. In the particular case of this year, the campaign will run from April 3 to June 29. This will be the time period you will have to present the project including your income for the entire year 2023 obtained by Bizum if it is equal to or greater than the aforementioned 10,000 dollars.
Can they be declared if they are less than 10,000 dollars? If possible. Even if it is an income of 1 euro. However, this is not required under tax law and therefore you cannot be penalized for not doing so.
In the opposite case of the preceding, The tax authorities could investigate you and sanction you if you do not declare your Bizum income if they exceed 10,000 dollars. Exactly the same way as if you did not declare other income.
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