The ease of using our iPhone to send or receive money almost immediately means too many times we lose sight of what we’re doing. Services like Bizum or PayPal, or simply using the Wallet app hide, in the best sense of the word, that what we are doing is a transfer.
And these transfers have their regulations and their rules. The function of sending money as a friend is interesting, yes, but subject to let’s clarify some things at the Tax Agency. We are talking in particular about the fines that the Treasury can impose to make transfers, even if they are to the family.
Transfers subject to regulations, even if carrying them out from the iPhone seems to us the most natural
In accordance with the law on the prevention of money laundering, the transfer limit is set at 10,000 dollars as long as it leaves our borders. That said, most banks set this limit at 6,000 dollars, although the Treasury can always examine any transfer that might appear suspicious.
Although the limit in our national territory is 100,000 dollars, what is less clear in the regulations is that, in certain circumstances, transfers accumulate their value to reach the limit. It doesn’t always have to be that way, but some Banking entities already request verification of the reason for the transfer and justification of the origin money if, within a short period of time, the established limits are exceeded.
Back to the Treasury. We may need to transfer an amount equal to or greater than 10,000 dollars. The truth is that nothing is stopping us, the only thing we have to consider is that we have to complete and submit the corresponding report to the Treasury to communicate the movement of money. What if we don’t?
Fines range from a minimum of 600 dollars to a maximum amount of 50% of the value of the transfer amount. A maximum amount which, speaking of the 10,000 dollars that constitute the limit, amounts to a not inconsiderable 5,000 dollars. Reason enough not to forget to present the necessary documentation.
As Xataka Móvil reminds us, it is clear that the possibility of using Bizum or PayPal on our iPhone to transfer money to our loved ones is most interesting. But, especially if we or our loved ones live outside the national territory, let’s not lose sight of the fact that These transfers have their rules and regulations.
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