This is the limit of money that you can send through Bizum to avoid a fine from the Treasury

More and more people in Spain use mobile applications to send bank transfers, especially when it comes to small amounts of money that are sent to friends or family. Bizum is one of these applications that is in high demand among users due to its speed and simplicity.. But, is there a legal limit allowed for sending money? In which cases can the Treasury investigate you?

In this sense, it is worth asking how the bank transfers that we make through the mobile phone are taxed. The banking entities are in charge of informing the Treasury about the movements of their clients in order to avoid possible fraud.. According to Law 7/2012, they must communicate those shipments or collections of cash when the amount is greater than 3,000 euros.

what are the limits

Sending money through Bizum is included in the General Tax Law, and the Treasury can initiate an investigation of movements from 10,000 euros if they have not been declared. Therefore, if a user sends more money in an operation without reporting it to the Tax Agency, they could face a financial penalty from the public body.

Bizum establishes a maximum amount per operation of 1,000 euros, while the amount of operations sent by a user in one day cannot exceed 2,000 euros and, within a month, the limit is 5,000 euros.

As reported by the specialized media La Información, taxpayers who do not declare movements of more than 10,000 euros in their income may face fines of between 600 euros and up to 50% of the amount sent.. Likewise, if the origin of this amount is not justified, the light fines could be 60,000 euros and the serious ones of more than 150,000 euros.