While there’s no official cap on how much you can take out of your account, pulling more than €1,000 in a single operation could flag your activity to tax inspectors. And if you hit €3,000 or more, banks are legally required to report your transaction, potentially triggering a full investigation into where the money came from — or what it’s being used for
Large cash withdrawals in Spain draw tax authority attention It’s a common myth in Spain that there’s a legal limit on how much cash you can withdraw. In reality, you’re free to take out whatever’s in your account, as long as the bank has enough physical cash available.
But when your withdrawals start getting big, you may find yourself on Hacienda’s radar. According to the Bank of Spain, banks must report any cash operation — withdrawal or deposit — of €1,000 or more. And for transactions of €3,000 or above, especially those involving €500 notes, a red flag is automatically raised and details are passed to the tax authorities.
In Australia
The transactions that "reporting entities" are required to report to AUSTRAC include: cash transactions of A$10,000 or more, or foreign currency of that value, international funds transfer instructions, either into or out of Australia, of any amount, and suspicious transactions of any kind, being transactions the dealer may reasonably suspect of being part of tax evasion or crime, or might assist in a prosecution.
