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 Moving to Spain: Moving of financial assets

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Contents:
Introduction

Moving to Spain
» Registration Procedures
» The Residence Permit
» Moving Goods
» Moving Plants & Animals
» Moving Financial Assets
» Moving Cars
» The Driving Licence
» Finding Accommodation
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» Work Disputes

Organisations in Spain
» Useful Contacts for Employment Services in Spain
» Useful Contacts for Social Security Organisations in Spain
» Useful Contacts for Taxes in Spain
» Useful Contacts for Education and the Recognition of Diplomas in Spain
» Useful Contacts for Tourism and Transport in Spain
» Useful Contacts for Ministries and Government in Spain
» Useful Contacts for Embassies in Spain

Recognition of Diplomas
» General System
» Paramedical Professions
» Teachers
» Engineers
» Lawyers
» General & Specialist Doctors
» Pharmacists
» Dentists
» Midwives
» Veterinarians/Vets
Moving of financial assets

The legal currency of Spain is the euro. You may take with you the money you feel you will need on your trip. However, despite the fact that all restrictions on the movement of capital within the Union have been abolished, Member States can demand, for administrative and statistical purposes, that you declare the money you are carrying with you when you enter or depart from their territory.

Member States that use this faculty have fixed limits, above which it is obligatory to declare the quantities which have been transferred. At present, it is not necessary to declare the sums transferred to Spain. In practice, these limits correspond to quantities which are higher than those the majority of travellers will be carrying with them on short term trips. Despite this, however, the fixed amounts for national legislation can vary greatly from country to country. So, if you are likely to carry a large sum of money, before leaving you should get information on the limit applied in the country of destination to find out whether it must be declared. In Spain, you can transfer up to €6,000 in cash.

Apart from the money you wish to carry with you, you can also transfer any money you could need on your trip to another country within the Union.

If you wish to transfer a significant amount from one bank to another within the Union, you should take into account that banks in certain countries may ask you for information for statistical purposes. The situation is similar should you use an intermediary other than a bank, such as the post office.

On the other hand, national authorities are entitled to make checks if they suspect that transfers of funds are connected to criminal activities (money-laundering transactions, for example).

Cross border payments

Thanks to new EU rules, the cost of using money abroad is coming down. Withdrawing euro from a cash machine or making card payments in euro (up to €12,500) now costs approximately the same wherever you are in the EU, and the same applies to euro transfers (up to €12,500) between bank accounts, although commission may vary between different banking organisations.

Text last edited on: 06/2006

Source: European Union
© European Communities
Reproduction is authorised.

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