FACT CHECK: No, Spain does not fine you for withdrawing €3,000

FACT CHECK: No, Spain does not fine you for withdrawing €3,000

Viral social media posts and articles in the Spanish press claim you will be fined as much as €150,000 for withdrawing €3,000+ in cash from an ATM, but we're here to debunk that myth.

Spain Limits Cash Withdrawals

Withdrawing large sums in cash is no longer possible in Spain without the government’s approval. Those withdrawing €3,000 or more must notify Spain’s tax

As of May, the different banks in the country updated the amounts that can be withdrawn daily through ATMs. These limits will vary according to the bank, type of account and the customer profile.In this framework, users will have a daily limit that they will not be able to exceed, unless they carry out a management through home banking or through the savings banks.

The new measure has already begun to apply to all banking branches in the country.