# It's good to talk!



## Xose (Dec 10, 2008)

I've seen a posting at my Bank showing that any external money transfers greater than 10K€ have to be reported. Same for any internal greater than 100K€.

Recently saw news along those lines. All activity involving 200€ bills or greater to be reported also by the bank.

I would assume then that if you deposit a thousand in 200€ notes, the same applies.

I’m sure this is simply what they are letting joe public know and the truth is that they’ve had access more or less since 9/11.


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## tigersharkjs (Sep 19, 2008)

WHAT are you talking about???


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## chris(madrid) (Mar 23, 2008)

Xose said:


> I've seen a posting at my Bank showing that any external money transfers greater than 10K€ have to be reported. Same for any internal greater than 100K€.


This is hardly NEW - it's been a requirement in Spain for AGES. But I know some branch managers used to be "inventive". All payments are registered and passed via Hacienda ANYWAY - They do already know which accounts you've received cash from and in whose name they are.

At the turn of the millennium I was regularly moving funds of all sizes - and the reporting level was MUCH lower for international - iirc the equivalent of €3000. Maybe the limits have been upped - that's nice. Wish I'd seen this earlier as I went for brekker with my Bank manager today.

I sold a car for cash a good 5 years ago and the bloke paid me in €200 notes. It was a ****** to get them exchanged for smaller notes.


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## tigersharkjs (Sep 19, 2008)

Hi Xose! Exactly as Chris says..these reporting systems have , essentially, ALWAYS been in place all over the world. It's nothing to do with 911..it's to do with not getting away without paying TAXES...no matter where you live!


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## Xose (Dec 10, 2008)

chris(madrid) said:


> This is hardly NEW - it's been a requirement in Spain for AGES. But I know some branch managers used to be "inventive". All payments are registered and passed via Hacienda ANYWAY - They do already know which accounts you've received cash from and in whose name they are.
> 
> At the turn of the millennium I was regularly moving funds of all sizes - and the reporting level was MUCH lower for international - iirc the equivalent of €3000. Maybe the limits have been upped - that's nice. Wish I'd seen this earlier as I went for brekker with my Bank manager today.
> 
> I sold a car for cash a good 5 years ago and the bloke paid me in €200 notes. It was a ****** to get them exchanged for smaller notes.


I'm talking about detail - not simply the bank doing their normal reporting to the authorities. You have to demonstrate where it's come from if those limits are met. I didn't do in 2006-7 when I was building the house, what I would have had to do today - and did have to do in the UK in 2005 when the house sale funds were deposited. I had to prove to my UK bank where the money had come from. In my case, the solicitors closing account did the trick.

As for reporting the 200€ notes and a bove movement, it's just been published by "El Ecomonista" in the last week or so, so I wouldn't have thought it was that ancient.


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## Xose (Dec 10, 2008)

tigersharkjs said:


> Hi Xose! Exactly as Chris says..these reporting systems have , essentially, ALWAYS been in place all over the world. It's nothing to do with 911..it's to do with not getting away without paying TAXES...no matter where you live!


Hi there. Yes, Chris is right, regarding what we've got. But that's not what I'm talking about or what these limits are about.

What we're into now is "Where's it come from - prove it". A whole new bag!

As for nothing to do with 9/11. Not sure in the US but in Europe, there was massive impact on disclosures and the right of police to go into an individual's bank accounts details etc. It has not always been this way.


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## Xose (Dec 10, 2008)

chris(madrid) said:


> This is hardly NEW - it's been a requirement in Spain for AGES. But I know some branch managers used to be "inventive". All payments are registered and passed via Hacienda ANYWAY - They do already know which accounts you've received cash from and in whose name they are.
> 
> At the turn of the millennium I was regularly moving funds of all sizes - and the reporting level was MUCH lower for international - iirc the equivalent of €3000. Maybe the limits have been upped - that's nice. Wish I'd seen this earlier as I went for brekker with my Bank manager today.
> 
> I sold a car for cash a good 5 years ago and the bloke paid me in €200 notes. It was a ****** to get them exchanged for smaller notes.


P.S. Did they make you prove it was from the sale of your car (assuming you deposited the notes of course)?!

Cheers.


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## chris(madrid) (Mar 23, 2008)

Xose said:


> P.S. Did they make you prove it was from the sale of your car (assuming you deposited the notes of course)?! Cheers.


A bit of a leading question. I actually bought a different car later on at a dealer - and paid cash. 

The trick is to pay it in in small lumps over a week or so. So my (then) bank advised me. Expensive it it's via Xsfer.


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## chris(madrid) (Mar 23, 2008)

Xose said:


> What we're into now is "Where's it come from - prove it". A whole new bag!


This has always existed for largish cash deposits - You've had to say - "I sold X or Y" or "it's a family loan". That sort of thing. If you make a seizable cash withdrawal - they ask too. Same for xsfers

But here's where a GOOD bank manager made life easy. If they knew you - they'd apply a reason without asking!

If there's a bill/receipt then that's easy. I had issues doing some xsfers to Romania (before they were EU) for example. There was always a proforma bill so THAT problem went away.

If it comes from or goes to another account IN YOUR NAME then it's generally just been treated as Xsfer of funds from one EU account to another (Grand Cayman accounts I'll guess are looked at somewhat differently) - but woe betide you if you've not declared the account on tax returns.

This is pure anti money laundering. It was heightened when Spain adopted the Euro - and now I guess with the poor interest rates on the Euro - well they're reminding folk it'll be tracked.


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