money transfer, is there tax?

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money transfer, is there tax?


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Old 17th May 2019, 12:33 PM
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Default money transfer, is there tax?

Hi if I transferred a large sum of money, e,g with transferwise, from a UK into a Spanish bank, does the Spanish tax authority deduct tax?

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Old 17th May 2019, 12:39 PM
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Hi if I transferred a large sum of money, e,g with transferwise, from a UK into a Spanish bank, does the Spanish tax authority deduct tax?
No.

However, the bank may well ask you to sign a document explaining where the money has come from (money laundering etc.)

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Old 17th May 2019, 01:11 PM
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No.

However, the bank may well ask you to sign a document explaining where the money has come from (money laundering etc.)
I don't that came out quite as you intended!

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Old 17th May 2019, 01:29 PM
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I don't that came out quite as you intended!
^^ to prevent money laundering

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Old 17th May 2019, 06:31 PM
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Thanks that's a relief

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Old 17th May 2019, 07:08 PM
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But the bank may charge you for a large deposit.

When I paid for the apartment the monies were split into €20000 chunks. This was done by the currency exchange firm I used.
It was their explanation. And the manager of my Santander branch in Spain said they make a charge for large deposits.

I do know in the UK you can only move £10000 at a time via the faster payments system anything larger has to be separated or done through CHAPS which at Nationwide costs £20.00

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