this is the new money limit

Revolution Bizum radically changed people’s way of life send and receive money via bank transfersPreviously, this process could take anywhere from two and three days, but now, thanks to Bizum, there is money transfer instantly.

This innovation not only made personal transactions easier, but also changed relations with the treasuryincrease in transactions subject to supervision.

To control these operations, the Treasury established limits on permitted transfersin addition to the application’s own limitations, which It only allows you to send between 0.50 and 1000 EUR per transaction..

New Treasury Limits with Bizum

Ministry Tax authorities and the civil service imposed borders What are they looking for? ensure transparency belonging movements banking taxpayers in accordance with Law 7/2012 on budgetary and fiscal regulation. According to this law, any movement of cash more than 3000 euros This must be reported to the Treasury to prevent fraud and crime.

The Treasury established annual limit For transfers via Bizum. Although each operation cannot exceed 1000 eurosthe total annual limit from which it must be declared in Tax agency This is 10,000 euros. Exceeding this amount forces the user to explain the origin of these funds.

For self employed and businesses using Bizum, all operations must be declaredregardless quantityIn addition, the app imposes a monthly limit of 60 transactions, designed to control the number of transactions and make them easier to monitor.

Bizum for freelancers

While Bizum has daily and monthly limits on the number of payments and amounts you can receive, These restrictions do not apply to companies and self-employed professionals. who use the platform for commercial transactions. To do this, they had to hire Virtual POS with your bank. However, it is imperative that these users Keep your personal and professional accounts separate so the Treasury can distinguish between them..

In case of verification, have two invoices submitted to the tax agency Determine which transactions are professional and which are personal. This is especially important for Self-employed people who often use the same bank account for both purposes.although they do not necessarily have to have separate accounts. Keeping clear and accurate records is vital to properly declaring income and avoiding problems with the Treasury.

banks they have obligation from inform O transactions which include 500 euro notes, transactions exceeding 10,000 eurosloans and loans over 6000 eurosand cash flow is higher 3000 eurosThe Anti-Fraud Act equates income and payments made by Bizum to income and payments made by bank cards, increasing the need to declare all transactions.

To avoid the shadow economy, Bizum has reduced the number of transactions that can be received monthly in a bank account from 150 to 60While this measure aims to increase transparency, it also poses a challenge for businesses that carry out numerous small transactions every day.

Introduction of these borders And required from announce certain amounts are directed towards reinforcement tax control and fraud preventionHowever, this also makes things more difficult for users and businesses, who must closely monitor their financial movements and comply with applicable tax regulations.

For businesses, especially those that rely on many small transactions, it is essential adapt to these changesKeeping detailed records and separating personal accounts from professional accounts are important steps to comply with Treasury regulations and avoid fines.

So Bizuma has money transfers have been significantly simplifiedbut this also entails greater responsibility in terms of tax reporting. Both private users and businesses must be informed and comply with the new rules to avoid problems with the Treasury and to ensure transparent and legal financial management.