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Posted: Mon May 4, 2020 11:38am
Helpful member
I am a little confused, I think all EU countries have money laundering legislation. Certainly when we opened our new bank account last year that was part of the documents we signed.
Slightly off topic but I use transferwise for the money I send to the account. I have always found the rate to be very competitive.
Posted: Mon May 4, 2020 12:23pm
Helpful member
The brief wrote on Mon May 4, 2020 7:38am:
Must be euros, and if the amount is over 10k,they will need to see proof of source,under the Money laundering, and proceeds of Crimes Act.
Don't try and pass monies over that you can't show source. They are very strict.
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Get advice from a local Spanish solicitor.
You will of course need passport ID, and a Spanish NIE. number.
Hope this helps.
I'm aware of these regs, as I dealt with money laundering at my last practice
If you open a joint account is it 10,000 each person or between you?
Posted: Mon May 4, 2020 2:37pm
Helpful member
The Anti Money Laundering legislation applies to cash transactions over €10,000. If you make an electronic transfer into your Spanish account from elsewhere within the banking system then that restriction doesn't apply. The point is to prevent illicit cash entering the system, but once in it is "clean". I make non-regular transfers in excess of €10k into my Cajamar account without problems.
The limit of €10k cash applies to the account - sole, joint, business, whatever.
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