Now many of the Bank operations that previously required going physically to the offices of your branch can be done online, through the websites and applications on smartphones of the different banking entities. For example, one of the most common operations, the bank transfer, can be easily carried out without having to set foot in the bancoeven without leaving home. However, you must be careful not to make mistakes and this applies both to those who are not particularly adept at technology as well as those who are not used to banking matters. We must pay special attention to the transfers we make to relatives since depending on the amount and the concept can set off the alarms of the Treasury.
Transfer between family members: This is what the Treasury monitors
Each of the bank movements we make are increasingly “monitored” by the Treasury. Only in this way is the Tax Agency capable of detect cases of tax evasion, fraud or laundering. He is even aware of something as “innocent” as making a transfer to one or more relatives.
From the banking entities they are obliged to notify the Treasury of any suspicious movement in the accounts of their clients and in the case of bank transfers to family members, it seems that what they look at is the amount that we transfer but also what It is not a transaction that you have with the gift tax.
Limit amounts on transfers
As far as the amounts are concerned, it matters little if the transfer we make is to a relative, a friend, or to any company or association. Any movement of more than 6,000 euros is already notified to the Treasury and in the specific case of transactions such as transfers, only if it exceeds 10,000 euros it is already inspected by the Tax Agency.
However, we do not have to be scared since it does not mean that we are going to be fined or penalized. As long as we can justify that movement or transfer, nothing will happen.
Alert with the gift tax
Secondly, All transfers between family members are subject to Inheritance and Gift Tax. In this way, we will have to pay a percentage from the money that we have transferred and the autonomous community where we have made the transfer.
To avoid this inheritance tax, there is an option that is to make the transfer as a loan, but in that case the money transferred would be subject to the Patrimonial Transfer Tax (IPT), for which the beneficiary will be forced to present the corresponding self-assessments, through model 600 and within a period of 30 days. However, it is only an administrative procedure because we do not have to pay anything.
On the other hand, if we resort to a loan, it implies a return that the Treasury will monitor because in the event that this money is not returned to the origin account, it will be considered as a “disguised loan” that could end up in a penalty if it is finally shown that the person actually had to pay the inheritance tax percentage.