Updated (May 10, 2025): Following a detailed review of the Royal Order 253/2025, the official BOE text, and multiple independent fact-checks, an earlier version of this article determined that after the Spaniard inaccurately claimed, tax authorities must be given 24-hour notice before withdrawing more than 3,000 euros in cash, and could face a fine of up to 150,000 euros due to non-competition. The reality is that reporting obligations lie with banks and fintechs (not individual savers), and the €150K penalty applies only to institutions that are unable to submit the required data. This article has been completely updated to correct these points and provide a comprehensive explanation of the new rules.
Short version: The order targets banks and fintechs rather than regular account holders, but Spain is still approaching gross financial transparency.
Where did the rumor come from?
The story began with an April 28 article from Madrid Informa and reverberated across several English blogs and fintech syndications. A thread by Citizenx CEO Alex Recouso snowballed with X, drawing a reply expended by podcaster Peter McCormack. None of these posts are linked to Official Official Journal (BOE) Where the law was actually made public.
What the Royal Orders 253/2025 actually do
- amended the BIS (Real Decreto 1065/2007) of the Spanish General Tax Management Regulations, and add a new Article 38 TER. (BOE‑ A‑ A‑ 2025‑6599)
- need Banks, e-manny institutions, card issuers file:
- monthly Report cash deposits, withdrawals, loans and account balances of over 3,000 euros.
- monthly Merchant Card Payment Report (old annual threshold of 3,000 euros disappears).
- Year Report on all card activities, including charges, reloads, ATM cash, and more, unless your card moves below 25,000 euros per year.
- Extends obligations to foreign fintechs serving Spanish residents.
- We shift most of our workloads from annual filing to monthly filing, tightening the AEAT risk analysis window from 12 months to about 30 days. (KPMG Overview)
Myth Busting: 24 hours no notice, no fine for private savers
Fact-checkers at Infoveritas have exposed the claim that citizens must “explain” their withdrawal. Article 38 simply requires financial institutions to include cash movements of more than 3,000 euros in their information returns. There is No language Royal Decre 253/2025 forces individuals to submit forms or wait 24 hours before touching their own money.
The numbers for the heading €150,000 are as follows: Maximum Management Penalty AEAT can impose entities that do not systematically submit or forge new reports on entities that do not form new reports on 0.5% of annual revenues under the Spanish graduation sanctions system (Act 58/2003, Article 199). Individual customers are not in the scope.
Who can really be fined?
| Mandatory Party | trigger | Potential fines |
|---|---|---|
| Banks/Fintech/Card Issuer | Late, incomplete or incorrect monthly or annual files | €150-€150,000 (Art. 199LGTT) |
| Individual customers | Not under Royal Order 253/2025 (regular AML/KYC rules still apply) | n/a |
Why Privacy Advocates (and Bitcoiners) Still Careful
Without pre-approval duties, an overhaul of Spanish reporting means that tax agencies will receive granular, almost realistic data on large-scale cash movements and almost all card transactions. The Civil-Liberties group argues that such large-scale data collection reverses estimates of innocence, and that Crypto advocates view it as yet another advertisement for self-reasonable digital money.
“If you need state permission to access your money, it’s no longer your money.” – Alex Recouso, Citizenx
Recouso’s post misunderstands the law, but captures the emotions that resonate across Bitcoin Twitter. All new reporting layers fine-tune users towards censor-resistant rails.
Part of the wider EU clamp down
Spain’s movement is similar to the package of the EU’s draft anti-moneylanderling Bureau. Italy, France and Portugal have already implemented a cash limit of 3,000 euros on commercial payments. The European Commission hopes that final rules will be enacted before the 2026 AMLA launch.
Takeout for Spanish Savings and the Crypto Market
- You can still step into your branch and withdraw 3,001 euros tomorrow. We expect questions and ID checks, but there is no obligation to lay them in advance.
- Your bank tells aeat about it, not you Next monthly file.
- Penalties target institutions If it hides or delays the data.
- The order imposes turbo turbo a surveillance trend that makes peer-to-peer assets like Bitcoin appear increasingly attractive.
Conclusion: The cash van apocalypse headline is exaggerated, but the new Spanish rules will reduce the remaining pockets of financial privacy. Crypto’s “Be Your Own Bank” story has got another tail wind.
