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This is the huge fine you are exposed to if you break the limits of Bizum

Thanks to technology and the Internet, we now have a good number of methods to make payments. These can be done personally for friends or family, or through physical stores or online purchases. One of the most widespread and used systems at the moment is bizumas many of you already know.

However, for all those who think that these types of relatively new transfers do not have a certain control on the part of the Treasury, they are very wrong. In this case we want to focus on this method of instant payment that most of the current banks are adopting and that surely many of you have used on more than one occasion. With this, what we want to tell you is that we must respect a series of limits that the Internet payment platform imposes on us, otherwise we could face a serious sanction.

The first thing to keep in mind is the established limits through the Bizum platform so that we do not encounter problems when sending or receiving payments. Surely most of you already know first-hand that thanks to all this we have the possibility of sending or receiving money practically instantly. On many occasions this prevents us from having to walk with casheither for friends or even in stores.

But it must be taken into account that these platforms depend directly on and are associated with our Bank accounts. This means that the aforementioned financial entities can establish a series of limitations and at the same time it may be the case that we have to declare those payments.

Limits we have when paying with Bizum

As we told you, it may be the case that we face a significant fine from the Treasury if we exceed the established limit. What we mean by this is that in the event that we exceed 10,000 euros global transfers through Bizum, we will have to declare it. Otherwise we could face a fine of up to 50% of the total amount that we have transferred in this way.

bizum payment

Obviously it is something that we should keep in mind if we regularly use this payment method, and especially if we do it for large amounts. It must be taken into account that all this is established by the Tax Agency in order to avoid possible tax fraud by citizens. But at the same time we must keep in mind that we find ourselves with certain limits in the daily use of this platform.

To give you an idea, we have the possibility of transferring up to 2,000 euros in the same day, while the limit established for each individual transfer is 1,000 euros. Likewise, and in the event that you use this payment platform intensively, it is also important to know that we will not have the possibility of exceed 5,000 euros monthly transfer.

With all this, what we really want to tell you is that we must be careful with these established limits, especially with the global 10,000 euros, so as not to have problems in the future with the Tax agencythat is, with the Treasury.

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