First of all I am from Pittsburgh,Pa, USA,  retired & need some info on Spanish banking laws.

I have children who live in Madrid and are official residents NOT Spanish nationals, and they have local bank accounts.

I would like to send via my bank money transfers to their accounts I have been told that I need a SWIFT ID and the number of each bank account.  That is OK and I have all that info.

My question is, ? How much can I send before it is reported to Hacienda as additional income. ?

Thanks in advance for all responses.

Hmm, good question. I don’t have the facts handy but I believe it’s around 10,000 EUR per transaction. Less than that and I don’t think it matters how much you send to their account - as long as the transaction size is smaller than the 10k.

Anyone else know about this?

OK thanks for the info.  I pretty sure my kids are with Santander, BBV and Popular.

I lived ther 27 years till divorced but will return in Oct for a visit then on to the
Octoberfest in Munchen.

Prost

enigma1944 - 18 June 2010 09:37 PM

First of all I am from Pittsburgh,Pa, USA,  retired & need some info on Spanish banking laws.

I have children who live in Madrid and are official residents NOT Spanish nationals, and they have local bank accounts.

I would like to send via my bank money transfers to their accounts I have been told that I need a SWIFT ID and the number of each bank account.  That is OK and I have all that info.

My question is, ? How much can I send before it is reported to Hacienda as additional income. ?

Thanks in advance for all responses.

With the CAM Bank, online, a bit of searching and you will find both the Swift# and IBAN#.
You need the above plus full name of receiving account holder.  Costs me $40 from the East coast to Spain.
DSB.

If you want to send money on a regular basis, cheap,
I use   XOOM.com
They charge veru little and the money is in the Spanish
bank account in 2 days.
The exchange rate is very comparable to anyone else.
But they have a limit of $2900 every 15 days or so
Good luck with this

Caddy - 21 August 2010 04:24 AM

If you want to send money on a regular basis, cheap,
I use   XOOM.com
They charge veru little and the money is in the Spanish
bank account in 2 days.
The exchange rate is very comparable to anyone else.
But they have a limit of $2900 every 15 days or so
Good luck with this

Thank you

I will look into that website