Bizum is a mobile payment system among individuals that has become very popular in Spain due to its ease of use and instant transactions. What you may not know about Bizum is that, like any other financial service, It has certain restrictions and limits that you should know to use it properly and avoid problems.
Limits per operation
Bizum sets an amount minimum of 50 cents for each operation performed. On the other hand, the maximum limit per individual transfer is 1.000 euros. This restriction seeks to prevent possible fraud and guarantee the security of transactions.
Daily and monthly limits
In Bizum there are also restrictions on the amount of money that can be sent and received in a day and in a month. He Daily limit to send money is 2.000 euros, while the monthly limit is set at 5.000 euros.
On the other hand, when receiving money through Bizum, a maximum of 60 operations per month and a limit of 2.000 euros per day.
Online purchases and donations
Online shopping with Bizum.
In the case of online purchases, there is no maximum limit established by Bizum, since this depends on the limits imposed by the user's bank. However, to make donations through the application, it is established a limit of 1.000 euros per operation, without restriction on the number of operations.
Lotteries and State Bets
Bizum has the advantage of using it in State Lottery and Betting administrations without an amount limit. It also can collect prizes through the application with a maximum of 2.000 euros.
Penalties for non-compliance
Last but not least, according to current tax regulations, there are specific situations in which the use of Bizum in the income tax return. If transactions exceed 10.000 euros per year and are not declared, it is considered a serious infraction that may lead to sanctions ranging from 600 euros to 50% of the total amount of unreported transactions.
