How to cash the prizes for the Loterías y Apuestas del Estado games
Almost everybody plays or has played lottery at some point, ranging from Christmas lottery, El Niño lottery, Primitiva, Bonoloto… endless millionaire options… But when the moment of truth comes… where do you cash the lottery? This is the eternal doubt that today, from Loteria Berenguela, we come to solve.
In order to direct you to the point where you can go to pick up your prize, it is necessary to make a differentiation. All the awarded users can claim their money from the next day of the draw, but not all the prizes are collected from the same point. Different delivery methods for different types of prizes.
Where do I cash my lottery ticket if I have a physical paper coupon?
Small prizes
Here we find those prizes for an amount inferior to €2,000. In this case, the place where to cash the lottery money will be the lottery outlet that is closest to you. There, you only need to show your lottery ticket in order to get your prize.
Big prizes
The prizes in this group are the prizes over €2,000. How and when to cash your lottery ticket in this case is different to the previous modality. As we are dealing with higher amounts of money, you must go to a Spanish bank branch that has an agreement with the organization Loterías y Apuestas del Estado. At the counter you will be asked to show your winning coupon, as well as your National Identity Document (known as DNI in Spain). It is important to highlight that it is not necessary to be a client of such bank.
Actually, the Spanish banks where you can cash your prize money for the "Loterías y Apuestas del Estado" games are BBVA and Caixabank.
It´s very important that you bear in mind certain things:
- Such banks have the obligation to pay the prize to the awarded person.
- Once the authenticity of the ticket has been verified by the payment gateway, the money will be credited immediately.
- The prize can be paid by check or bank transfer.
- The branch cannot get any type of commission per transaction.
- It´s not necessary, and the staff cannot force the prize holder to open an account in such branch, but it´s necessary to have an account in a Spanish bank.
- The bank has the obligation to collect the necessary information and documentation concerning the coupon and its holder in order to comply with the Spanish regulations regarding the prevention of money laundering and financing of terrorism, as well as the tax regulations or any other type of regulations.
From the amount of 40,000 Euros, and following the regulation in force since 1 January 2020, only prizes over 40,000 Euros or sums over that amount must pay 20% tax on the prize, which will be allocated to the Tax Authorities, an amount which, a few years ago, had to be paid for the “small amount” of 2,500 Euros.
Despite this feature (and the quantity), you won´t find a major difference against the prizes between 2,000 and 40,000 Euros. The procedure of where and how to cash the prize is the same as previously mentioned. Go to the bank, get verification of identity by showing your National Identity Document (or passport) and you will be able to leave with your pockets full of money!
Where to cash your lottery ticket if you made your Bet Online
At Lotería Berenguela, Outlet No. 8 of Santiago de Compostela, we have already combined the digital and the analogue methods to try your luck using both pathways. You can currently participate in the Lotería y Apuestas del Estado games via our website or via our App.
If your prize is over €2,000, we will be able to assist and help you in claiming your money. Once your details have been verified, you will be able to see your money balance in your account.
If the prize is smaller, it will be deposited automatically in your account user, and you will be able to keep on betting or withdraw it at any time you like.
What happens if you win a prize over €2,000 and you are not a Spanish resident?
If you are reading this, maybe it is because you have won over €2,000. If that is the case, congratulations!
Prize money over €2,000 cannot be credited directly into a foreign bank account. Why can’t money be credited directly in a bank account that is not Spanish? Because you have to cash your prize in a bank with an agreement with Loterías y Apuestas del Estado, and if a winning ticket is worth over €40,000, it will be compulsory to pay taxes on the prize before cashing it, and this process can only be done by a Spanish bank. Nonetheless, the prize winner also has the option to send a trustworthy person who lives in Spain to cash the prize instead.
In order to be able to cash the prize, Loterías y Apuestas del Estado doesn´t care about the winner’s nationality or residence country as this is a prize that only exists in Spain and therefore taxes need to be paid in Spain. The deadline period to claim a winning ticket over €2,000 is 3 months from the day the prize was announced. This must be claimed in Spain in person.
Now that you know how to claim your prizes, you can play the most popular games of Loterías y Apuestas del Estado available on our website:
