SAT: This concept you must put in your transfers to avoid having legal problems

A bank transfer is a financial procedure through which money is sent from one bank account to another. These movements can be classified according to the geographical area they reach or the urgency with which they are carried out.

These types of operations are supervised by the Tax Administration Service (SAT), therefore, you must pay special attention to the concept you enter when making a transfer, as some words can cause problems with the organization.

What concept should I put when I make a transfer to avoid problems?

The Service prioritizes transparency and clarity, therefore, it is recommended that the concept of transfers consist of specific and formal descriptions. Some of the phrases that can be used are the following:

• “Payment for services”: To be more specific, the phrase can be modified according to the situation, for example, “Tuition payment”, “December rent payment” or “Electricity payment”.
• “Loan to (name of beneficiary): It should be noted that this transfer must be supported by documents that prove the operation.
• “Deposit or credit”: For example, “Car payment” or “Medical deposit.”

What concepts not to use in transfers?

Although some phrases may be funny to you, the effects of using them can be counterproductive and raise the suspicions of the SAT. In this sense, it is recommended not to write words that refer to illegal activities:

• humorous phrases or jokes, for example, “eternal debt.”
• Fictitious names: It is recommended to use real data.
• Words related to illicit activitiesfor example, “weapons” or “drugs.”

Using the recommended phrases provides multiple benefits in your banking transactions, as it makes it easier to track them, both for the sending and receiving parties. Additionally, transactions with clear concepts support your financial history, which will help you with future procedures.

Finally, Avoiding phrases and words that are not recommended will avoid raising suspicions on the SAT and having unnecessary reviews.

MB

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