Paying with cash in stores, bars and other establishments has become a rare bird in new generations due to the rise of new technologies and what payment with the contactlesswhich is the name given to contactless payment which has become so fashionable in recent years by card, mobile phone or any other device. The Bank of Spain recently published a statement on the use of modes when making a payment or in a banking entity.
You may not know it, but Spain Stores and even banks are not required to accept more than 50 currencies when making a payment. Paying with fifty small coins is not a common practice in the daily life of Spaniards, but sometimes, for different reasons, it can happen that a payment is made with a lot of copper. In this situation, businesses, bars or restaurants have the possibility of refusing payment.
On this subject, he issued a statement on Bank of Spain recalling that banking entities are not obliged to accept more than 50 currencies, even charging a small commission for carrying out the accounting exercise in the event of carrying out the action. “You should know that your bank is not obliged to accept more than 50 coins in a payment, unless it carries out delegated public activities in cash, which happens, for example, when it collects taxes and municipal taxes,” the bank said. Bank of Spain in a statement.
The Bank of Spain and payment with coins
“Keep in mind that in these cases the entities may agree to charge the so-called recount fee. The collection of said commission does not deviate from good banking practices, provided, of course, that one is duly informed of its existence and of how to calculate its amount,” warns the Bank of Spain on the commission they can charge in the event that a customer presents a large number of coins to a bank.
This institution also specifies in the statement published on this subject that: “The important thing in these cases is what you have agreed with your bank: if the entity works with external companies to provide these services and a problem arises, she won’t. be able to pretext its commitments to third parties, unless expressly agreed.
So whether at the commercial or banking level, know that if you wish to make a payment with more than 50 pieces this can perfectly be denied. It is therefore always preferable not to practice this practice to avoid problems or possible overbilling of bank commissions.
The future of cash
Even if new generations rely more on payment by card or other electronic devices, the truth is that cash payment remains the most used in Spain. It must be taken into account that the elderly population represents the largest part of our country and that older generations continue to opt for paying in cash for convenience and a greater sense of security.
It is for this reason that, in the latest report prepared by the Bank of Spain Regarding cash usage habits, it was found that “cash continues to be the payment method that the highest percentage of people use daily in physical establishments, followed by cards and devices mobile (phone and watch)”.
Other findings from this year’s report 2023in addition to the use of card payment and other devices has increased significantly, is that the perception of the future of cash payment varies with age. “39% of those under 35 believe that their use of cash will decrease, compared to those over 64, among whom only 16% believe that their use will be less in a year,” he specifies. “People over 55 and those with basic education use cash more on a daily basis. Daily use of cash increases with age: from 48% among the youngest to 77% among those over 54,” the report indicates.
Concerning the reasons for paying by card, 29.3% of those questioned specified that it was for reasons of convenience, 23.3% out of habit, 17.3% to better control family expenses and 8.1% for security reasons.
