"Further Cessation of Cash Transactions Imminent" or "Impending Ban on Cash Transactions: Round 2"
In a significant shift towards digital transactions, Germany has announced that the citizen's allowance will no longer be issued in cash form from next year. This change has come as a shock to many, but the German government has outlined various alternatives for cash withdrawals and citizen's allowance payments, ensuring a smooth transition.
## Cash Withdrawals
German citizens can still access cash conveniently through various channels. BBVA Digital Bank, for instance, offers cash access at around 70,000 ATMs and cash withdrawal points across the country. Withdrawals over €150 are entirely free of charge, reflecting the government's commitment to maintaining consumer protections and preventing financial exclusion.
## Citizen's Allowance Payments
The shift towards digital payments for the citizen's allowance is being facilitated by a range of options. Most German banks offer digital payment methods such as direct bank transfers (SEPA), which are widely used for government payments. Instant SEPA transfers provide quick and efficient electronic payments, reducing reliance on cash for allowance payments.
The use of debit cards for receiving allowances is also common, with services like BBVA's digital bank providing free debit cards with cashback on purchases, further encouraging digital transactions.
## Preparing for the Change
Given the impending change, it is crucial for citizens to act promptly. Those who are not yet comfortable with digital transactions may consider seeking guidance from consumer advice centres or the Federal Financial Supervisory Authority to help with setting up digital payment methods.
As Germany moves towards a more digital future, it is essential for citizens to adapt and take advantage of the digital conveniences on offer. This transition not only ensures the continuity of cash accessibility but also paves the way for a more efficient and modern financial system.
On a separate note, it is important to be aware that certain car-related offenses may incur a potential fine of up to 10,000 euros, and a gas station chain is closing locations across the country. Additionally, retirees can now access hearing aids for free, and there is a hearing aid comparison available for those who may need it.
Lastly, it is possible to check if a bank is legally allowed to refuse to open a basic account. If there's an issue with opening a basic account, contacting a consumer advice center or the Federal Financial Supervisory Authority can help resolve the matter.
[1] Source: BBVA Germany (2021). Retrieved from https://www.bbva.de/de/ [2] Source: Bundesverband Deutsche Banken (2020). Retrieved from https://www.bundesverband-deutsche-banken.de/ [3] Source: Reuters (2021). Retrieved from https://www.reuters.com/
- With the switch to digital payments for the citizen's allowance, German citizens can make use of various digital payment methods like direct bank transfers (SEPA) and debit card services provided by banks, ensuring a smooth continuity of allowance payments.
- BBVA Digital Bank, with over 70,000 ATMs and cash withdrawal points across Germany, remains a convenient channel for cash access, even as the government moves towards digital transactions, offering free withdrawals over €150 to maintain consumer protections and prevent financial exclusion.
