Payments in Belgium to be rounded to nearest 5 cents from December

epa03838191 Latvian Euro Coins are presented to media in Riga, Latvia, 26 August 2013. The reverse of the 1 and 2 Euro coins features the portrait of a Latvian maiden in profile, originally depicted on the reverse of the 5 lats silver coin in 1929. Euro coins that are currently being minted in Germany at the Staatliche Munzen Baden-Wurttemberg mint in Stuttgart will be transported to Latvia on board 15 ships. On 01 January 2014, Latvia will become the eurozone's 18th member. EPA/VALDA KALNINA

Reading Time: < 1 minute

As of 1 December, retailers in Belgium will be obliged to round final totals to the nearest 5 cents in the case of cash payments, removing the need for 1 and 2 cent coins in daily transactions.

This change in law only applies to customers physically present in a store and not online shopping. What this means, for instance, is that a €4.99 transaction will automatically be €5 from 1 December.

When paying by card, merchants are free to choose whether or not to round off payments, but must always inform the client.

The reason for the rounding off is due to the supply of the coins.

Via Brussels Times

%d bloggers like this: