Since October 2014, traders or liberal professionals have been allowed to choose whether they round a receipt to the nearest 0 or 5 cents. From December 1, rounding will be mandatory if you pay in cash.
If the total amount on your receipt ends at 1, 2, 6 or 7 cents, it will be rounded down. Suppose you have to pay 10.02 euros, then that amount will be rounded to 10 euros from now on. If you owe 10.06 euros, it is rounded up to 10.05 euros.
Once a month you can exchange up to 5 kilos of coins free of charge at the National Bank.
Conversely: if the total amount on your receipt ends at 3, 4, 8 or 9 cents, it will be rounded up from 1 December. If you have to pay 10.04 euros, that will be 10.05 euros. If 10.08 euros is on your till receipt, the merchant rounds up to 10.10 euros.
The FPS Economy emphasizes that for rounding off traders only look at the total amount on your receipt, not at the amount of each product individually. Moreover, the obligation only applies if you pay in cash.
But merchants can also choose to round the total amount if you pay with a bank card. They must report this. The measure does not cover online purchases.
Costs too high
The measure comes because the red light is not very efficient. Belgians often hoard them, so that the government has to make additional coins. But the actual value of the red pennies is less than the cost of making and transporting them.
A survey by the Febelfin banking federation shows that the copper coins are also not very popular with consumers. 64 percent say they are against red light and a majority would rather leave them. People don’t like it because it takes longer to pay and because it takes up a lot of space in the wallet.
The measure comes because the red light is not very efficient.
By rounding cash payments to 0 or 5 cents, the small red coins of 1 and 2 cents become redundant and production costs can be reduced. This does not mean that you can no longer pay with it after December 1. The 1 and 2 euro cent coins remain legal tender.
Traders may also return them as change. So you cannot refuse them. Merchants do have the right to refuse your payment if you place more than 50 coins on the counter. In principle, automatic cash registers must also accept all coins.
Charity
Anyone who already wants to get rid of their red money: a lot of banks and shops collect the copper coins for a good cause. At BNP Paribas Fortis, customers can deposit 1, 2 and 5 euro cent coins in all branches. The proceeds will go to Food Banks.
Many banks and businesses collect copper coins for charity.
KBC has been organizing a ‘Rospotactie’ for Kom op tegen Kanker for years in a row, and will do so again this year. AXA Bank places collection pots in the branch network and at the head office and donates the proceeds to the Foundation against Cancer.
Belfius works together with Red Nose Day and Viva For Life. For the second year in a row, Crelan supports # opérationpiècesrouges of Bel RTL in Brussels and Wallonia in favor of Télévie.
Other sectors also organize collection campaigns, such as the retail federation Comeos. It calls on its members to keep redundant coins that come in at shops separately, so that they can be donated to charity.
Ticket booth
You can of course also choose to deposit your coins at the bank counter. Be aware that this is not always free, and that every bank has its own rules for this. You are not allowed to run around with a bag full of coins in every bank. You must put them in specially designed plastic containers.
You can also go to the National Bank with your red money. Once a month you can exchange up to 5 kilos of coins for free for other coins or notes, or have the amount deposited into your account.