A Peek into Cash Access in Germany: Access to Cash Remains Challenging Yet Secure
- Cash Access Costs Have Increased According to Bundesbank
Hey there! Let's dive into the current state of cash access in Germany, shall we? It appears that cash supply within the country is generally secure - yay! - but the Federal Bank has noticed Downward trends in the availability of cash, particularly in certain areas.
The Local Cash Hunt
At the moment, around 95.7% of Germany's population still has access to cash within their community. That means approximately 80.7 million people have at least one ATM or bank counter at their disposal. However, a whopping 3.6 million folks must venture outside their community to obtain cash from a financial institution.
The reduction in the number of bank branches and ATMs, combined with an increase in the difficulty for cash supply, indicates that maintaining a good cash availability in Germany could become a thing of the past. In fact, the percentage of citizens who find accessing an ATM or bank counter rather challenging has doubled from 6% in 2021 to 15% in 2023.
Longer Routes and Digital Alternatives
As banks continue to trim down the number of ATMs (whoa, from around 53,000 in 2002 to a mere 21,000 in 2023), consumer routes have often become lengthier. On average, citizens live around 1.4 kilometers from the nearest ATM or bank counter, with urban areas falling slightly shorter (1.1 kilometers) and rural areas averaging slightly further (1.9 kilometers).
But don't worry! Cashback at checkout when making purchases serves as an alternative for many. However, it's essential to remember that this option is meant to complement, not replace, traditional ATMs and bank counters.
Keeping Cash Alive for the Future
To support the continued choice between cash and digital payment methods, says the Federal Bank, it's crucial that we maintain a reliable infrastructure to supply cash in the future. After all, a well-functioning cash infrastructure is vital for ensuring the continued use of cash as a payment method and store of value.
Now you're all caught up on the latest in Germany's cash access landscape!
- Federal Bank of Germany
- Automated Teller Machine
- Germany
- Payment Method
- Frankfurt am Main
- In light of the reduction in the number of bank branches and ATMs, it will be crucial for the Federal Bank in Frankfurt am Main to develop a reliable strategy for cash supply, ensuring the continued use of cash as a vital payment method and store of value for the population.
- With the closure of numerous bank branches across Germany, reliance on cashback at checkout is increasing, providing an alternative for those living further from traditional ATMs or bank counters, such as those who must travel outside their community to obtain cash.
- As the availability of cash decreases, particularly in certain areas, it is alarming to see the number of ec countries citizens who find accessing an ATM or bank counter challenging has doubled from 6% in 2021 to 15% in 2023, putting a strain on vocational training programs that require cash transactions.
