Households would do well to have an emergency supply of cash at home. Increasing geopolitical tensions, including the threat of cyber attacks, can cause unexpected disruptions to payment systems. Cash can provide an important solution in that case.
At this time, guess The Dutch Central Bank and the Nibud recommend keeping at least 50 euros in small denominations aside for emergencies.
"Exactly how much cash is handy and in what denominations, the MOB is still working that out," an NVB spokesman told ANP. "They may also advise additional measures, such as an extra bank account or credit card."
In early 2025, the NVB will consult with the Maatschappelijk Overleg Betalingsverkeer (MOB) to arrive at a joint recommendation on how much cash people can best keep. The MOB, in which DNB and the Consumers' Association, among others, are represented, focuses on ensuring an accessible and reliable payment system.
Although there is no direct threat, the NVB joins the minister in pointing out the increased likelihood of cyber attacks that could disrupt payment traffic. The situation in Ukraine is often cited as an example.
Last year, for example, an attack on a telecom company caused outages at ATMs and POS terminals. "We are well prepared, but it is still wise for people to have something in reserve," says the NVB. In doing so, the association says it will "keep payment transactions as safe and accessible as possible."
Whereas banks emphasize the importance of cash, insurers warn precisely about the risks of having large amounts of cash in the home. Cash is often only limitedly insured through the contents policy, usually up to an amount of 250 to 500 euros.
"In the event of a burglary, this often leads to disappointment," warns a spokesman for the Insurers' Association. It is therefore important to look carefully at the policy conditions.
Recent research by DNB shows that young people still use cash regularly: some 25% of their payments are made in cash. According to DNB, an emergency cash supply remains indispensable for situations where electronic payment is not possible, such as refueling, shopping or eating out.
