Residents advised to have at least €70 cash in case of digital payment system failures

Residents in the Netherlands are advised to always have 70 euros in cash per adult and 30 euros per child as a reserve in case digital payment systems crash suddenly. This fee is considered enough to last three days, according to the Dutch National Forum on the Payment System (MOB). This group consists of the Dutch Central Bank (DNB), consumer organizations, banks, and the Ministry of Finance.

The advice was prompted by increased geopolitical tensions and cyber threats. Consumers are being warned that they should be ready for emergency situations in which payment systems are unavailable for access for 72 hours. “It could be the case that you cannot pay digitally at the counter, ATM’s stop working, or that online banking is unavailable,” the MOB warned.

According to the organizations, some of the cash kept at home should be banknotes, and some should be coins. “If u have bank notes, then give preference to banknotes with low value. When it comes to coins: try to have around 50 coins of various value at home,” the advice read.

Anyone wishing to keep 70 euros in cash at home would be advised to do this with, for example, one 20 euro note, one 10 euro note, and a 5 euro note. The 35 euros over will then be completed with 50 coins.

The proposed figures, calculated by the Nibud, are predicted to be enough to afford emergency purchases like water, food, medicine, and transport for three days. “Of course, it is up to consumers whether they can work with this advice or if they want to adapt the fee to fit their expenditure and budget.”

Defense minister Ruben Brekelmans said last year that the Netherlands should prepare for all possible war scenarios due to the threat of Russia. He also advised people to always have cash at home during that time.

According to the MOB, many people already have cash at home in case of an emergency. “If the cash supply at home is not up to par now, it can be built up gradually over a few months by occasionally putting aside change."

In December of last year, many Dutch people went to ATM’s to take out extra money after it was announced that the banks were going to advise consumers about this.

According to a spokesperson at Geldmaat, the company that is responsible for the management and maintenance of the ATM’s in the biggest banks of the Netherlands, there was an extra “few dozen euros per transaction extra, on average.”