Is cash really king? The Netherlands withdrew more money in 2022

While the Netherlands is a notoriously cash-free country, figures released by Betaalvereniging Nederland reveal that, last year, residents withdrew 13 percent more cash compared to 2021. 

8 percent increase in cash withdrawals in the Netherlands last year

The increase might be relatively small, but it is notable, marking the first time in years that the Netherlands has seen an increase in the use of cash. While many businesses across the country prefer debit cards over physical money, it seems that an increasing number of people are seeing the benefits of cash over paying by card. 

Overall, 2022 saw the total number of cash withdrawals increase by 8 percent, while the amount of money withdrawn at banks and ATMs increased by 13 percent. 

Return of cash a result of coronavirus pandemic and inflation

According to Betaalvereniging Nederland, this increase is due to two key factors: the end of the coronavirus pandemic, and the high rate of inflation. In 2020 and 2021, cash payments were discouraged in an attempt to limit the spread of COVID-19; after all restrictions were lifted in the spring, people were once again able to pay by cash at shops and restaurants across the Netherlands. 

Furthermore, as a spokesperson for Betaalvereniging Nederland told NU, carrying and paying in cash allows people to keep better track of their spending - something that has become increasingly important as the cost of living rises in the Netherlands. 

Thumb: Henk Vrieselaar via Shutterstock.com.