While Dutch banks are advising consumers to keep cash at home due to increasing geopolitical threats, Belgian banks are not following suit.
On Wednesday, the Dutch Banking Association advised for the first time that customers should keep cash at home, in case there are problems with payment infrastructure from the likes of a cyberattack.
After the Christmas holidays, the Dutch association has said it will consult with social organisations and professional federations about the specifics of how much money and in what denominations.
Dutch Defence Minister Ruben Brekelmans previously said that the Netherlands must prepare itself for the threat of Russia, and that people should therefore always have some cash at home.
'We must not cause panic'
In contrast, Belgian banking federation Febelfin stated that it would not be following suit. It said that it does not understand the move by Dutch banks.
Febelfin said it had not received any worrying signals from the Federal Government, and that there are risks with having cash at home.
"We must not cause panic. The geopolitical tensions are serious, but they have not changed significantly in recent times. The war between Russia and Ukraine has been going on for more than two years," said Febelfin spokesperson Isabel Marchand.
Marchand also pointed out that banks are well prepared for external threats such as cyber attacks: "It has been a top priority for years."
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Moreover, having a lot of cash at home is not necessarily safer, the federation said. Especially in these dark days before the end of the year, there is a greater risk of burglaries.
Febelfin has not received any signals from its members that people are withdrawing more money now than before.
"The trend of cash withdrawals has been decreasing for years; people are increasingly paying by card," said Marchand, adding that more precise figures will be available by the end of the year.
Recent figures show that just 12% of Belgians use cash on a daily basis, given the convenience of card and mobile payments and the dwindling number of cash machines accessible to the public.
