Experts Advise Keeping Cash on Hand for Emergencies

By Netvora Tech News

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The Het Maatschappelijk Overleg Betalingsverkeer (MOB), a platform for payment industry stakeholders, recommends that individuals keep a minimum of 70 euros in cash per adult and 30 euros per child at home. This amount is based on a scenario where digital payment systems are unavailable for three days due to a disruption or cyber threat.

In the event of an emergency, it's possible that ATMs and payment terminals may not function, making it essential to have a cash reserve. The MOB advises having a combination of banknotes and coins to ensure sufficient change for purchases.

• For banknotes, the MOB recommends having a mix of low-denomination bills.
• For coins, it suggests having around 50 coins of different denominations on hand.

The MOB also advises building up a cash reserve gradually, rather than trying to accumulate it all at once. It suggests checking what cash is already on hand and adding to it over time.

For businesses, the MOB recommends having contingency plans in place in case payment systems fail. This includes having sufficient cash on hand to operate for at least three days, as well as having alternative payment methods available.

The MOB is a platform for payment industry stakeholders, including organizations such as the De Nederlandsche Bank, Betaalvereniging Nederland, and the Centraal Bureau Levensmiddelenhandel. The Dutch Ministry of Finance and Ministry of Economic Affairs are also involved as observers.