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Cash covenant

The Cash Convenant aims to ensure that cash remains available, accessible, and usable for everyone in the Netherlands, despite the decline in its use. Cash is considered a public good and an important fallback in the event of malfunctions in digital payments.

Purpose and background

On April 8, 2022, the Minister of Finance presented the Cash Convenant to the House of Representatives (in Dutch). Twenty-three organizations involved in Dutch payments have signed this covenant. The aim is to ensure that cash continues to function properly as a means of payment at physical counters, even now that electronic payments are becoming increasingly common.

The covenant(opens in new window) (in Dutch) has been signed by, among others:

  • the major banks
  • the Dutch Payments Association
  • consumer organizations
  • representatives of retailers, the hospitality industry, and gas stations
  • cash providers
  • DNB

The covenant is valid for five years and contains agreements made under the leadership of DNB(opens in new window) to guarantee the availability and use of cash. Because fewer and fewer people are paying with cash, the costs per transaction are rising. Thanks to the agreements in the covenant, cash will remain readily available and accessible to everyone who needs it.

Banks such as Knab, Van Lanschot Kempen, bunq, Triodos Bank, and BNG Bank have also issued statements indicating that they will comply with the obligations set out in Article 4 of the covenant.

Addendum August 2023

On July 19, 2023, DNB drew up an addendum (in Dutch) to the Cash Convenant. The addendum contains agreements on the so-called freeze with the possibility of indexation. This addendum further clarifies financial agreements and responsibilities.

Term and follow-up

In principle, the covenant is valid for five years. At the same time, an investigation has been launched into how the public interest in cash can best be safeguarded in the longer term, including the financing and organization of cash payments.

Relationship with the Cash Act

The voluntary agreements in the Cash Convenant have not proved sufficient to guarantee the long-term future of cash. That is why Minister Heinen of Finance sent the Cash Payments Bill (Wetsvoorstel Chartaal Betalingsverkeer in Dutch) to the House of Representatives on March 25, 2025.

  • The aim of this bill is to keep cash accessible, available, and affordable for everyone. The most important measures are:
  • Banks with more than 500,000 private customers must offer free cash withdrawals.
  • Maximum rates apply to business customers.
  • Large and medium-sized banks are also subject to obligations for cash deposits.
  • Cash transport companies must report regularly to DNB, which monitors compliance.

The law is expected to come into force in July 2026. At that point, the Cash Convenant will expire.