Cashless Countries Europe Edition

Our new research has revealed that cash is king when it comes to budgeting during the cost of living crisis, with 42% of people saying using cash helps them to stick to their budget and keep track of their spending..

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Cash and the cost of living crisis

Over half of Brits are concerned at the thought of a cashless society, with only 20% saying it wouldn’t bother them.

However, further research shows that UK ATMs have depleted 14% since 2010 and while cash is still important to many, the digitalisation of the economy shows no signs of slowing.

Our research has revealed that 65% of people say they spend more when using their card or contactless payment device rather than cash, which doesn’t bode well for those struggling to budget during the cost of living crisis.

Many of those questioned also expressed that using cash instead of a card when doing simple things such as doing their food shop or eating out in restaurants would help them spend less. Proving that access to cash is vital for those hit hardest during the crisis.

It's concerning that our research also found that despite a real cost of living need for access to cash, more than one in ten of our ATMS in the UK have disappeared in the last 10 years.

Going digital is fine in theory but when sections of society are struggling to make ends meet and find cash easier to budget with then there must be something done to slow the scale at which cash points are disappearing.

ATM depletion across Europe

Using International Monetary Fund and United Nations data, we can reveal the countries with the highest and lowest ATM depletion across Europe, as well as the countries with the highest number of ATMs per 100,000 people. 

European Countries With Lowest ATM Depletion

Russia

Russia’s already high number of ATMs has continued to rise, increasing by 67% from 2010 - 2020. 

Austria

Austria’s cash usage shows no signs of slowing, with their ATM numbers increasing 59% from 2010-2020.

Bosnia and Herzegovina

In third place, Bosnia and Herzegovina have increased their ATM offering by 48% since 2010.

What are the advantages of ATMs?

• 24-hour service: The ATM provides service round the clock, meaning people can visit an ATM any time day or night.

• Convenience: The ATM gives convenience to bank customers since they are often located in places such as airports and train stations, meaning customers don’t always have to be near a bank to obtain their cash.

• Reduced workload: ATMs reduce the pressure and workload of bank tellers, which in turn reduces queues at bank premises.

What are the disadvantages of ATMs?

• Security:  Unlike bank tellers, ATMs do not require the person performing the transaction to present a picture identification, they simply need the card and a pin number. This means if a bank card is stolen and the pin number somehow obtained, the criminal can get access to funds. Check out our guide on how to keep your bank details safe here.

• Basic transactions: ATMs cannot perform complex transactions e.g moving money between accounts or sending money abroad, making them obsolete to some people. 

• Privacy: Unlike banks where premises are monitored by security guards, ATMs leave the user open to privacy leaks e.g someone behind them attempting to steal their pin number, or even cameras being placed above the ATM for the same purpose. For this reason, always shield the pin pad on an ATM with your hand while entering your pin number. Find out the four ATM scams you need to look out for here.

• Fees: When using an ATM that isn't part of your bank's network of machines, the machine sometimes notifies you about a fee charged by the bank or company that operates the ATM. You can avoid this by only using ATMs that are part of your bank’s network, but this takes away the convenience factor.  ATMs also often charge fees when you are using a credit card rather than a debit card - find out more here.

• Difficulty of use: For those who are unfamiliar with technology, using an ATM might cause some issues. An ATM is incapable of providing personalised instruction to the user in a way that a human teller can.

• Eating a card: On occasion, an ATM may malfunction and swallow the user's card. This will result in them having to contact their bank to retrieve it, and they may be left without a card for a period of time.

Which country has the most ATMs in Europe?

Ranked: European Countries With The Most To Least ATMs Per Capita

Using UN population data for each European country along with IMF data stating the amount of ATMs per country in 2020, our personal finance experts worked out how many ATMs there were per capita, and per 100,000 people.

* Data not available for Monaco, France, Belgium, Czech Republic (Czechia) and Germany.