Managing cash cost Belgian banks 300 million euros a year. They could save up to 60 million a year by sharing costs, as today they all manage their own circuits. This is according to a study by the financial service Sia Partners, which Thursday’s L’Echo reported on. The amount of cash in circulation has doubled over the course of the last ten years, and reached 1,000 billion euros in 2014. This all costs money. From the Central bank to the cash machine and vice versa, there is a secure circuit that costs banks several hundred million pounds a year.
The number of ATMs (Automated Teller Machine) is higher in Belgium than anywhere else in Europe. There are 1,138 terminals per million residents in Belgium, compared to 1,009 in the UK, 892 in France and 439 in the Netherlands.