Larger amounts of cash were withdrawn from ATMs during the crisis


Payment statistics released by the Bank of Estonia show in the second quarter of this year, which included the emergency situation and a recommendation to pay by card, the average amount of money withdrawn from an ATM increased.

A comparison of the Bank of Estonia payment statistics for the first and second quarters shows that although the total amount of cash withdrawn was 8.6 per cent lower in the second quarter, €2.5 euros more were withdrawn on average. 

In April, the average amount of money withdrawn was more than €25 higher than in February.

Julia Piilmann, head of communications at SEB Bank, told ERR after monitoring the behavior of their customers since the introduction of the emergency situation in March, the bank can confirm one-off fluctuations in cash withdrawals, but in general the data shows customers' willingness to gradually give up cash.

"The fact that there has been an increase does not directly mean an increase in the use of cash." she said.

The same position was expressed to ERR by Bank of Estonia economist-statistician Liina Uuetoa.

"Probably the main factor was that there was less movement in outdoor / public places and a larger amount was withdrawn at once, so that they would not have to replenish [their] funds again soon," she said.


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Editor: Helen Wright

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