The French are withdrawing money less frequently, but in larger denominations, says the Bank of France

The French are withdrawing less money from ATMs and bank counters. The number of withdrawals decreased in France between 2022 and 2024. But they tend to withdraw more money at once. Indeed, the average amount withdrawn is tending to increase, the Banque de France stated this Thursday, July 31, in a bulletin entitled "Let's Talk Cash."

Indeed, the French made just over 1.1 billion withdrawals last year, 4.3% less than in 2023 and 7.1% less than in 2022.

The number of ATMs - 42,758 units at the end of 2024 - decreased similarly over the period: -3.5% between 2023 and 2024 and -7.9% between 2022 and 2024.

The average ATM withdrawal amount, however, has been trending upward for a longer time. It reached €126 in 2024, compared to €82 in 2014, the study's authors note.

"The French therefore withdraw cash from ATMs less often, but for larger amounts," they conclude.

Supply has adapted to demand. The share of 50-euro notes injected into payment circuits has increased over the past 10 years in France.

The demand for banknotes is not solely driven by transactional motives, the Banque de France points out. Cash is in fact mostly stored under mattresses, in the eurozone and beyond (Eastern Europe, Africa, etc.).

The share of cash payments at points of sale (supermarkets, restaurants, hairdressers, etc.), which has been on a downward trend, fell behind that of bank cards in France for the first time last year, according to a study published in late 2024 by the European Central Bank (ECB). In value terms, this share is stable, according to the study.

In terms of access to cash, "there are departmental disparities," according to another study, published in June on the Caisse des Dépôts (CDC) website. "While almost all residents of Île-de-France and PACA have access to bank branches in their municipalities, more than half of the residents of Haute-Saône (59%), Creuse (59%), Meuse (57%), and Lot (54%) do not," it said.

Around 30 billion euro banknotes were in circulation at the end of June, with a total value of around 1.6 trillion euros, "reflecting strong demand for cash both inside and outside the eurozone," according to the ECB.