ieExplains: Access to cash is guaranteed under new laws

Despite the rise in digital payments, access to cash will be maintained.

The convenience of digital payments, electronic transfers and tap-to-pay has meant a consistent decline in the usage of cash in Ireland.

The move towards contactless payment options accelerated over the pandemic rising to 84% of all point-of-sale transactions according to the Central Bank of Ireland. At the same time, cash withdrawals from ATMs fell from €1.5bn to around €1bn a month.

In September, the value of total cash withdrawals from Irish ATMs stood at €1.09bn. The average withdrawal stood at €150.49. However, this compares with €9.46bn in card spending in the same month.

Despite the continued rise, the State has committed to allowing consumers continued access to cash.

The Finance (Provision of Access to Cash Infrastructure) Act 2025 was passed in June, aiming to ensure sufficient and effective access to cash in the State and to bring cash-in-transit providers and independent ATM deployers within the regulatory perimeter of the Central Bank of Ireland.

“In recent years, the Irish payments system has become increasingly digitalised, yet cash remains an important means of payment for many people in society, such as the older generation or those who are digitally excluded," The Tánaiste and Minister for Finance Simon Harris said.

Under the Act, the Minister for Finance and the Central Bank of Ireland, must prescribe the percentage of the population that must be within a specified distance of not less than 5km and not more than 10km of an ATM and cash service point (bank branches and post offices) in each of the eight regions in the State.

Who must provide access to cash?

The Minister will have the power to prescribe thresholds for “designated entities”, credit institutions that hold a set percentage of both current accounts and household deposits in the Irish market for two consecutive quarters. Designated entities will be responsible for maintaining the access to cash criteria.

The threshold for current accounts will be set at 6% of the total number of current accounts of credit institutions in the State and the threshold for deposit accounts at 7.5% of the total value of household deposits of credit institutions in the State. On the basis of the most recent data available, Allied Irish Bank, Bank of Ireland and Permanent TSB would meet/exceed both thresholds and be classified as designated entities.

The Central Bank of Ireland will be responsible for monitoring and enforcing the legislation. They will gather data on a quarterly basis in relation to the number, location and hours of availability of ATMs and cash service points. The data will also be used to publish information on a quarterly basis on the Central Bank website.

The Central Bank will commence consultation before the end of the year on proposed regulations for minimum ATM service standards. This will outline proposed requirements for ATM operators, including the hours of ATM availability, cash withdrawal limits and banknote denominations available from ATMs.