Sweden advises keeping cash on hand in case of crisis or war: what you need to know

Sweden, one of Europe's most digitized economies, is urging citizens to keep cash on hand in case of crisis or war. Find out how much money they advise keeping at home, why it is important to use different payment methods, and how to prepare for possible disruptions in payment systems

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Sweden, one of the most digitized countries in Europe, has begun actively preparing its population for possible crisis situations. The country's central bank recommends that citizens keep a supply of cash and alternative payment methods in case of disruptions to electronic payment systems or emergencies.

These recommendations are related to both the general security situation in Europe and Swedish society's high dependence on digital payments.

Why does Sweden advise people to keep cash?

Sweden has long been considered one of the most cashless economies in the world. In many shops, cafes, and services in the country, payments are made exclusively by bank cards or mobile applications.

However, such digitalization also has certain risks. In the event of technical failures, cyberattacks, power outages, or other emergencies, the payment infrastructure may temporarily cease to function.

That is why financial regulators emphasize that citizens should have several alternative ways to make payments. This will allow people to pay for goods and services even in the event of problems with banking systems.

How much cash is recommended to have at home?

Financial experts advise every family to keep a certain amount of cash on hand. The approximate amount is about 1,000 Swedish kronor per adult, which is roughly equivalent to 4,700 hryvnia. This money may be needed in cases where:

● bank cards are not working;

● there are interruptions in the internet or electricity supply;

● there are emergencies or crisis situations.

It is also recommended to keep money in different denominations so that it is convenient to use in regular stores or services.

In addition, citizens are advised to use cash from time to time even in everyday life. This helps to maintain the cash infrastructure and ensure its availability in the future.

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Why is it important to have several bank cards?

In addition to cash, residents of the country are advised to use cards from different payment systems, such as Visa and Mastercard.

This approach helps to reduce risks in the event of technical problems with individual payment networks. If one system is temporarily down, another can continue to process transactions.

Having several cards can also be useful when traveling, when not all payment systems are equally widely supported.

Mobile payments as an additional payment method

In Sweden, the Swish mobile payment service is widely used, which operates through a different technical infrastructure than card payments. That is why experts advise having access to such services as well. If card payments are temporarily unavailable, mobile payment systems can continue to operate.

However, the regulator emphasizes that even if people actively use smartphone payments, it is always a good idea to have a physical bank card on hand.

At the same time, many people are accustomed to paying with smartphones or smartwatches. However, in crisis situations, this is not always a reliable option. For example, your phone may run out of battery, break down, or the mobile network may be unavailable. In such cases, a physical bank card may be the only way to make a payment. In addition, a bank card chip sometimes allows you to make offline payments, even if electronic systems are temporarily down.

Advice on financial preparedness for crisis situations is relevant not only for residents of Sweden, but also for tourists traveling in Europe.

Tip: When planning a trip abroad by car, it is worth taking care of not only your financial security in advance, but also the necessary travel documents. For example, in many European countries, an electronic vignette is required to use motorways. You can apply for it online through the Visit Ukraine service — this allows you to quickly obtain permission to travel on the roads without queues and fines while traveling.

We remind you! Russia's invasion of Ukraine, the escalation of the conflict between the US, Israel, and Iran, as well as tensions between the United States and China are increasingly worrying people around the world about the threat of World War III. Read about which countries could become a safe haven for people in the event of a global war.

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