It's a very uncommon phrase in everyday English (I am from the U.S.) and instead, we tend to use the phrase "split the bill" to mean the same thing.

Not any more. It WAS still commonly used in the U.S. 1950s and 1960s but it is dead now. It is one of a large number of strange dying idioms that relate to supposed ethnic or cultural characteristics, including "Dutch courage" (alcohol), "to dutch-uncle someone" (criticize harshly).