Visit our corporate site. SueHaywardis a personal finance and consumer journalist, broadcaster and author who regularly chats on TV and Radio on ways to get more power for your pound. 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If your bank wont accept your old currency, its worth taking them to your local Post Office branch. ': Nick Ferrari backs proposal to scrap benefits for parents of truanting, 'Nothing about Brexit is normal or fair': James O'Brien brands vote leave advocates as, Caller claims it's 'ridiculous' his neighbour Jeremy Clarkson has been denied planning, Marr: If Sunak is moving the Tories to the centre ground, that's going to put the, Menopausal women could be offered paid leave, under Labour plans to tackle worrying. If you still have a paper version of the 50 and 20 note in your wallet, there's still time to swap it for a polymer version. 0. Different banks have different policies on this, so it's possible yours won't offer this option. For further details of our complaints policy and to make a complaint please click this link: thesun.co.uk/editorial-complaints/, MoneySavingExpert reveals there are 222million paper notes out there that can no longer be used, First look at new Gruffalo 50p coin now on sale with prices starting from 10 each, paper 5 notes were scrapped way back in May 2017, polymer 20 note featuring JM Turner will be issued in 2020, slippery and "easier to lose than old ones", Royal Mint is "to release new Beatrix Potter 50p coins including Peter Rabbit", Independent Press Standards Organisation (IPSO). But what should you do if you come across any old ones? cheers rwb, will start looking out for a few. This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service. "But these new figures show that's far from the case in fact, a massive amount of cash is still out there. We also may change the frequency you receive our emails from us in order to keep you up to date and give you the best relevant information possible. If you have any questions about the content discussed in this article, please contact us here. But as of October 2022, shops will no longer accept paper notes. Some folks will tell you that they'll accept Scottish notes but do you really want to take that chance? 25/01/10 - 16:15 #11. . When presenting notes at the counter youll also be asked for one form of photo ID. But, according to the Bank of England, there is around 6bn worth of 20 paper notes and over 8bn worth of paper 50 notes in circulation thats around 300 million individual 20 notes and 160 million 50 notes that havent been used before the notes were withdrawn from circulation. Upload a picture of your coin and our team of experts will evaluate the coins condition, rarity, and historical value to give you an accurate market price estimate. or Most UK banks will allow you to pay in old paper bank notes however this is at their discretion as they will usually insist you have an account there. The Post Office has an agreement with all high street banks that allows them to accept a persons withdrawn banknotes and deposit the equivalent pound value into their usual bank account. In short, we are responsible for checking if the six Scottish and Northern Ireland banks that issue banknotes are complying with the asset-backing rules. These paper notes are no longer legal tender, meaning they can't be used to pay in shops, but the good news is you can still deposit them or exchange them for cash. But as of October 2022, shops will no longer accept paper notes. Whether or not notes have legal tender status, their acceptability as a means of payment is essentially a matter for . Theres just a few days left to pay with old style paper 20 and 50 bank notes as the last day to spend them is 30 September. It's up to them. You should then send this by courier or post ideally using the Special Delivery service - along with whats left of your banknote to the address listed on the form. The Bank of England says that the easiest way to exchange notes is by depositing them with your UK bank account, if you have one. The Post Office may also accept withdrawn notes as payment for goods and services, or as a deposit into any bank account you can access with them. Forum Member. Use the Global Player app to listen to live radio for LBC & LBC News. Would you like to give more detail? so do note you use the information at your own risk and we can't accept liability if things go wrong. If youve got genuine Bank of England bank notes that have been through the wash, been chewed by the dog or torn or damaged you may be able to get your money back. Do note, while we always aim to give you accurate product info at the point of publication, unfortunately price and terms of products and deals can always be changed by the provider afterwards, so double check first. When this happens, the Bank of England will usually give a set time period for people to exchange their old currency for the new coins or notes that are being released. If youve got a large amount of notes stashed away worth knowing there is a limit on the amount you can exchange at the Post Office which says you can only swap up to 300 in old notes every two years. . more, You seem to have JavaScript disabled. In person: If you can and want to, you can swap your old notes at The Bank of England Counter, in Threadneedle Street, London. Banks that allow you to exchange paper notes will generally allow you to deposit the money into the account that you hold with them. Virgin Money says Old notes can be exchanged in any Virgin Money store up to the value of 250. Alternatively, you may use. Taking your old currency to your bank is a good way to quickly get it exchanged without having to worry about posting it. Even though you cant spend these old paper notes, its worth checking old bags, wallets and even the kids money boxes as you can still exchange old 20 and 50 notes. 2022 report High street banks can also refuse to exchange notes after the cut-off. UK home sellers cut 14,000 off their asking prices as the buyers market returns. When it comes to banknotes, there are a few things to look out for to determine their collectability. Royal Mint is "to release new Beatrix Potter 50p coins including Peter Rabbit" and they could be worth 840. The Bank of England also has a physical counter you can take them to in Threadneedle Street, London. They are also harder to counterfeit, helping the central Bank lock down on fraud. Does it have to be BoE notes? The six Scottish and Northern Ireland banks must, by law, set aside assets that are worth at least the value of all of the banknotes they have in circulation. They were both replaced with plastic "polymer" versions. Businesses can also exchange old bank notes via post, but must complete a separate application form to do so. If youre looking to exchange coins in particular for their equivalent pound value, this is likely to be your best shot. Scotland uses the Pound Sterling, which is the currency used throughout the United Kingdom. You can also visit the bank in person to make an exchange at its bank counter in London. To use our mobile site, please enable JavaScript. I have certainly done Bank of Scotland business at Halifax branches and never had a problem. But the Bank has warned of long queues and waiting times and has said: if you arrive after midday it is possible we will have reached capacity and you may not get served before we close. Do note, while we always aim to give you accurate product info at the point of publication, unfortunately price and terms of products and deals can always be changed by the provider afterwards, so double check first. more. If you are a resident of another country or region, please select the appropriate version of Tripadvisor for your country or region in the drop-down menu. Warning as old 20 notes set to become unusable. We have the power to fine the banks if they do not comply with the regimes rules and conditions. 18 December 2016 at 1:58PM. That phrase "I promise to pay the bearer on demand" is something that doesn't have a time limit on it, the Bank told Mirror Money. So here's what to do with these old notes: You may disable these by changing your browser settings, but this may affect how the website functions. TSB says old 20 and 50 paper notes are still accepted over the counter in branches to deposit in TSB accounts. Lloyds says customers can exchange or deposit 20 and 50 paper Bank of England or Bank of Scotland bank notes into Lloyds Bank, Halifax or Bank of Scotland accounts. It also says you can send notes to it by post, but at your own risk. Maybe. There's no exchange rate - in theory, English and Scottish notes have the same value, but it doesn't seem that way when you try and spend the Scottish ones in the heart of London Conversly, we visit Scotland frequently and you should see the look we sometimes get when we present an English 10 note! For claims of 700 or more, you may need to provide additional proof of ID and address. These are the notes you can exchange at a Post Office. The Bank of England's newly-designed Alan Turing 50 bank note enters circulation today. If your bank doesn't accept old notes or you can't access it via a post office, don't worry. Not only was Turing a computer pioneer, he broke the Enigma code during World War II, aiding British and Allied forces in claiming victory. You will be directed to the Halifax website . Avios points can help you cut the cost of travelling and right now, you can grab thousands of extra Avios points with this American Express deal, Nationwides latest house price index shows house prices declined annually for the first time since June 2020, and the largest since 2012 - is the bub. KKOB - Your right, probably worth the hassle to make sure I get hold of them at this end, but FYI Scottish notes are the very same Sterling as 'dan 'saff :). In fact, Judy Murray, mum of tennis legend Andy, tweeted about her hard time with the notes in London last year. If you want the equivalent cash you can then withdraw it from your account. Does it have to be BoE notes? The new plastic version of the 50 bank note is part of the Bank of England's process to replace all paper notes. But it's not just new notes to watch out for. Banks that allow you to exchange paper notes will generally allow you to deposit the money into the account that you hold with them. Debit cards, cheques and contactless aren't legal tender anywhere. Santander also said it will allow customers to deposit old 10 notes into their accounts after March 1, as did Barclays, Lloyds Bank, Halifax, Bank of Scotland, HSBC and Nationwide Building Society. We investigate whether its better to choose an investment platform with flat fees, or whether percentage charges could work out cheaper. This agreement also extends to the old round pounds that were officially demonetised in 2017. Get your evaluation quick! This should be done by recorded or special delivery - however once again it warns that this too could mean, a wait time for your payment may be in excess of 30 days. 679215 Registered office: 1 London Bridge Street, London, SE1 9GF. Regardless of their age, there are ways to get some money back for them but we encourage everyone who can to consider donating their old currency to charity where possible. Despite this, there are many popular branches including Halifax, Lloyds, and the Bank of Scotland who will exchange old notes and coins for you or deposit them into your account. There's more information on exchanging notes here . "The Sun", "Sun", "Sun Online" are registered trademarks or trade names of News Group Newspapers Limited. Are housebuilder stocks looking cheap for dividend yields? We use the Halifax/BOS. Never had any problems spending Scottish banknotes south of the boarder. 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