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People who use cash to make transactions in shops have been warned that they have just a few months before a major change takes effect. Shoppers using old £20 and £50 notes will soon have the transaction rejected.
The Bank of England has confirmed the September deadline for using old £20 and £50 notes. However, you will be able to visit your Bank and change your old notes for the newer versions beyond this deadline.
The warning has been issued by the Bank of England Chief cashier Sarah John, who said: “We want to remind the public that from today they only have six months left to spend or deposit their paper £20 and £50 notes. Over the past few years we have been changing our banknotes from paper to polymer, because these designs are more difficult to counterfeit, whilst also being more durable.”
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Ms John added: “A large number of these paper notes have now been returned to us, and replaced with the polymer £20 featuring the artist J.M.W. Turner, and the polymer £50 featuring the scientist Alan Turing. However if members of the public still have any of these paper notes in their possession, they should deposit or spend them whilst they can.”
The notes are being replaced with the new polymer £20 notes featuring J.M.W. Turner, and polymer £50 notes featuring Alan Turing. The introduction of polymer banknotes allows for a new generation of security features which make them even harder to counterfeit.
It comes following similar banknotes for the £5 and £10 some years ago. The fiver was released back in 2016, featuring Sir Winston Churchill.
How can I exchange my old bank notes?
The Bank of England website states that September 30 is the final date that old £20 and £50 notes will be legal tender. Following this date, you can still replace your expired notes in a number of ways.
If you have a UK bank account, the simplest and quickest way to exchange your notes will normally be to deposit them with your bank. The BoE also says that The Post Office may accept them as payment for goods and services, or as a deposit into any bank account you can access with them.
Another way you can exchange old notes is by post old banknotes to the BoE and they’ll then send you a cheque for the amount, or the equivalent in new polymer notes. To do this, send your banknote(s) and photocopies of ID to Department NEX, Bank of England, Threadneedle Street, London EC2R 8AH – you can also visit the BoE in person to exchange old notes.
You may be asked to complete a form and need to provide two original identity documents. The BoE may also exchange accidentally torn, damaged or mutilated notes – as long as they are genuine and not counterfeit.
