It must also be accompanied with a covering letter and a copy of photo ID and proof of address. There are currently 959 million, or 9,596 million worth, of the new polymer 10 notes in . When you purchase through links on our site, we may earn an affiliate commission. By post: You can also post your old notes to the Bank, but note that this is done at your own risk and you may want to insure yourself against loss before sending banknotes in the post. This can be a valid passport, driving licence or an national identity card from any EU country. 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. It's up to them. You can deposit out-of-date banknotes up to the value of 300 every two years into your bank account at some local Post Offices. Does it have to be BoE notes? Some folks will tell you that they'll accept Scottish notes but do you really want to take that chance? Find all the participating Post Office branches where you can exchange old notes. Keep in mind that it may not be in your best interest to send large amounts of money via post. Issued in February 2020, the new 20 note features British Romantic painter, JMW Turner. TSB says old 20 and 50 paper notes are still accepted over the counter in branches to deposit in TSB accounts. MoneyWeek is part of Future plc, an international media group and leading digital publisher. This means you will always be able to exchange your banknotes with them for their equivalent value in pounds. For more information on how these cookies work please see our Cookie policy. Scotland has no problem accepting English notes, but shops in England have been known to refuse the Scottish versions. High street banks can also refuse to exchange notes after the cut-off. Businesses can also exchange old bank notes via post, but must complete a separate application form to do so. This topic has been closed to new posts due to inactivity. Get there early is the message and go armed with the relevant ID. Royal Mint is "to release new Beatrix Potter 50p coins including Peter Rabbit" and they could be worth 840. All rights reserved. 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 . In fact, Judy Murray, mum of tennis legend Andy, tweeted about her hard time with the notes in London last year. Visit our corporate site www.futureplc.com Future Publishing Limited, Quay House, The Ambury, Bath BA1 1UA. If youre looking to exchange old banknotes in return for useable money of equal value, your best bet is to send it directly to the Bank of England. You will need to complete this form and provide a copy of some photo ID. Necessary cookies enable core functionality on our website such as security, network management, and accessibility. In fact, even if a note's ripped, smashed or otherwise vandalised, as long as there's enough left to identify what it was, they will swap it for a new one. You will need to take photo ID so that the Post Office can keep track of how much you exchange and do not exceed the limit. Sues written for a wide range of publications including the Guardian, i Paper, Good Housekeeping, Lovemoney and My Weekly. 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. But do be aware, the Bank of England may have long queues and that after midday you may not be able to be served if its reached capacity. The term legal tender does not in itself govern the acceptability of banknotes in transactions. The final date you can use paper 50 notes is September 30 next year - the same goes for paper 20 notes. 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. Does it have to be BoE notes? This is regardless of whether you are a customer or not. If you are an individual, you can exchange your banknotes with the Bank of England over the counter or by post, but you must fill out an application form and take into consideration safety measures against loss or theft. Paper 10 notes were withdrawn as a legal tender in March 2018 and paper 5 notes were scrapped way back in May 2017. Do you have a story for The Sun Online Money team? We are an affiliate of the Royal Mint, meaning if you click a Royal Mint link and make a purchase, we receive a small commission. 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. 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. In short 'No' these notes are not legal tender; only Bank of England notes are legal tender but only in England and Wales. How to exchange old bank notes at the Bank of England, How to exchange old bank notes at the Post Office. Withdrawn coin denominations from before the decimalisation of the UKs currency system sell for much greater values than their equivalent worth in pounds, especially if youre lucky enough to have them in good condition. Cash of less than 20 will be exchanged for polymer notes.. You can find full details on the Bank of England website here. 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. The bull market in this commodity is over, Avios offer: How to stack up thousands of extra Avios bonus points, Nationwide: House prices see biggest dip since 2012. UK home sellers cut 14,000 off their asking prices as the buyers market returns. The assets can be a combination of Bank of England banknotes, UK coins and funds held in an account at the Bank of England. No time limit on when this will end. All you have to do is fill out the form below and attach a clear image of both sides of the coin. 0. Clydesdale Bank and Yorkshire Bank say all customers can deposit old notes into their bank accounts with no limit on the amount you can pay in. We use your sign-up to provide content in the ways you've consented to and improve our understanding of you. Youll also need to fill in a postal exchange form and send photocopies of your proof of ID and proof of address. Get our money-saving tips and top offers direct to your inbox with the Mirror Money newsletter. Unique serial numbers are the easiest to find with collectors particularly favouring lower serial numbers or those with sequences such as 888888. Report . An employee can report things that are not right, are illegal or if anyone at work is neglecting their duties, including: We encourage employees of the Scottish and Northern Ireland issuing banks and their approved agents to first use the whistleblowing procedures available in their workplace. There is no time limit. For example, Iceland has said it will keep accepting paper tenners until Easter Monday (April 2). Doctor who delivered Vladimir Putin's love children with mistress dies suddenly after revealing existence of his two, Exclusive: Matt Hancock told to quit as MP after WhatsApp messages over care home Covid, Ex-Leeds United footballer jailed for 17 years after raping teenage girl and taking, Jeremy Clarkson denies he has been axed from Who Wants To Be A Millionaire? It will be at the discretion of retailers and service providers as to whether to accept them after this, but they don't have to. Anything I post is my opinion, so from time to time I may be wrong. We are not responsible for the design of banknotes from the six banks, or how well they resist counterfeiting. Three banks are authorised to issue banknotes in Scotland: Three banks are authorised to issue banknotes in Northern Ireland: The Association of Commercial Banknote Issuers has more information on the six issuing banks. Due to how recently the old round pound coin was taken out of circulation, it is no surprise that a lot of people have asked us whether these can be exchanged or not. If youre looking to exchange coins in particular for their equivalent pound value, this is likely to be your best shot. We use analytics cookies so we can keep track of the number of visitors to various parts of the site and understand how our website is used. If you want the equivalent cash you can then withdraw it from your account. Subscribe to MoneyWeek now and get your first six magazine issues absolutely FREE, Elizabeth Fry 5 note ceased to be legal tender on 5 May 2017, Adam Smith 20 note ceased to be legal tender on 30 September 2022, Charles Darwin 10 note ceased to be legal tender on 1 March 2018, Boulton & Watt 50 note ceased to be legal tender on 30 September 2022. You cant spend old paper 20 and 50 in the shops any more but you can exchange them at some banks. Debit cards, cheques and contactless aren't legal tender anywhere. Ian Payne The transition from paper notes to polymer notes is part of increased security measures. But as of October 2022, shops will no longer accept paper notes. Does it have to be BoE notes? TSB says old 20 and 50 paper notes are still accepted over the counter in branches to deposit in TSB accounts. you should try the halifax app for the next one, you get cleared funds the next day The app for paying in cheques only works if the cheque is drawn on a bank that also uses the updated cheque clearing system. 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. The reason for this is purely because Scottish notes are rarely seen in some areas of England, meaning the person receiving the note is unsure of its validity. cheers rwb, will start looking out for a few. But can you still exchange them, will banks - or anyone else - accept them and what should you do with any you find? We don't as a general policy investigate the solvency of companies mentioned (how likely they are to go bust), but there is a risk any company can struggle and it's rarely made public until it's too late (see the. . Something went wrong, please try again later. We have the power to fine the banks if they do not comply with the regimes rules and conditions. This is the version of our website addressed to speakers of English in the United States. You can read more about how we use this power in the Scottish and Northern Ireland Banknote Issuance Annual Report. Martin Kearsley, banking services director at the Post Office - which has 11,600 branches across the UK, has said: "Thanks to an agreement with all UK high street banks, everyone can deposit cash and cheques, including any old notes, into their usual high street bank account at their local Post Office branch.". 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. Information on where to exchange the notes is available on theAIB Banknotes page. . Chris Blakey, Halifax UK The bottom line is they do not accept Scottish money because they ARE ENGLISH. Some of these banknotes are of very high value, including 1 million banknotes (known as Giants) and 100 million banknotes (known as Titans). Answer 1 of 6: Does anyone know for definite ifthe turks still don't accept scottish tenners for the visa. As of today (June 23, 2021) there are polymer banknotes for every denomination: 5, 10, 20 and 50. The latest notes to be withdrawn from use are paper 20 and 50 notes, meaning people could be refused from using them from 1 October. . For claims of 700 or more, you may need to provide additional proof of ID and address. Can I spend a Scottish 20 note in England? Dalaman to icmeler. taxi or organised transfer. Always remember anyone can post on the MSE forums, so it can be very different from our opinion. One option is to take the old paper notes down to the Central Bank in person. This means that we may include adverts from us and third parties based on our knowledge of you. 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. Customers of Lloyds Banking Group, which covers Bank of Scotland, Halifax, and Lloyds, can deposit old notes worth more than 20. Nationwide, Santander and TSB told The Sun that customers can deposit - not exchange - notes at their branches. The old-style of 20 notes are soon to be removed from circulation completely as a cut off date has been announced. Heres how it works. New polymer plastic notes are replacing paper ones as they are stronger - they will even survive in the washing machine should you accidentally leave some cash in your pocket. Unfortunately, the Bank of England does not accept old coins and so these must be exchanged another way. You may need an ID when exchanging notes. The polymer 5 note, meanwhile, was issued in September 2016 and . Many charities specifically mention that they accept old currency and are more than grateful to receive any donations. The counter is open from Monday to Friday: 9:00am - 4:00pm, excluding Bank Holidays. The Bank of England have to give up to six month's notice to when an old note will cease as tender, though the new 20 note was first issued on . 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 :). These are the notes you can exchange at a Post Office. The Bank of England counter is open from 9.30am 3pm from Monday to Friday. Not only was Turing a computer pioneer, he broke the Enigma code during World War II, aiding British and Allied forces in claiming victory. 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