Paper £20 and £50 note withdrawal: Here’s what you need to know
Cash alert for everyone, including expats in the UK! Check your wallets and safe storage places; for your old paper, £20 and £50 banknotes will no longer be legal tender after 30th September 2022.
The important announcement by the Bank of England comes at a crucial time when the old notes will finally be replaced by new polymer £20 and £50 banknotes. So if you have old paper notes, you should use them soon or deposit them at a bank or Post office. This Pacific Prime UK article goes into the finer details so you know what to expect and do.
Out with the old, in with the new
The Bank of England said it would withdraw the legal tender status of the paper £20 notes (featuring economist Adam Smith) and £50 notes (featuring entrepreneur Matthew Boulton and engineer James Watt) after 30th September 2022. This means until then, you can still use them as usual and pay at counters/tills or exchange the money for goods and services.
Head to your local bank branch to deposit or exchange old paper notes
If you have a pool of cash bundled up in £20 and £50 banknotes in a safe or vault, then depositing them at your local bank or exchanging them for the new polymer ones is your best option. This way, you can avoid queues for deposits or exchanges and ensure the transition from paper to polymer happens smoothly. But, of course, it’s the simplest and quickest way to exchange your notes too.
Get in touch with your bank and check their specific procedure for exchanging a few notes to depositing large quantities of notes.
Visit your local Post Office to deposit your old notes
The Post Office is an alternative location to deposit your notes. In fact, it’s a free way to access your high street bank account for personal or business customers. So for expats in the UK looking for a place to withdraw and deposit cash quickly, the Post Office is a great place to head to.
A Post Office automated teller machine (ATM) allows you to withdraw money and check your balance while cheques and deposits are accepted over the counter. Just note that some banks may charge for selected services, so always check the messages on the ATM screen.
What are the new polymer £20 and £50 banknotes?
The new polymer £20 notes (featuring painter JMW Turner) and the new polymer £50 notes (featuring Bletchley Park codebreaker and scientist Alan Turing) are designed to be more resistant to wear and tear compared to the paper notes. They also contain several security features, such as:
- Gold and blue foil on the front of the £20 note, and gold and green foil on the front of the £50 note; and
- A second, smaller window in the bottom corner of both the polymer £20 and £50 notes and more
What to do if you miss the deadline?
If you miss the deadline on 30th September 2022, then fret not, as you’ll still be able to exchange old banknotes directly with the Bank of England by post. But you should know that banknotes are sent at your own risk, and you should take appropriate measures like seeking insurance cover with the Post Office, or whatever form of guarantee is available.
To send your notes by post, you should complete a postal exchange form and send the banknotes, along with photocopies of your ID and proof of address, to Department NEX, Bank of England, Threadneedle Street, London EC2R 8AH. Check the Bank of England website for more information.
Discover more news and trends
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