0 [Deleted User] Posts: 1,693. You will need to bring proof of ID and proof of address. Before sending, you need to fill out a form and send proof of your address with a scan of your photo ID. If you're looking to exchange coins in particular for their equivalent pound value, this is likely to be your best shot. This was the same date that the old 50 note expired. It is closed at the weekend and on bank holidays. 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. This means you cant use them in shops or as payment any more. Visit our corporate site www.futureplc.com Future Publishing Limited, Quay House, The Ambury, Bath BA1 1UA. Disclosures made to us will be dealt with by a dedicated whistleblowing function. You cant spend old paper 20 and 50 in the shops any more but you can exchange them at some banks. A new polymer 20 note featuring JM Turner will be issued in 2020 replacing the current paper notes. 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. 679215 Registered office: 1 London Bridge Street, London, SE1 9GF. You can exchange them at your local Post Office, bank, or with the Bank of England itself for face value. The Charles Darwin 10 note stopped being legal tender at 23:59 on March 1. You may disable these by changing your browser settings, but this may affect how the website functions. 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. Wed also like to use some non-essential cookies (including third-party cookies) to help us improve the site. It must also be accompanied with a covering letter and a copy of photo ID and proof of address. Paper 10 notes were withdrawn as a legal tender last March and paper 5 notes were scrapped in May 2017. Are housebuilder stocks looking cheap for dividend yields? Youll be given the same value back in the new polymer notes. Necessary cookies enable core functionality on our website such as security, network management, and accessibility. 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. We pay for your stories! MoneyWeek is part of Future plc, an international media group and leading digital publisher. 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. Cheers. We look at Taylor Wimpey, Persimmon and Barratt Developments. The Bank of England is a 'prescribed person;, which means that you can make a whistleblowing disclosure about the Scottish and Northern Ireland banknote regime to us instead of your employer. Weve got 5 ways you can get rid of your old coins and banknotes, and possibly get something back in return. Currency within the UK changes fairly frequently leading to coins and banknotes being taken out of circulation. I tried to pay in a NatWest cheque using the Halifax app and it failed. When it comes to banknotes, there are a few things to look out for to determine their collectability. The Bank of England counter is open from 9.30am 3pm from Monday to Friday. Warning as old 20 notes set to become unusable. Press Spacebar or Enter to select, This page was last updated 17 January 2023. Report . Steve Nowottny, news and features editor at MoneySavingExpert.com, explained: "Given paper tenners were taken out of circulation a year ago, and paper fivers almost two years ago, some might assume all the old notes have now been handed in. We do this by collecting regular information and visiting the places where the assets are stored to count them and check they are held securely. Banks that allow you to exchange paper notes will generally allow you to deposit the money into the account that you hold with them. Take sterling and you won't have to worry. In some cases you will be able to exchange the paper notes for the new polymer notes even if you do not have an account with that particular bank, for example with Bank of Scotland and Virgin Money. Last time I was in a Bank of Scotland branch (so would assume Halifax are the same) I was told the limit is five bags over the counter. This topic has been closed to new posts due to inactivity. Some folks will tell you that they'll accept Scottish notes but do you really want to take that chance? But as of October 2022, shops will no longer accept paper notes. Do Santander accept Scottish notes? This service is provided on News Group Newspapers' Limited's Standard Terms and Conditions in accordance with our Privacy & Cookie Policy. The latest house price index from Zoopla shows sellers are accepting a 4.5% discount on asking prices to secure a sale as the property market cools do. Cheers. The Bank of England itself says it will honour withdrawn currency forever, so you will still be able to swap old notes. Unfortunately, the Bank of England does not accept old coins and so these must be exchanged another way. We use the Halifax/BOS. It is open Monday to Friday from 9am-4pm and they will exchange any old banknotes you bring to them. Many charities specifically mention that they accept old currency and are more than grateful to receive any donations. To see all content on The Sun, please use the Site Map. 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. 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! The Bank of England's head office in London's note exchange desk lets anyone with an out of date note swap it for a current one meaning anyone with an old note can head there and swap their paper tenners. Finally, the new 10 note which was issued in September 2017 now has Jane Austen on it. This is the version of our website addressed to speakers of English in the United States. 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 are also harder to counterfeit, helping the central Bank lock down on fraud. 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. Thanks! This agreement also extends to the old round pounds that were officially demonetised in 2017. Due to the sheer volume of questions we get about old coins and banknotes and what you should do with them, weve included an FAQ section to answer some of the most common ones. The assets can be a combination of Bank of England banknotes, UK coins and funds held in an account at the Bank of England. 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). Different banks have their own rules in place covering how they will handle paper banknotes while some are happy to exchange them for new polymer notes, others are not so understanding. Its also worth checking old coins for particular dates that are more valuable to collectors. Old pound coins are no longer legal tender. Get your evaluation quick! The Post Office will deposit old Scottish paper notes into your bank account, which you can then withdraw. The transfer of funds can take up to 10 working days. Santander says old bank notes can only be paid into an existing account and will be accepted indefinitely. By clicking Accept recommended settings on this banner, you accept our use of optional cookies. 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. The final date you can use paper 50 notes is September 30 next year - the same goes for paper 20 notes. . View our online Press Pack. Does it have to be BoE notes? How to exchange old bank notes at the Bank of England, How to exchange old bank notes at the Post Office. You can do this at any of the Post Office's 11,500 branches as long as you're a customer of one of 25 banks - see the box below for the full list - but you can't exchange paper notes directly for polymer notes. For other inquiries, Contact Us. Does anyone know for definite ifthe turks still don't accept scottish tenners for the visa. 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.". Never had any problems spending Scottish banknotes south of the boarder. All rights reserved. 18 December 2016 at 1:58PM. Alternatively, you can email us at whistleblowing@bankofengland.co.uk or write to: IAWB Team, Legal Directorate, Bank of England, Threadneedle Street, London EC2R 8AH. 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. These often have notices saying whether they accept old coins and notes and are an easy way to get rid of any small quantities you have lying around. We often link to other websites, but we can't be responsible for their content. But though the same currency is used in all four nations of the UK (England, Scotland, Wales and Northern Ireland), Scotland has its own banknotes. This ensures that people with genuine banknotes issued by the six banks receive a level of protection similar to people who have genuine Bank of England banknotes. 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. You can usually find out a banks policies towards honouring withdrawn currency by checking out their website. The transition from paper notes to polymer notes is part of increased security measures. If your bank doesn't accept old notes or you can't access it via a post office, don't worry. Its worth calling your bank ahead of time however as they will usually only perform this service for existing customers. Check out these 10 holiday destinations which remain cheap despite rising inflation. The polymer 5 note, meanwhile, was issued in September 2016 and features Sir Winston Churchill. 0. You may need an ID when exchanging notes. Northern Irish banknotes. 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. 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. If you have any other questions you would like to see featured then please let us know. 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. There's more information on exchanging notes here . Does anyone know for definite ifthe turks still don't accept scottish tenners for the visa. 2022 report We investigate whether its better to choose an investment platform with flat fees, or whether percentage charges could work out cheaper. 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. BA1 1UA. Find out more:best and worst banks Take them to the Post Office But can you still exchange them, will banks - or anyone else - accept them and what should you do with any you find? Nationwide says it accepts old notes (and coins) from existing members as they have to be paid into an existing account they hold with the Society. However, the bubble has now burst, and investors are moving on says Dominic Frisby. 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 . In theory vending machines won't take them and shops will refuse them - but they don't have to say no. Anything I post is my opinion, so from time to time I may be wrong. Nothing searched for. Dalaman to icmeler. taxi or organised transfer. All you have to do is fill out the form below and attach a clear image of both sides of the coin. The Bank of England will honour every banknote that has ever been issued by them, regardless of how long ago it ceased to be legal tender. If youre sending less than 50 to them, you can expect to receive new notes in the post in exchange. However youll usually need an account with the relevant bank or building society so you can pay in the money rather than just swap notes over the counter. But as of October 2022, shops will no longer accept paper notes. Businesses and shops will no longer be obliged to accept. Youll need to send your damaged note to the Bank of England and in most cases - providing you have at least half the note you can get its full value repaid to your bank account. Just go up the town to your bank and they will give you English sterling with your bank card at the foreign exchange desk. Do you have a story for The Sun Online Money team? Old 20 and 50 paper notes stopped being legal tender in the UK on 30 September 2022. Youll also need to fill in a postal exchange form and send photocopies of your proof of ID and proof of address. Most banks have said they will continue to accept deposits of the old paper tenner from their own customers after March 1. Taking your old currency to your bank is a good way to quickly get it exchanged without having to worry about posting it. 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. You can read more about how we use this power in the Scottish and Northern Ireland Banknote Issuance Annual Report. Holders of these notes should exchange them with AIB as soon as possible. Information on where to exchange the notes is available on theAIB Banknotes page. cheers rwb, will start looking out for a few. Those of you who are looking to sell large amounts of coins without searching through or trying to sort them may have better luck by selling them as a job lot. Does it have to be BoE notes? 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. 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. Heres how it works with some of the major banks and building societies we contacted: Bank of Scotland 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. Forum Member. Most banks have said they will continue to accept Enter to select this! Destinations which remain cheap despite rising inflation to collectors help us improve the site Sun Online money?. Withdrawn currency forever, so you will need to fill out the form below and attach clear. 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