Brits are being urged to swap old notes for new legal tender after the Bank of England revealed there are still £9billion worth of old notes that haven’t been cashed in yet.
September 30, 2022 was the last day that the Bank’s paper £20 and £50 banknotes had legal tender status.
You can no longer use those paper notes as payment anymore, however it isn’t too late to swap them for new notes.
Around 455million paper notes are currently in circulation, a Freedom of Information request from the BBC to the Bank of England revealed.
Post offices will be able to exchange old £5, £10, £20 or £50 notes up to £300worth at selected branches (Image: Gareth Fuller/PA Wire)
While the Royal Mint also revealed that there are £87million worth of old £1 coins still in circulation.
If you find old paper notes in your wallet or around the house don’t throw them out.
All “genuine” banknotes that have been withdrawn from circulation can be swapped for a newer equivalent, as they still retain their face value, the Bank of England explained.
You are able to swap notes at banks and some post offices.
Post offices will be able to exchange old £5, £10, £20 or £50 notes up to £300worth at selected branches. You can find your nearest branch offering the exchange service here and must bring photo ID.
Barclays, Halifax, Nationwide, Lloyds, Santander and Natwest are among the banks and building societies where you can still exchange old paper notes.
You can also exchange notes with the Bank of England by post.
They explain: “Be aware the banknotes are sent at your own risk. So please take appropriate measures to insure against loss or theft.
“Please complete a postal exchange form for individuals or businesses (available below). Send it with your banknote(s) and photocopies of ID (one photo ID and one proof of address for your permanent home address even if this is outside of the UK) for any exchange (mandatory for any exchange of £700 or more) to Department NEX, Bank of England, Threadneedle Street, London EC2R 8AH.
“Please do not send original ID documents in the post to us.
“We can pay your money into a bank account (this may take in excess of 30 days due to current volumes), by cheque or, if you live in the UK and your exchange is worth up to £300, in new banknotes.
“We do not send banknotes overseas.”
FAQs
The current £10 note replaces our paper £10 note which was withdrawn from circulation on 1 March 2018. You may be able to deposit withdrawn notes at your own bank or with the Post Office. Alternatively, you can exchange withdrawn banknotes with selected Post Office branches or with the Bank of England.
Can you exchange old Clydesdale bank notes? ›
Withdrawn Clydesdale Bank bills are no longer a valid means of payment in Scotland. We give cash for these withdrawn Clydesdale Bank banknotes free of charge. We also exchange for free.
Can you still swap old money? ›
Pay them in at your high street bank or Post Office.
You can also exchange old paper banknotes for the same value in current polymer notes at 30 selected Post Office branches – you can view the full branch list on the Bank of England website.
Which banks still accept old bank notes? ›
Banks that allow you to exchange paper notes will generally allow you to deposit the money into the account that you hold with them. Banks and building societies happy to exchange the old notes include Halifax, Lloyds, Nationwide, Barclays, NatWest and Santander - though keep in mind they may have a cut-off date.
Is it too late to exchange old 10 notes? ›
Exchanging notes at the Bank of England. The Bank of England counter is open Monday to Friday, 9.30am to 3pm (excluding Bank Holidays). Last entry at 2.45pm. There is no deadline to exchange old banknotes with the Bank of England.
Can I swap old notes at the bank? ›
Exchanging old banknotes
Many banks accept withdrawn notes as deposits from customers. The Post Office will also accept withdrawn notes as a deposit into any bank account you can access at the Post Office. And you can always exchange withdrawn notes with us.
Will the post office exchange old notes? ›
We'll give you new notes for old
Hand us your withdrawn banknotes. We'll give you the same value in current, valid polymer notes.
Will banks accept damaged notes? ›
The Bank replaces damaged banknotes, including those torn or burnt, with new banknotes, according to the proportion of the part of the original banknote remaining, provided that both front and reverse sides of the banknote are maintained.
Are paper notes still legal tender? ›
After 30 September 2022 you will not be able to use paper banknotes. However the following options will remain available: If you have a UK bank account, you will normally still be able to deposit them at your bank, or into your account at a Post Office.
Where can I get a change for notes? ›
My advise is simply to go into any high street bank or post office and ask. I think there is every chance that they will change the notes for you.
Try taking old or foreign coins to your local charity shop as many charities accept them to help raise valuable funds. You can also often donate foreign coins on your return flight from holiday.
How to sell old money? ›
5 Best Places To Sell Rare Coins and Paper Money
- Heritage Auctions. Heritage Auctions is the largest collectibles auctioneer and the third-largest auction house in the world. ...
- eBay. ...
- Stack's Bowers Galleries. ...
- APMEX. ...
- Your Local Coin Dealer.
The Old £10 note will soon cease to be legal tender and the only place you will be able to exchange them will be your local bank. Below is everything you need to know about the end of the old £10 note.
Which banks will exchange old 10 notes? ›
Barclays, Halifax, Nationwide, Lloyds, Santander and Natwest are among the banks and building societies where you can still exchange old paper notes. You can also exchange notes with the Bank of England by post. They explain: “Be aware the banknotes are sent at your own risk.
Can I exchange old 10 pound notes at the post office? ›
Yes. You can exchange up to £300 of paper banknotes in any £5, £10, £20 and £50 denominations of the last series at participating branches within any two-year period. Our system will let you know if you've reached the £300 limit.
Can you swap old notes at post office? ›
If you find old paper notes in your wallet or around the house don't throw them out. All “genuine” banknotes that have been withdrawn from circulation can be swapped for a newer equivalent, as they still retain their face value, the Bank of England explained. You are able to swap notes at banks and some post offices.
