What to do with old £20 notes – how to exchange old notes for new ones (2024)

FAQs

Can I exchange old 20 notes for new ones 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.

This note replaces our paper £20 note which was withdrawn from circulation after 30 September 2022. You may be able to deposit withdrawn notes at your own bank or with the Post Office. Alternatively, you can exchange withdrawn banknotes with selected Post Office branches or with the Bank of England.

Exchanging old notes at the Post Office

The Post Office Opens in a new window will accept most old notes as a deposit into any UK bank account you can access with them. There are also 48 Post Office branches across the UK that will swap old banknotes, even if you do not have a bank account.

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.

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.

Exchange of mutilated banknotes

Members of the public wanting to exchange mutilated banknotes can do so at all Commercial Bank branches where their account is held.

Locate a Notes Exchange Service near you:

Select your Preferred Account. Place your cash properly in the cash slot facing down and select Next. Select your Preferred Cash Denomination and ensure total amount tallies. Collect the Exchanged Cash and your card.

The bank will simply take in your old notes and issue new ones. If you are exchanging a foreign currency for dollars, the bank should also provide a receipt that includes the exchange rate used and any fees.

Under regulations issued by the Department of the Treasury, mutilated United States currency may be exchanged at face value if: More than 50% of a note identifiable as United States currency is present.

Notes: (1) Except for the elderly aged 60 and above and persons with disabilities, online pre-booking is required for (i) exchange of new notes at DBS, OCBC, UOB, Standard Chartered Bank (Singapore) and CIMB branches, and (ii) exchange of Fit notes at DBS, OCBC and UOB branches.

Are old 20s worth anything? ›

A 20-dollar bill is always worth at least $20, so all of them are valuable. Still, some are worth way more. A large note from before 1914 is usually worth at least $300 and can be worth several thousand in good condition.

Claiming for a damaged banknote

As a general rule, we will only reimburse you with the face value of a damaged banknote if you still have at least half of the banknote. To apply for a reimbursem*nt, fill out our damaged banknote application form and send it to us with all of the remains of the banknote.

Many banks will still accept old notes as deposits from customers. And again, you might be able to pay them into your bank account at the Post Office.

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.

Currency that is still valid, but is simply worn, ripped, or in otherwise poor condition can be replaced at a bank. Deposit the money into any account, and the bank's relationship with their country's central bank and minting service will ensure that it is swapped for fresh currency.

If you've registered for the Change Giving service, you shouldn't be refused change at your nominated Post Office branch. You may have been refused if you're not signed up to this service. If you'd like to do so, contact your bank directly to find out whether they offer the service and how to sign up.

The currency “may be exchanged at commercial banks.” You could tape the green stuff back together but be warned that merchants may not accept the bandaged bills. If you have, what the government refers to as, mutilated money then you can send the cash off to the Treasury for exchange.