When do old £20 notes go out of circulation and can I still use the paper money? (2024)

FAQs

When do old £20 notes go out of circulation and can I still use the paper money? ›

It is U.S. government policy that all designs of Federal Reserve notes

This note replaces our paper £20 note which was withdrawn from circulation after 30 September 2022. You may be able to deposit withdrawn notes at your own bank or with the Post Office. Alternatively, you can exchange withdrawn banknotes with selected Post Office branches or with the Bank of England.

I consider an old note to be one withdrawn, and no longer legal tender. One that the central bank will still give full value- but shops won't take. An ATM would never be filled with notes that have ceased to be legal tender. Machines prefer new notes over used notes, less are rejected.

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Many banks accept withdrawn notes as deposits from customers. The Post Office will also accept withdrawn notes as a deposit into any bank account you can access at the Post Office. And you can always exchange withdrawn notes with us.

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.

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.

There is no deadline to exchange old banknotes with the Bank of England. But it is usually easier and quicker to exchange notes at your own bank or at the Post Office.

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.

Commercial banks have started collecting the old N500 and N1,000 naira notes from their customers. The development comes despite the rebuttal of the Central Bank of Nigeria (CBN) that it did not direct banks to collect the old naira notes from citizens.

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.

What happens to old money notes? ›

The recycling process isn't a small-scale operation. Tons of old paper bills are recycled every week. In addition to creating souvenirs for tourists, most of the recycled money is used to make new products, including stationery, pencils and even clothes!

You can use your bank card or credit slip to pay in up to 50 cheques and 50 notes in cash.

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.

On the portal, which is on cbn.gov.ng, depositors are required to fill in their Bank Verification Number (BVN), phone number, email address, bank details, address, the amount to be deposited as well as the denominations to be deposited, after which a reference number is generated.

Not all damage to a Federal Reserve note requires for it to be sent to the BEP for possible redemption. For example, dirty or worn currency may be exchanged at a commercial financial institution. For information on mutilated coins, visit the U.S. Mint's website.

“Unfit currency' is currency which is unfit for further circulation because of its physical condition such as torn, dirty, limp, worn or defaced,” the department states on its website. The currency “may be exchanged at commercial banks.”

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.

Which money will change under King Charles? Though we'll soon get a glimpse of what our new banknotes will look like, they aren't expected to enter circulation until mid-2024. All four denominations — £5, £10, £20 and £50 — are set to be updated with the new designs.