Can you still exchange pound notes?
You can always exchange withdrawn notes with the Bank of England by post. 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).
The Bank of England will be withdrawing legal tender status of paper £20 and £50 banknotes after 30 September 2022. After this date, paper £20 and £50 banknotes will no longer be legal tender.
All genuine Bank of England banknotes that have been withdrawn from circulation retain their face value for all time and can still be exchanged over the counter. There is no fee for this service and there is no expiry on the period in which we will exchange old notes. Banknotes can also be exchanged by post.
Exchanging old notes
You may be able to deposit withdrawn notes at your own bank or with the Post Office. Alternatively, you can exchange withdrawn banknotes with selected Post Office branches or with the Bank of England.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 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Many banks accept withdrawn notes as deposits from customers. The Post Office will also accept withdrawn notes as a deposit into any bank account you can access at the Post Office. And you can always exchange withdrawn notes with us.
Old Bank of England banknotes that are taken out of circulation are destroyed. Since 2011, we have recycled most of our old paper banknotes. They are either used to create a soil improver or processed at a local energy recovery facility to generate electricity.
To avail of this you can send your old or damaged notes and coins by registered post to our Currency Centre or by making an appointment to visit us in person in North Wall Quay in Dublin. You will need to fill out the relevant forms and meet the requirements set out for the amount you are submitting for exchange.
Since paper 5-pound and 10-pound notes ceased to be legal tender in 2017, the new status means that the 100-pound notes issued by the Bank of Scotland will be the last paper note in circulation in the United Kingdom. A polymer version of the 100-pound note was issued in May this year.
Banks don't legally have to accept old paper notes and coins once they've been withdrawn from circulation. However, some may continue to allow you to swap them, while others may let you deposit old notes and coins into your account.
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.
Will cash disappear in UK?
“Our analysis shows the UK is far from being a cashless society, as mostly older generations continue to use ATMs frequently, whereas younger people living in London are the most likely to go out with a thinner wallet.”
The old five pound note ceased to be legal tender on 5 May 2017. The old ten pound notes ceased to be legal tender on 1 March 2018.
You'll need to visit your nearest bank branch in person to do this. At the Post Office : 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.
Banks no longer have to legally accept old paper notes and coins once they have been withdrawn from circulation. However, some do continue to allow customers to deposit them into their accounts. According to MoneySavingExpert, Barclays, Nationwide and Santander banks all let customers deposit the old tender.
No, old £20 notes are no longer legal tender. The old £20 notes ceased to be valid in September 2022, following the expiry date given by the Bank of England. However, you can still exchange the old notes even though the deadline has passed.
Some banks may allow you to deposit old notes directly into your account. Alternatively, the Post Office allows you to deposit old notes into a wider range of bank accounts, which is ideal for those who don't live or work close to a branch.
The banknotes we produce will always be worth their face value. Even for banknotes that no longer have legal tender status. If you look closely at any Bank of England banknote, you will notice it contains the 'promise to pay' inscription – our promise to honour the stated face value of our banknotes for all time.
The old £10 note went out of circulation officially at 11.59pm on March 1, 2018. However, old notes can still be exchanged at the Bank now that this point has passed. Although the new tenners came in last year until the deadline the paper money continued to be legal tender so could be spent freely.
Once the 30 September 2022 deadline passes and the Bank of England has withdrawn the legal tender status of paper £20 and £50 banknotes, customers are still be able to deposit paper notes at their local Post Office. We'll give you more details about the withdrawal of these banknotes in Branch Focus in the coming weeks.
You'll need to visit your nearest bank branch in person to do this. At the Post Office : 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.
Can you spend old notes UK?
Old paper £20 and £50 notes are no longer legal tender. We explain what to do with your old banknotes and where to exchange them. Old £20 and £50 paper notes stopped being legal tender in the UK on 30 September 2022. This means you can't use them in shops or as payment any more.
- £5 note - Ceased to be legal tender on: 5 May 2017.
- £20 note - Ceased to be legal tender on: 30 September 2022.
Banks don't legally have to accept old paper notes and coins once they've been withdrawn from circulation. However, some may continue to allow you to swap them, while others may let you deposit old notes and coins into your account.
All these notes can be exchanged at the counters of any public sector bank branch, any currency chest branch of a private sector bank or any Issue Office of the Reserve Bank of India.
There are four denominations of banknotes in circulation: £5, £10, £20 and £50. All four denominations of notes are printed on polymer. This film will run through a number of key security features found on all the notes. You should check these features to ensure notes are genuine.
News release. This is the last week that our paper banknotes can still be used. The Bank of England will be withdrawing legal tender status of paper £20 and £50 banknotes after 30 September 2022. After this date businesses will no longer be accepting these banknotes as payment.
CASH £20 and £50 notes are no longer legal tender - but fear not as you can still exchange them. The paper notes have not been valid since after September 30, 2022. However, you can still exchange your old notes at the Bank of England or a Post Office branch.
Your bank may swap or deposit old paper notes and coins.
Of the other major banks that came back to us, Barclays, Halifax, Lloyds, Nationwide, NatWest and Santander all said you can deposit old coins and notes into your account. We also asked PayPoint, which allows Monzo customers to deposit cash into their account.