Banks reluctant to issue £50 notes

bengalknights

Hazzanet wrote: »

I believe the Scottish Banks issue them.

As its a RBS note i guess its actually worth 10p lol

withabix

Crabman: how much cash do you want?

Unless you want a large amount all at once, using a cash machine abroad with a Visa card will normally beat any tourist forex rate, even after the card fees of upto 5% altogether.

5% can be beaten depending on your bank, the country you are visiting and the bank you use there.

dzug1

samjef11 wrote: »

Or i'm sure your local post office can give you some £50s if you use your debit card.

I really really doubt it. Most will not 'stock' them and only have a few if someone has paid them in or the attached shop has taken them.

They can order them (£1000 minimum) but many only have weekly deliveries.

I'm talking small POs here - no experience of larger ones.

I'd also be sceptical of the claim they may attract a better exchange rate - the opposite is more believable if there's any difference at all.

Keith

Hazzanet wrote: »

I believe the Scottish Banks issue them.

I was in Greggs last weekend and noticed the sign "we do not accept Credit Cards or notes over £100"

apt

If the rate is significantly better for £50 notes there is a strong possibility that money laundering is involved.

Crabman

apt wrote: »

If the rate is significantly better for £50 notes there is a strong possibility that money laundering is involved.

This is a good point & is what initially sprung to mind. However I was told by a couple of people that it may boil down to logistics. Who knows.

In any case, since withabix has kindly pointed out what should really have been obvious to me (given that I'm a BG on the Travel board ) a Nationwide debit is going to give the best rate with just a 1% fee outside the EU. I can't believe I didn't think of this before now.

Thanks for all the replies, much appreciated. :cool:

johnmoney05

Easy, I just got £2,000 in £50 note from the Casino the other day. You take the cash from your debit card, then you don't have to play, you can walk around a few mins and exchange it. But I think they need you to register as member at the first visit. Mind you, if you can't resist gambling, don't try this method.

DON79

I work for a bank and we do not order £50's in at all. If we have £50's they are only because it is what customer's have paid into us. £50's are not much use anyway really as shops won't take them and I would be a bit suspicious of someone wanting to pay me for a larger purchase with a huge bundle of £50's anyway.

Old_Wrinkly

DON79 wrote: »

I work for a bank and we do not order £50s in at all. If we have £50s they are only because it is what customers have paid into us.

Do you know why this decision was made? I can't easily believe it was because they "are not much use anyway really as shops won't take them".

I would be a bit suspicious of someone wanting to pay me for a larger purchase with a huge bundle of £50's anyway.

So you are selling your car (say) for £10,000 to a private buyer, and they offer to pay you in cash.
You would be happy to accept it as 500 £20 notes but not as 200 £50 notes?

Olipro

considering the responses on here, I'm thinking the BoE should bring forward the release of the new Boulton and Watt £50 note