old notes

Tugela

I have about £2000 worth of old £20 and £50 notes. Does anyone know whether I will be given straight cash when exchanging these or do I have to deposit into my bank account. I am doing this via the bank of England as I have heard they are the only place that do it. Also what identification should I have with me besides my passport.
Thanks in advance

knack92

All explained on BoE website: http://www.bankofengland.co.uk/banknotes/pages/about/exchanges.aspx

Tugela

thanks for the link.... what is "of high value".... I only have £5000 this is why I enquired if I would get it the same day.

knack92

Tugela wrote: »

thanks for the link.... what is "of high value".... I only have £5000 this is why I enquired if I would get it the same day.

I'm not sure what high value is. To me 5k would be high value but it might not be what the bank considers high value. Might be best to contact them before you make the journey.

afzaal1988

most banks would take old notes for some time. £50 note was changed recently so definitely all bank would accept it.
when you deposit £50 notes ask the staff if they will take £20 notes? most likely they will

jonesMUFCforever

afzaal1988 wrote: »

most banks would take old notes for some time. £50 note was changed recently so definitely all bank would accept it.
when you deposit £50 notes ask the staff if they will take £20 notes? most likely they will

They will only accept notes for their own customers.
I would some like HSBC for instance would want to know where you got them before changing them or even accepting them into your account.

dzug1

I recently changed some £20 notes into fivers at a branch of my own bank


It was easier to deposit them and then withdraw the cash with my debit card than a straight swap.


Banks are getting more picky about cash than they once were - for fear (justifiable) they will be blamed for money laundering.

DigForVictory

It can't hurt to phone your local bank & ask?

I know they've made calling a specific branch harder, but it's still possible.

They may want to offer you a "financial review" while you are there, but a little courtesy should spare you a somewhat twitchy commute into London?!