Deadline for £GBP Cash Swap?

bery_451

Hi,

When are the deadlines to swap old paper £5, £10, £20 and £50 notes for the new plastic notes?

When will old paper notes lose their legal tender?

Finally how to do the swap?

Poor_Leno

£10 note Series V (first issued 7th November 2000) : 1st March 2018 (no longer legal tender)
£5 note Series E (first issued 21st May 2002) : 5th May 2017 (no longer legal tender)
£20 note : Date not yet annoounced - typically will be withdrawn 6 months from the date of the new note.
£50 note : same as £20 note.

If you still have old £5 and £10 notes, take them to the post office, they should still swap them out.
£20 and £50 notes should remain legal tender until at least next summer. After they've been withdrawn the post office and most banks will accept them for quite some time afterwards.

Eco_Miser

There is no deadline to swap old notes.
Most banks will accept recently withdrawn notes for deposit. The Bank of England will always accept their genuine notes (but require proof of ID) see https://www.bankofengland.co.uk/banknotes/exchanging-old-banknotes

bery_451

Poor_Leno wrote: »

£10 note Series V (first issued 7th November 2000) : 1st March 2018 (no longer legal tender)
£5 note Series E (first issued 21st May 2002) : 5th May 2017 (no longer legal tender)
£20 note : Date not yet annoounced - typically will be withdrawn 6 months from the date of the new note.
£50 note : same as £20 note.

If you still have old £5 and £10 notes, take them to the post office, they should still swap them out.
£20 and £50 notes should remain legal tender until at least next summer. After they've been withdrawn the post office and most banks will accept them for quite some time afterwards.

Ok when you say post offices still accept old notes for some time afterwards, is there a link on the post office website confirming deadlines?

Ok so for example john smith won £1 million cash on who wants to be a millionaire tv show back in 1999 in £10 notes. Will any post office obliged to swap his old million for the new plastic notes million? So for obvious reasons there's usually a max limit of old cash for the new swap, so on the post office website what does the limit say?

Okay what about the typical high street banks, what's the confirmed policies for them? Is it simply the matter of just visiting a branch without an appointment?

bery_451

Eco_Miser wrote: »

There is no deadline to swap old notes.
Most banks will accept recently withdrawn notes for deposit. The Bank of England will always accept their genuine notes (but require proof of ID) see https://www.bankofengland.co.uk/banknotes/exchanging-old-banknotes

Okay worse case scenario if deadlines are missed then the old cash bag holder has to go all the way to london bank of england to swap his/her old notes? I can't imagine anyone posting a £million cash via royal mail to the bank of england using special delivery :eek:

singhini

bery_451 wrote: »

Okay worse case scenario if deadlines are missed then the old cash bag holder has to go all the way to london bank of england to swap his/her old notes? I can't imagine anyone posting a £million cash via royal mail to the bank of england using special delivery :eek:

That's correct (that's because bank notes retain their value forever and because of this they can always be returned to the issuing source i.e. The Bank of England. All you have to do is go there. Personally I would ask then not to issue you a £1m worth of new £10 / £20 notes but ask them to issue you a "giant" i.e. a single bank note worth a £1m [much easier to carry around but I accept much harder to spend in you local supermarket).

PS - Should you have some coins then you need to speak to the Royal Mint (though it might be in your interest not to return certain notes and coins due to rarity and/or precious metal content i.e. schillings made before 1947 have an amount of silver content and so most are worth more than the modern face value equivalent of 5p per schilling).

Hope I have been helpful. FYI i am available for weddings, funerals and bar mitzvah's :beer:

Eco_Miser

bery_451 wrote: »

Ok so for example john smith won £1 million cash on who wants to be a millionaire tv show back in 1999 in £10 notes.

Who want to be a millionaire always paid by cheque - handed over by Chris Tarrant on air.

More generally, only the BOE is going to change a million pounds in old banknotes, and only after thorough AML procedures.

Turning up at any bank or post office with a million quid, even in brand new notes, is going to trigger lots of questions - unless you work at a big cash-handling business and this is normal.

bery_451

Ok what are limits or what prior arrangements required to be made before visiting a post office or high street bank?

£1 million I mentioned above is just a extreme scenario example.

Eco_Miser

You'd have to ask them, or at least look on their web-site.
Their T&C's for a current account are likely to specify a maximum amount that can be withdrawn over the counter without notice. The amount of old notes they will swap no-questions-asked won't be more than this.