New £20 and exchanging old for new

Euphoria1z

Hi


You know when the new £20 note comes out in Feb2020, when it comes to exchanging old cash for new notes at your local bank (co-op), is there a limit to how much you can exchange in one day?


Will banks exchange cash for cash or will they deposit the money in your account and you will have to withdraw?


I didn't have much to exchange when the £10s came out so don't know how it happened. I will be contacting my bank closer to time but just wondering if any ones knows...


Thanks

EssexExile

I just carry on using them & the wallet gradually empties of the old ones & fills with the new ones.

The emptying seems to happen faster than the filling though.

Euphoria1z

For those that have large cash amounts saved.

Chino

Euphoria1z wrote: »

I will be contacting my bank closer to time but just wondering if any ones knows...

Why not just pop in tomorrow and ask what the limit might be?

Presumably they only hold a limited amount of notes in branch so, depending upon how many £20 notes you hold, you might have to give them notice of when you intend to come in and exchange your notes.

Wellard_Mann

Euphoria1z wrote: »

Will banks exchange cash for cash or will they deposit the money in your account and you will have to withdraw?

Santander asked me to make a deposit then a withdrawal when I did this a few years ago. I don't know about other banks from personal experience but I understand it's a common policy.

molerat

How much are we talking here ? With the banks running scared of AML regs you may get a few questions.

born_again

Euphoria1z wrote: »

For those that have large cash amounts saved.

Start spending them now.... :rotfl:

Pay them into the bank now. Why would anyone have large amounts of cash sat at home. Even rubbish interest rates are better than mattress rates.

jonesMUFCforever

IMO you may get to exchange one or two notes but anything more will have to be paid into your account and then withdrawn.

Flobberchops

The exact answer is likely to vary from branch to branch, and bank to bank. I expect the way they would prefer you do it is to deposit the lot, then withdraw as new notes subject to availability and/or daily cash limit.


Ultimately it's your money and you would be quite entitled to hoard it all in copper coins in sacks under your floorboards, if you so wished, but perhaps take the opportunity to reduce the amount of physical cash you're keeping in the house?

Brewer20

Pointless question to ask on here, the banks will give you the answer but wouldn't it be better to put them in the bank before the new notes came out??

Yorkshire_Pud

I would expect the banks to insist on pay in to an account otherwise its a money launderers charter unless they can check each note. But of course ask your bank!