New £20 and exchanging old for new

gentlepurr

greatgimpo wrote: »

You have maybe 9 months from now. Take say £100 a week out of your bank/building society in tenners and put it away in place of £100 in twenties - you'll have to go to a desk and ask for tenners and not go to the ATM. Pay for petrol/shopping in cash in twenties. 9 months is close to £4,000. Any good?

(Am I the only person here that wonders if the OP does a lot of 'cash transactions?')

This was going to be my suggestion, or just change them into tenners as you get them. Im pretty sure the bank will accept them well after the 3 months change over period, you could still change white fivers at a bank if you had any.......lol and used £10 worth of old £1 coins towards may credit card bill last month, so not a major problem with a bit of forethought

gp xx

greatgimpo

NedS wrote: »

How about paying your credit card bill every month in cash over the counter? If it's anything like my CC bill each month, that would get rid of a lot of £20's in 6-9 months!

That can't work as the OP wants to save the money, where your method spends it.

NedS

greatgimpo wrote: »

That can't work as the OP wants to save the money, where your method spends it.

No, the OP wants to exchange old notes for new notes, but doesn't appear to want to pay them into a bank account, and banks will require large quantities to be deposited.

Every answer proposed in this thread involves spending the old notes in one form or another as a way to "exchange" them for new notes. Otherwise the OP would simply deposit them into his/her bank account and then withdraw new notes to replenish their "under the mattress" cash savings if that is the intention.

In our household, we do most of our routine monthly spending on CC, normally around £1000 per month. So if I had £1000 of old notes that I wanted to exchange, but for some reason(??) didn't want to pay them into my bank account, I would simply pay my monthly CC bill in cash with the old notes and then withdraw £1000 cash (new notes) from my bank account (from funds I would have otherwise used to pay said CC bill electronically) to replenish the cash holding if that is the intent. For me, this would be a lot more convenient than trying to drip feed £1000 through my local Costa / Greggs / Tesco etc in multiple small daily transactions as suggested elsewhere in this thread

antenna

Euphoria1z wrote: »

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

Seems to me that you want advice on money laundering........

Ergates

antenna wrote: »

Seems to me that you want advice on money laundering........

Exchanging old £20 notes for new £20 notes wouldn't help with money laundering *at all* - at the end of the process you'd still be left with cash.

Blackbeard_of_Perranporth

No problem OP. Just keep the money in your mattress and you will be fine!

born_again

Ergates wrote: »

Exchanging old £20 notes for new £20 notes wouldn't help with money laundering *at all* - at the end of the process you'd still be left with cash.

Just depends on how legal the source of the old £20 notes is.

Ergates

born_again wrote: »

Just depends on how legal the source of the old £20 notes is.

Unless there is something about the specific [old] £20s that would tie them to a particular crime (like, they're covered in blood or something), then it still wouldn't make any difference - as you'd still be left with a load of cash. Which you would still have to try to get into "the system"

NedS

Exactly, there has to be a reason why someone would not simply deposit the old notes into their account, and exchange for new notes if that is their desire. It's not illegal in itself to hold large amounts of cash under the mattress.

Ergates

NedS wrote: »

Exactly, there has to be a reason why someone would not simply deposit the old notes into their account, and exchange for new notes if that is their desire. It's not illegal in itself to hold large amounts of cash under the mattress.

I can't think of a single legitimate sane reason someone would want to hold a large amount of cash in £20s.

Doesn't mean there isn't one, I just can't think of it.