New £20 and exchanging old for new

caveman38

Ergates wrote: »

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.

You're the only one who knows about it. Bank, BS, Shares or NSI, I'm sure a divorce solicitor would locate.
As I said in an earlier post - running away money. Kept secret from spouse.

robatwork

Ergates wrote: »

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.

How about:

Having lots of jobs done on a house refurb and tradesmen like to be paid after job in cash.

Takmon

robatwork wrote: »

How about:

Having lots of jobs done on a house refurb and tradesmen like to be paid after job in cash.

Yea but helping the tradesperson to avoid declaring their income and paying tax isn't really a legitimate reason is it.

If they were planning on declaring all of their income then they would just as happily accept a bank transfer as payment because it saves them trips to the bank paying in cash and potential fees if it's a business account.

robatwork

Takmon wrote: »

Yea but helping the tradesperson to avoid declaring their income and paying tax isn't really a legitimate reason is it.

If they were planning on declaring all of their income then they would just as happily accept a bank transfer as payment because it saves them trips to the bank paying in cash and potential fees if it's a business account.

I know the point you're trying to make.

But think as a tradesman. Can you conceive of any legitimate reason why you may prefer cash rather than bank transfer? Even if you intend to declare it as income.

The clue is - there is at least one.

Takmon

robatwork wrote: »

I know the point you're trying to make.

But think as a tradesman. Can you conceive of any legitimate reason why you may prefer cash rather than bank transfer? Even if you intend to declare it as income.

The clue is - there is at least one.

I can think of many reasons why a tradesperson would prefer to be paid in cash rather than bank transfer.

But i can't think of one legitimate reason why they would expect a customer to go out of their way and keep a large amount of cash at home to allow them to be paid in cash rather than bank transfer.

DigForVictory

I'd be heading for racecourses. Loads of bars, and a few possibly cooperative bookies. I could exchange several hundred from old notes to new and all as I "don't want the other half to know".
If the OP is male, they don't even need a wedding ring. Just a certain amount of charm & a bonus amount of cheek.

Then there's asking shops if they'd change a note down for you - and lottery & pubs often will happily hand you kilos of coinage in exchange for a simple bit of paper - money laundering not an issue.

As I say, all it takes is a bit of charm & a bit of cheek.

eDicky

Ergates wrote: »

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

No, £50 notes are much preferable for use as a cash reserve, for those who understandably prefer to keep something outside of the banking system. Their relative compactness makes them 2.5 times more easily concealable.

greatgimpo

eDicky wrote: »

Their relative compactness makes them 2.5 times more easily concealable.

Not as much as that, they're larger.

shortcrust

The Bank of England will exchange large volumes of old notes for new over the counter. You have to show ID if the value is over £700, but from their site:

Is there a limit on the amount of withdrawn notes I can exchange?
There is no limit on the total amount of banknotes you can exchange. There is also no limit on the age of banknote you can exchange.

Edit to add: Up until a few years ago I used to keep a few thousand pounds in cash in the house. I know it probably sounds silly to most people (including me these days...) but it gave me a sense of security.

Rumblerods

It's not that silly. Look at Greece and India in recent years. Government can mess things up overnight. Though gold or the likes is a safer store of value