Old Paper £20 Notes

The_Shadow

I know these old style Paper £20 Notes are being withdrawn and are going out of circulation next year.
Can these be exchanged like for like at the bank.
 

Adyinvestment

Yes, I did some at my bank a couple of weeks ago, I believe you can still spend them in shops until September 2022.

dunstonh

Your bank  (as long as it's a clearing bank) will accept old notes going back generations and long out of circulation.

The_Shadow

Adyinvestment said:

Yes, I did some at my bank a couple of weeks ago, I believe you can still spend them in shops until September 2022.

So they will exchange like for like without paying into an account ?

refluxer

The_Shadow said:

So they will exchange like for like without paying into an account ?

I don't see why not but even if they don't, you can just pay them in to your account and withdraw some new notes from the cash machine outside !

eskbanker

refluxer said:

The_Shadow said:

So they will exchange like for like without paying into an account ?

I don't see why not but even if they don't, you can just pay them in to your account and withdraw some new notes from the cash machine outside !

Many banks won't simply exchange money without it being deposited into a validated account and withdrawn again, thereby producing some sort of audit trail to assist with AML/KYC compliance, etc....

Albermarle

The_Shadow said:

Adyinvestment said:

Yes, I did some at my bank a couple of weeks ago, I believe you can still spend them in shops until September 2022.

So they will exchange like for like without paying into an account ?

They might but probably only if you were a customer of that bank.

droopsnoot

eskbanker said:

Many banks won't simply exchange money without it being deposited into a validated account and withdrawn again, thereby producing some sort of audit trail to assist with AML/KYC compliance, etc....

Oh, that's probably why Barclays won't just change my occasional bags of coinage any more, and insist on it being paid into my account. I'd figured this was just because it takes them time to process cash and didn't want to do it for anyone other than customers. Although the amounts I'm processing are way smaller than a point where money-laundering would be an issue.

NedS

eskbanker said:

refluxer said:

The_Shadow said:

So they will exchange like for like without paying into an account ?

I don't see why not but even if they don't, you can just pay them in to your account and withdraw some new notes from the cash machine outside !

Many banks won't simply exchange money without it being deposited into a validated account and withdrawn again, thereby producing some sort of audit trail to assist with AML/KYC compliance, etc....

Indeed, this has been my experience. The bank is happy to accept and change the notes, but only when paid into an account and withdrawn again. They did exchange an old round pound coin though without requiring it to be paid into my account

msallen

I previously explained the reasoning behind why most banks require you to pay in to an account and then withdraw again in this post:

https://forums.moneysavingexpert.com/discussion/comment/78612809#Comment_78612809

It is generally not at the discretion of the teller or anything to do with AML.

John464

I keep a spare wallet with a £5 note and some junk in it to hand over if I got mugged.
Realised the note was out of date, and took it into the Halifax.
Teller said just pay it into the cash machine outside
(She came outside with me to show me how to use the machine, which wasn't necessary, I guess she was fed up being inside and wanted to get out for a minute)
She asked how I had got such an old note.   I guess they are looking out for people who have a lot of old notes from ill gotten gains?