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    • Rapporman
    • By Rapporman 9th Aug 18, 10:03 AM
    • 3Posts
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    Rapporman
    Changing current £20 notes
    • #1
    • 9th Aug 18, 10:03 AM
    Changing current £20 notes 9th Aug 18 at 10:03 AM
    I have saved £1000 in £20 notes and wish to convert them to £50 notes. Is my bank obliged to do this as a straight swap or must I pay the £20 notes into my account and then withdraw in £50 's. I have been a customer of the bank for 25 years and am retired.
Page 1
    • Merlin139
    • By Merlin139 9th Aug 18, 10:11 AM
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    Merlin139
    • #2
    • 9th Aug 18, 10:11 AM
    • #2
    • 9th Aug 18, 10:11 AM
    I cannot see what difference it would make to you. If you had to pay them in you could then withdraw the money as £50's straight afterwards.

    Either method would take around 60 seconds to carryout.

    Obviously a problem might arrive if you are overdrawn past the limit of an overdraft.
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    • eskbanker
    • By eskbanker 9th Aug 18, 11:35 AM
    • 8,739 Posts
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    eskbanker
    • #3
    • 9th Aug 18, 11:35 AM
    • #3
    • 9th Aug 18, 11:35 AM
    How long has it taken you to collect fifty £20 notes? Many people save up small change in jars, etc, but keeping £1,000 in cash form in your home misses out on a potentially worthwhile amount of interest and is a fairly significant amount of cash to be having around....
    • kazwookie
    • By kazwookie 9th Aug 18, 11:39 AM
    • 10,167 Posts
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    kazwookie
    • #4
    • 9th Aug 18, 11:39 AM
    • #4
    • 9th Aug 18, 11:39 AM
    They will pay them into your account, and them draw them out, so they have an audit of where their money has come from / going to.

    Being retired and 25 years with the same bank has nothing to do with it.~irrelevant.
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    • agrinnall
    • By agrinnall 9th Aug 18, 1:03 PM
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    agrinnall
    • #5
    • 9th Aug 18, 1:03 PM
    • #5
    • 9th Aug 18, 1:03 PM
    I'd ring up the bank first, I don't know whether they keep many £50 notes on hand given that they are so rarely used, and they might need to order them in.
    • Robin9
    • By Robin9 9th Aug 18, 1:07 PM
    • 3,362 Posts
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    Robin9
    • #6
    • 9th Aug 18, 1:07 PM
    • #6
    • 9th Aug 18, 1:07 PM
    What on earth do you want £50 notes for ? They can be difficult to spend as many shops don't see them very often and treat them with suspicion.
    Never pay on an estimated bill
    • AndyPK
    • By AndyPK 9th Aug 18, 5:14 PM
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    AndyPK
    • #7
    • 9th Aug 18, 5:14 PM
    • #7
    • 9th Aug 18, 5:14 PM
    I believe £20 notes are due to be changed to the new style, which is why the question has been raised.

    I guess you could get £10 notes, but they may bio-degrade under your mattress!
    • eskbanker
    • By eskbanker 9th Aug 18, 5:29 PM
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    eskbanker
    • #8
    • 9th Aug 18, 5:29 PM
    • #8
    • 9th Aug 18, 5:29 PM
    I believe £20 notes are due to be changed to the new style, which is why the question has been raised.

    I guess you could get £10 notes, but they may bio-degrade under your mattress!
    Originally posted by AndyPK
    Assuming it's Bank of England notes we're talking about here, the next generation of £20 is due to be issued in 2020, so, assuming the six-month transition period for tenners is repeated, there will be at least two years before current £20 notes are withdrawn from circulation, and if OP is simply planning on taking them to the bank, then even that wouldn't be a deadline as such....
    • Westie983
    • By Westie983 9th Aug 18, 5:48 PM
    • 4,634 Posts
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    Westie983
    • #9
    • 9th Aug 18, 5:48 PM
    • #9
    • 9th Aug 18, 5:48 PM
    £20 notes are not due to change till 2020.

    You will have to pay the £1000 into your bank account and then do a withdrawal of £1000 in £50 if your bank has them in stock, normally its a note value that is ordered in, or sent back as soon as there is £5000 worth so you may need to speak to your bank to make sure they have £50 in, or for them to know not to send back that weeks £50 from stock.

    Your bank is obliged to give you the denominations you require if they have stock and its been ordered, but not a straight swop, as an audit trail is needed. This is the process if you have been a customer for 5 minutes or 50 years.

    Westie983
    Save 12k in 2019 #10 Total (£16000)+£0/£12000 = 0.0%
    Sealed Pot Challenge ~ 12 #97 Total (£450)+£1/£500 = 0.20% ( x 11)
    Xmas 2018 £1 a Day #2 Total (£165)+£0/£365 = 0.00%
    Virtual Sealed Pot #1 Total (£1300)+£0/£1000 = 0.00%
    £2 Savers Club 2018 #16 Total (£1030)+£0/£2000 = 0.0%

    Total £1.00/£15865 = 2.00%
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    • shortcrust
    • By shortcrust 9th Aug 18, 6:13 PM
    • 2,154 Posts
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    shortcrust
    There are murmurs that the £50 note will be withdrawn and not replaced. It doesnít really matter anyway as banks will still accept them for ages after theyíre withdrawn and the BoE will accept them for as long as the ravens are still in the Tower of London.

    In my experience banks will change notes without paying them into your account if youíre a customer. Perhaps things have changed? Ask! You may have to give them notice so they can get that amount of 50s in, especially if itís a small branch.
    • Savvy_Sue
    • By Savvy_Sue 9th Aug 18, 6:35 PM
    • 39,249 Posts
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    Savvy_Sue
    What on earth do you want £50 notes for ? They can be difficult to spend as many shops don't see them very often and treat them with suspicion.
    Originally posted by Robin9
    This, I actively dislike having £50 notes, not that it happens often!

    In my experience banks will change notes without paying them into your account if youíre a customer.
    Originally posted by shortcrust
    this is my experience also. Plus we found £40 in old tenners and £5 in old £1 coins the other day, and I had no problem swapping them directly.

    Biggest problem is finding a convenient bank branch!
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    • scoot65
    • By scoot65 9th Aug 18, 6:53 PM
    • 196 Posts
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    scoot65
    What on earth do you want £50 notes for ? They can be difficult to spend as many shops don't see them very often and treat them with suspicion.
    Originally posted by Robin9
    £50 notes are useful to take away with you abroad (particularly in developing countries) if you intend to use local money changers........ Also they make a convenient emergency cash stash in case of ATM card problems etc.

    I always have some notes with me when I travel to SE Asia.
    • jonesMUFCforever
    • By jonesMUFCforever 9th Aug 18, 6:59 PM
    • 25,366 Posts
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    jonesMUFCforever
    IMO most banks won't exchange notes to that value without the money being credited to the account first then withdrawn.
    A trail is then established.
    What goes around - comes around
    give lots and you will always receive lots
    • Robin9
    • By Robin9 9th Aug 18, 7:04 PM
    • 3,362 Posts
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    Robin9
    I've only ever seen 4 £50 notes.
    Never pay on an estimated bill
    • eskbanker
    • By eskbanker 9th Aug 18, 7:10 PM
    • 8,739 Posts
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    eskbanker
    Also they make a convenient emergency cash stash in case of ATM card problems etc.
    Originally posted by scoot65
    How would twenty £50s be more convenient than fifty £20s?!
    • missile
    • By missile 9th Aug 18, 7:12 PM
    • 9,828 Posts
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    missile
    Can't understand why you would want to, but it should not be a problem. I withdrew 1200 in 50 notes from my account when my builder wanted payment in cash.
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
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    • TheShape
    • By TheShape 9th Aug 18, 7:19 PM
    • 1,424 Posts
    • 1,298 Thanks
    TheShape
    Can't understand why you would want to, but it should not be a problem. I withdrew 1200 in 50 notes from my account when my builder wanted payment in cash.
    Originally posted by missile
    The £50 note. The tax-evader's note of choice.
    • Merlin139
    • By Merlin139 9th Aug 18, 7:58 PM
    • 5,424 Posts
    • 20,878 Thanks
    Merlin139
    £50 notes are very popular at Racecourses.
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    • Mojisola
    • By Mojisola 9th Aug 18, 8:04 PM
    • 30,128 Posts
    • 77,426 Thanks
    Mojisola
    £50 notes are useful to take away with you abroad (particularly in developing countries) if you intend to use local money changers........ Also they make a convenient emergency cash stash in case of ATM card problems etc.
    Originally posted by scoot65
    Smaller value notes are much more useful - you can't rely on shops to have change for high value notes - or be willing to give away a lot of change if more customers than usual are using cash.

    We have mostly £5s and £10s plus a bag of coins.
    • missile
    • By missile 9th Aug 18, 8:04 PM
    • 9,828 Posts
    • 4,952 Thanks
    missile
    The £50 note. The tax-evader's note of choice.
    Originally posted by TheShape
    50s were my choice. He would have been happy with any denomination.
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home
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