Check out these 10 holiday destinations which remain cheap despite rising inflation. Scottish notes aren't legal tender in England or Scotland. This means you cant use them in shops or as payment any more. Chris Blakey, Halifax UK The bottom line is they do not accept Scottish money because they ARE ENGLISH. cheers rwb, will start looking out for a few. When presenting notes at the counter youll also be asked for one form of photo ID. or We use the Halifax/BOS. England and Wales company registration number 2008885. Many charities specifically mention that they accept old currency and are more than grateful to receive any donations. The reason for this is purely because Scottish notes are rarely seen in some areas of England, meaning the person receiving the note is unsure of its validity. What to do with old 10 notes you find and the shops that still take them even though they're not legal tender any more. That phrase "I promise to pay the bearer on demand" is something that doesn't have a time limit on it, the Bank told Mirror Money. You can read more about how we use this power in the Scottish and Northern Ireland Banknote Issuance Annual Report. Youll be given the same value back in the new polymer notes. Use the Global Player app to listen to live radio for LBC & LBC News. Old 20 and 50 paper notes stopped being legal tender in the UK on 30 September 2022. This means you will always be able to exchange your banknotes with them for their equivalent value in pounds. This works out at 242 million individual 20 notes and 106 million paper 50 notes. Alternatively, you may use. Just go up the town to your bank and they will give you English sterling with your bank card at the foreign exchange desk. The Scottish banks issue notes in denominations of 5, 10, 20, 50 and 100. You can deposit out-of-date banknotes up to the value of 300 every two years into your bank account at some local Post Offices. BA1 1UA. Paper 20 and 50 notes . The banks will also exchange all Scottish-issued notes for their own customers, while they'll exchange their own paper 5 and 10 notes from non-customers up to the value of 250. so do note you use the information at your own risk and we can't accept liability if things go wrong. Businesses and shops will no longer be obliged to accept. Members who are knowledgeable about this destination and volunteer their time to answer travelers' questions. View our online Press Pack. Something went wrong, please try again later. Its unlikely that Scotland will go its own way after September but even if they do it will take a few months for the economies to go separate ways. Do note, while we always aim to give you accurate product info at the point of publication, unfortunately price . There's more information on exchanging notes here . The Post Office may also accept withdrawn notes as payment for goods and services, or as a deposit into any bank account you can access with them. Nationwide says it accepts old notes (and coins) from existing members as they have to be paid into an existing account they hold with the Society. Despite this, there are many popular branches including Halifax, Lloyds, and the Bank of Scotland who will exchange old notes and coins for you or deposit them into your account. Ian Payne Youll need to take along two documents one with proof of your address and another with photo ID to verify your identity along with completing a form at the counter. It is very rare for the Bank of England to make printing errors although there are a few examples in recent times. England and Wales company registration number 2008885. Editor, Marcus Herbert, Just trying to make up for past mistakes and work towards the future I want. If you dont have an account with a bank or building society your only option may be to take a trip to the Bank of England and swap your note in person. Keep in mind that it may not be in your best interest to send large amounts of money via post. Does it have to be BoE notes? We should make it clear that high street bank branches are not obligated to accept old notes or coins and they have every right to turn you away if it is against their policy. Only the Bank of England issues banknotes in England and Wales, but six banks in Scotland and Northern Ireland can also issue banknotes. All rights reserved. oh, so not so hard to get hold of this funny english money!!!! Due to how recently the old round pound coin was taken out of circulation, it is no surprise that a lot of people have asked us whether these can be exchanged or not. The Bank of England have to give up to six month's notice to when an old note will cease as tender, though the new 20 note was first issued on . It also says you can send notes to it by post, but at your own risk. Regardless of their age, there are ways to get some money back for them but we encourage everyone who can to consider donating their old currency to charity where possible. Evaluate Your Coin with Confidence! As of today (June 23, 2021) there are polymer banknotes for every denomination: 5, 10, 20 and 50. Forum Member. SueHaywardis a personal finance and consumer journalist, broadcaster and author who regularly chats on TV and Radio on ways to get more power for your pound. Scotland uses the Pound Sterling, which is the currency used throughout the United Kingdom. The Bank of England's newly-designed Alan Turing 50 bank note enters circulation today. "The Sun", "Sun", "Sun Online" are registered trademarks or trade names of News Group Newspapers Limited. But it's not just new notes to watch out for. Get your evaluation quick! Bath All you have to do is fill out the form below and attach a clear image of both sides of the coin. If you want the equivalent cash you can then withdraw it from your account. The counter is open from Monday to Friday: 9:00am - 4:00pm, excluding Bank Holidays. Does anyone know for definite ifthe turks still don't accept scottish tenners for the visa. If you are a resident of another country or region, please select the appropriate version of Tripadvisor for your country or region in the drop-down menu. The Bank of England will honour every banknote that has ever been issued by them, regardless of how long ago it ceased to be legal tender. Most banks have said they will continue to accept deposits of the old paper tenner from their own customers after March 1. cheers rwb, will start looking out for a few. Visit our corporate site. You may need an ID when exchanging notes. The Bank of England counter is open from 9.30am 3pm from Monday to Friday. Never had any problems spending Scottish banknotes south of the boarder. It must also be accompanied with a covering letter and a copy of photo ID and proof of address. These paper notes are no longer legal tender, meaning they can't be used to pay in shops, but the good news is you can still deposit them or exchange them for cash. Santander cuts benefits on 123 account Some banks including Bank of Scotland, Barclays, Halifax, HSBC, Lloyds, NatWest, Royal Bank of Scotland and Ulster Bank will allow customers to deposit old paper notes. Take sterling and you won't have to worry. Banks that allow you to exchange paper notes will generally allow you to deposit the money into the account that you hold with them. In fact, the only advice given by the Royal Mint themselves on the topic is to try your luck with a high street bank. There's no exchange rate - in theory, English and Scottish notes have the same value, but it doesn't seem that way when you try and spend the Scottish ones in the heart of London Conversly, we visit Scotland frequently and you should see the look we sometimes get when we present an English 10 note! The final date you can use paper 50 notes is September 30 next year - the same goes for paper 20 notes. 2022 report Find all the participating Post Office branches where you can exchange old notes. Before sending, you need to fill out a form and send proof of your address with a scan of your photo ID. If youre not interested in exchanging your old currency for anything in return, weve listed a few of our favourite charities below that currently accept withdrawn coins and notes. Does it have to be BoE notes? In short, we are responsible for checking if the six Scottish and Northern Ireland banks that issue banknotes are complying with the asset-backing rules. . The counter is open between 9:30 am and 3 pm on weekdays. Lloyds says customers can exchange or deposit 20 and 50 paper Bank of England or Bank of Scotland bank notes into Lloyds Bank, Halifax or Bank of Scotland accounts. Coinciding with what would have been his birthday, the Bank of England today has released its newly-designed 50 bank note, featuring mathematician and computer scientist, Alan Turing. Here are the official rules regarding old notes and the places that are still accepting any old 10 notes you might find after the deadline. Old paper 20 and 50 notes are no longer legal tender but you can exchange them at the Bank of England, some Post Offices and many high street banks will accept them too. So here's what to do with these old notes: Customers of Lloyds Banking Group, which covers Bank of Scotland, Halifax, and Lloyds, can deposit old notes worth more than 20. You may disable these by changing your browser settings, but this may affect how the website functions. Are housebuilder stocks looking cheap for dividend yields? We are not responsible for the design of banknotes from the six banks, or how well they resist counterfeiting. We have the power to fine the banks if they do not comply with the regimes rules and conditions. This agreement also extends to the old round pounds that were officially demonetised in 2017. Three banks are authorised to issue banknotes in Scotland: Three banks are authorised to issue banknotes in Northern Ireland: The Association of Commercial Banknote Issuers has more information on the six issuing banks. The further back you go in date, the more youre likely to fetch. If you still have a paper version of the 50 and 20 note in your wallet, there's still time to swap it for a polymer version. This is generally referred to as 'making a disclosure in the public interest'. Subscribe to MoneyWeek now and get your first six magazine issues absolutely FREE, Elizabeth Fry 5 note ceased to be legal tender on 5 May 2017, Adam Smith 20 note ceased to be legal tender on 30 September 2022, Charles Darwin 10 note ceased to be legal tender on 1 March 2018, Boulton & Watt 50 note ceased to be legal tender on 30 September 2022. . Currency within the UK changes fairly frequently leading to coins and banknotes being taken out of circulation. You will need to bring proof of ID and proof of address. Whistleblowing is when an employee reports suspected wrongdoing at work. Would you like to give more detail? To use our mobile site, please enable JavaScript. Anything I post is my opinion, so from time to time I may be wrong. The latest house price index from Zoopla shows sellers are accepting a 4.5% discount on asking prices to secure a sale as the property market cools do. This should be done by recorded or special delivery - however once again it warns that this too could mean, a wait time for your payment may be in excess of 30 days. We personally wouldnt expect any coins from before the decimalisation of the UKs currency system, such as shillings and florins, to be accepted but recently withdrawn coins such as the round pound should be no problem. Scottish banknotes are unusual, first because they are issued by retail banks, not government central banks, and second, because they are technically not legal tender anywhere in the United Kingdom - not even in Scotland, where in law no banknotes - even those issued by the Bank of England - are defined as legal tender. 0 [Deleted User] Posts: 1,693. on the web. Issued in February 2020, the new 20 note features British Romantic painter, JMW Turner. However youll usually need an account with the relevant bank or building society so you can pay in the money rather than just swap notes over the counter. Can I spend a Scottish 20 note in England? Halifax says customers can exchange or deposit 20 and 50 paper Bank of England or Bank of Scotland bank notes into Lloyds Bank, Halifax or Bank of Scotland accounts. Nationwide, Santander and TSB told The Sun that customers can deposit - not exchange - notes at their branches. Alternatively, you can email us at whistleblowing@bankofengland.co.uk or write to: IAWB Team, Legal Directorate, Bank of England, Threadneedle Street, London EC2R 8AH. UK home sellers cut 14,000 off their asking prices as the buyers market returns. Different banks have different policies on this, so it's possible yours won't offer this option. The final date you can use paper 50 notes is September 30 next year - the same goes for paper 20 notes. Do you have a story for The Sun Online Money team? more. Paper 10 notes were withdrawn as a legal tender in March 2018 and paper 5 notes were scrapped way back in May 2017. The most well-known are notes that are missing the chief cashiers signature. Virgin Money says Old notes can be exchanged in any Virgin Money store up to the value of 250. We often link to other websites, but we can't be responsible for their content. This topic has been closed to new posts due to inactivity. Scotland has no problem accepting English notes, but shops in England have been known to refuse the Scottish versions. Bank of England banknotes held as backing assets may be kept either at an authorised location or at the Bank of England. KKOB - Your right, probably worth the hassle to make sure I get hold of them at this end, but FYI Scottish notes are the very same Sterling as 'dan 'saff :). The old-style of 20 notes are soon to be removed from circulation completely as a cut off date has been announced. The paper 10 notes is officially no longer legal tender. Old paper 20 notes expired on 30 September 2022. Non customers can exchange 20 and 50 paper notes for polymer versions - up to a value of 250. There are plenty of options if you happen to come across old banknotes and coins and you should be able to get rid of them without a problem. But what should you do if you come across any old ones? 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LBC News amid Meghan, Angry mob surround house and throw bricks and fireworks as police claim fury is based, Killer parents who left morbidly obese daughter to die in maggot-infested bed jailed, Arctic blast sets off government's Cold Weather Payment - but are you eligible for the, Intensive care doctor reveals horrors of working during Covid, after leaked Matt, 'Cut the cash! Avios points can help you cut the cost of travelling and right now, you can grab thousands of extra Avios points with this American Express deal, Nationwides latest house price index shows house prices declined annually for the first time since June 2020, and the largest since 2012 - is the bub. The Bank of England's head office in London's note exchange desk lets anyone with an out of date note swap it for a current one meaning anyone with an old note can head there and swap their paper tenners. To exchange your banknotes in person you can take them to the following address: Bank of England Threadneedle Street London EC2R 8AH. Banks and building societies happy to exchange the old notesinclude Halifax, Lloyds, Nationwide, Barclays and HSBC - though keep in mind they may have a cut-off date. The difference is that some English traders (especially the further south you go) will not accept Scottish banknotes. We are an affiliate of the Royal Mint, meaning if you click a Royal Mint link and make a purchase, we receive a small commission. Ian Payne is Leading Britain's Conversation. If youre looking to get rid of withdrawn coins and still get something in return, this is undoubtedly the method for you. KKOB - Your right, probably worth the hassle to make sure I get hold of them at this end, but FYI Scottish notes are the very same Sterling as 'dan 'saff :). 1.5K Posts. Meanwhile HSBC and RBS Banking Group, which covers NatWest, Royal Bank of Scotland and Ulster Bank, say customers can swap or deposit old notes. No time limit on when this will end. Customers of Lloyds Banking Group, which covers Bank of Scotland, Halifax, and Lloyds, can deposit old notes worth more than 20. Luckily, most banks and even the Post Office will accept old pound coins, as long as they are in decent condition and not too damaged. An employee can report things that are not right, are illegal or if anyone at work is neglecting their duties, including: We encourage employees of the Scottish and Northern Ireland issuing banks and their approved agents to first use the whistleblowing procedures available in their workplace. A new polymer 20 note featuring JM Turner will be issued in 2020 replacing the current paper notes. The Post Office has an agreement with all high street banks that allows them to accept a persons withdrawn banknotes and deposit the equivalent pound value into their usual bank account. Weve got 5 ways you can get rid of your old coins and banknotes, and possibly get something back in return. As always you can unsubscribe at any time. New notes include a hologram image, watermark, foils, raised print, ultraviolet features and metallic thread. There is no time limit on exchanging withdrawn bank notes at the Bank of England as it will accept them indefinitely. Disclosures made to us will be dealt with by a dedicated whistleblowing function. oh, so not so hard to get hold of this funny english money!!!! Demand for this commodity jumped in 2020, sending prices skyward. These are the notes you can exchange at a Post Office. AIB Group (UK) plc (previously trading as First Trust Bank in Northern Ireland) ceased issuing banknotes on 30 June 2020. Unique serial numbers are the easiest to find with collectors particularly favouring lower serial numbers or those with sequences such as 888888. About this destination and volunteer their time to answer travelers ' questions that! Raised print, ultraviolet features and metallic thread 10 holiday destinations which remain cheap despite inflation... Replacing the current paper notes for polymer versions - up to the value of 300 every two years into Bank! Is the currency used throughout the United Kingdom currency used throughout the United Kingdom the web you hold them... A legal tender publication, unfortunately price in pounds topic has been announced, foils, raised print, features. For the Bank of England issues banknotes in person you can get rid of your old coins and being... In 2017 paper 10 notes is officially no longer legal tender refuse the Scottish.... & LBC News rising inflation UK changes fairly frequently leading to coins and banknotes, and get! 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