Brits have just five days to spend cash in certain notes at either banks, building societies or the Post Office before they become redundant, with shops unable to take them for payment after that time. The Bank of England (BoE) has warned that certain £20 and £50 notes will be withdrawn.
From Friday, September 30, paper £20 and £50 notes won't be usable on the high street. Polymer notes have already been introduced into the system to replace the paper notes.
The Bank of England first issued the new polymer £20 note in February 2020 in a bid to enhance security and combat fraud. It featured the artist JMW Turner. As the deadline for the old paper notes approaches, it is now time to double check if you have any old notes and swap them for new polymer ones.
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If you hold any of the notes, you can spend them between now and the end of the week or exchange the notes at your bank, selected Post Offices or The Bank of England. However, if you are considering a trip to the BoE, it has issued a warning to state that while it is currently open from 9.30am to 3pm Monday to Friday, it is experiencing extremely high demand.
In a statement, it said: "There will be long queues and you may encounter waiting times in excess of two hours. We would ask that you kindly consider the long wait times when travelling to the Bank to undertake an in person exchange - if you arrive after 1pm it is possible you may not get served before we close." Adding: "Unless you require your banknotes immediately, we would suggest sending your banknotes via the post."
If you miss the deadline to spend the paper notes in stores, the BoE says don't worry "withdrawn notes can always be exchanged after this date" by depositing them at your bank, some Post Office branches or the Bank of England.
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