The Bank of England has warned that old paper £20 and £50 paper notes will expire after September 30 this year.
To help avoid any complications, Brits are being encouraged to either spend their notes as soon as possible or deposit them at their local bank or Post Office branch. If neither of these is a convenient option for you, an alternative can be to exchange the note with the Bank of England itself.
There are a few ways you can do this, however, the Bank of England strongly recommends that you do it by post unless you absolutely need the new notes immediately.
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How to exchange a note with the Bank of England via post
You can exchange banknotes with the Bank of England via post. To do so you must first complete a postal exchange form for either an individual or business.
You can then send the form with your banknotes and a photocopy of your ID to Department NEX, Bank of England, Threadneedle Street, London EC2R 8AH - it's important that you send a photocopy of your ID and not the original ID documents in the post. Following this, the Bank of England will pay the equivalent money into your bank account within ten working days usually.
The money may also be paid to you via cheque or via new banknotes worth up to £300. It's important to note that the Bank of England will not send banknotes overseas and will only do so within the UK.
How to exchange banknotes in person
You can attend the Bank of England Counter at Threadneedle Street, London to exchange your notes in person. To do this, you will likely be asked to complete a form and provide two original forms of ID (One photo ID and one proof of address).
Before the exchange is complete, you may also have to provide additional information or evidence relating to the origin of the banknotes. For example, if the money forms part of an estate, you will need to provide copies of a death certificate, wills or grant of probate.
Once the exchange is completed, the Bank of England may pay the money into your bank account which could take a minimum of 20 working days. If you are exchanging the money on behalf of someone else, you will need to prove an original signed letter of authority from the owner.
This signed letter must name you and state how they would like the money to be paid as well as two forms of ID for both you and the owner of the banknotes.
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