Despite the announcement by the Bank of England last June that the legal tender status of its £ 20 and £ 50 banknotes would end on September 30, 2022, £ 9bn of £ 20 banknotes and £ 15bn of £ 50 paper banknotes, totaling around $ 33 billion, are still in circulation with one year remaining.
The two paper banknotes were replaced by new polymer designs, the £ 20 banknotes with JMW Turner and the £ 50 banknotes with Alan Turing. After September 30, 2022, polymer banknotes will be the only ones to be legal tender.
A September 29 press release from the bank reiterated the procedures for buying back the soon to be obsolete currency. As the first and easiest step, the Bank of England encourages anyone who has them at home to spend them or deposit them at their bank or post office. After September 30, 2022, people with a UK bank account will still be able to deposit withdrawn banknotes into their account. He adds that some post offices may also accept the old banknotes as payment for goods and services or for deposit into an account accessible through them. The bank will continue to exchange all withdrawn banknotes.
People outside the UK can redeem their old tickets by mail. Since the sender assumes all risk associated with the shipment, insured courier is suggested. A postal exchange form for individuals can be downloaded from the Bank of England website. It should be sent together with banknotes and photocopies of ID (one photo ID and one with proof of address) to Department NEX, Bank of England, Threadneedle Street, London EC2R 8AH. Money can be paid for overseas exchanges by check or to a bank account, in which case the BIC / SWIFT code and IBAN or account number must be provided. Remittances can only be made in English pounds, for which foreign banks may charge a fee.
For more details See https://www.bankofengland.co.uk/banknotes/exchanging-old-banknotes.
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