But these notes haven't caused a stir, in fact, they are not rare and there are already hundreds of them listed on eBay. When making payments, the Bank may provide personal data to financial institutions and payment systems involved. All existing polymer banknotes can continue to be used as both versions of the $5, $10, $20, $50 and $100 banknotes will be in circulation for a number of years. You have until Friday to spend your old £5 notes - here's what to do if you still have one Nationwide Building Society Nationwide will continue to accept the old £5 notes from existing customers. We have issued a new £20 note made of polymer. We pay for videos too. If we are unable to make an electronic payment, we will send a sterling cheque payable to you. The Bank of England may ask you to provide a further form of ID. You can unsubscribe at any time. Necessary cookies enable core functionality on our website such as security, network management, and accessibility. New face of the £50 note is revealed While the paper £5 and £10 notes are no longer legal tender, they will always be accepted by the Bank of England. What to do if you have old £5 or £10 notes How to Change Old £5 and £10 Notes. Please note we can only pay into accounts that accept sterling (GBP). A covering letter on headed company paper containing the following: registered office in country of incorporation. So please take appropriate measures to insure against loss or theft. For more information on how these cookies work please see our Cookie policy. If the money you are exchanging belongs to you and you are exchanging banknotes worth £999 or less, you may not need to bring any form of identification. 1) Payments towards pre … For every banknote it has ever issued, the Bank of England guarantees its face value – even if the note has been out of circulation for decades. Banks, building societies and Post Offices no longer accept the paper note even for exchanges, so you will have to physically go down to the BoE if you want to get your hands on fresh plastic notes. But there’s no time limit on swapping them with the Bank of England. But, from midnight on 1 March 2018, these old paper notes will stop being legal tender. The Bank of England is located at Threadneedle Street in London, EC2R 8AH. No. The paper £5 and £10 notes are long out of circulation, having been replaced by polymer versions in the past few years. We will announce the withdrawal date after we have issued our new polymer £20 note. To see all content on The Sun, please use the Site Map. However your bank or their intermediaries may charge you. We pay for your stories! When completing a banknote exchange form, the Bank of England collects personal data about you. They were both replaced … The Bank of England has already issued polymer £5 and £10 notes - a £20 polymer note is expected by 2020. Small amounts can be exchanged without going through a customer’s account, while larger amounts will need to be deposited into the account. For more information please contact us by email at [email protected] or telephone 0203 461 5994 (Monday to Friday from 9am to 4pm). The only place you can now exchange your paper notes for crisp polymer notes is at The Bank of England. The Sun website is regulated by the Independent Press Standards Organisation (IPSO), Our journalists strive for accuracy but on occasion we make mistakes. Press Spacebar or Enter to select, This page was last updated 04 January 2021, Your own bank or the Post Office may exchange withdrawn Bank of England banknotes. For other inquiries, Contact Us. If you are not satisfied with our response or believe we are processing your personal data not in accordance with the law, you can complain to the Information Commissioner’s Office (ICO). In future, banks and building societies may eventually stop accepting old £5 banknotes. You may disable these by changing your browser settings, but this may affect how the website functions. As of today, retailers and banks no longer have to accept them as legal tender. New $5, $10, $20, $50 and $100 banknotes are now in circulation. Without this data, we cannot process your application. I got lucky and found a bank to exchange mine in mid November. Proof of identification, a utilities statement in your name and further background information may be required for higher value exchanges. You can also post withdrawn banknotes to The Bank of England for exchange. You will still be able to use the paper £20 note until we withdraw it from circulation. You can exchange old Bank of England £5, £10, £20 and £50 notes which have been withdrawn from circulation in person or by post. The Sun Online revealed that a cheeky eBay seller had listed an old-style fiver for £150. To exchange your banknotes by post, please fill out the banknote exchanges application form Opens in a new window Opens in a new window and send it to us with the banknotes along with copies of your photo ID and proof of address. Notes are usually deemed valuable and attract high bids if they have a low serial number or are in mint condition. The $25 and $500 bills are some of the rarest ever produced in Canada. You can no longer use an old 5 pound note as it ceased to be legal tender on 5 May 2017. The Bank does not expect all old £10 notes to be returned, because some will have been destroyed, gone overseas or kept as memorabilia. For further details of our complaints policy and to make a complaint please click this link: thesun.co.uk/editorial-complaints/, Comments are subject to our community guidelines, which can be viewed, The old £5 note stopped being legal tender on Friday May 5, 2017, The Sun Online revealed that a cheeky eBay seller had listed an old-style fiver for £150, Independent Press Standards Organisation (IPSO), registered office in country of incorporation. We explain where to exchange them. If the money belongs to someone else and you are exchanging banknotes worth £999 or less, you need to provide the Bank of England with an original signed letter of authority from the owner, naming you and stating how they would like to be paid. Don’t worry you still have plenty of time to spend your old notes, in fact, you could save them all up then only use paper £10 notes to pay for all your Christmas presents. Do you have a story for The Sun Online news team? We do not charge for this service. The Bank of England says 94 million paper tenners and 118 million paper fivers haven’t been handed in, even though they can still be exchanged at face value. You have a number of rights under data protection laws. If the value is £1,000 or more and it belongs to you, you need to bring original photo ID and proof of address. The last time to use them was October last year. Counterfeiters … The Bank of England counter is temporarily closed in response to the Covid-19 outbreak and will re-open in due course. That means from this date when they were officially taken out of circulation and replaced by the new version, you can no longer use … But old bank notes retain their value for all time, so while you can no longer spend them on the high street, you can return them to the Bank of England, or most major banks if you're a customer, and get a new polymer banknote in exchange. We collect your personal data to assess your banknote application (in a way that complies with applicable laws and regulations, including Anti Money Laundering regulations) and to allow us to reimburse you the face value of your banknotes. The old versions of British Pound Sterling banknotes have been withdrawn from circulation and are no longer a valid means of payment in the UK. When do the old £20 notes expire? More than a year after they ceased to be legal tender, there are still £1.5bn-worth of paper £5 and £10 notes that haven’t been cashed in. We use analytics cookies so we can keep track of the number of visitors to various parts of the site and understand how our website is used. The counter is open from Monday to Friday from 9am to 4pm. We can pay your money into a bank account (normally within ten working days), by cheque or, if you live in the UK and your exchange is worth less than £50, in new banknotes. The new notes that had more advanced security features. The £20s will change in 2020. This service is provided on News Group Newspapers' Limited's Standard Terms and Conditions in accordance with our Privacy & Cookie Policy. Even though the new polymer £20 are also now available and can be withdrawn from cash machines, the old, paper £20 notes can still be used alongside the new ones for the time being. Click here to upload yours. spend and save them). On 20 February 2020 we issued a new polymer £20 note. Can You Still Use Old 5 Pound Notes? [Related story: Watchdog calls for major online banking and overdraft changes] The old £10 note has been phased out. Figures from the Bank of England suggest there’s still £2.2 billion of old paper £10 notes in circulation. We use this information to confirm you are who you say you are, to facilitate increased checks for higher value exchanges, to audit our processes and to comply with applicable laws and regulations. We may make reference to your previous claims to the Bank, and in some instances commercial sources, to enable us to meet our obligations in assessing your application. To check what we accept please see ‘Identification and proof of address’ below. View our online Press Pack. We use necessary cookies to make our site work (for example, to manage your session). Existing €500 banknotes continue to be legal tender, so you can still use them as a means of payment and store of value (i.e. Can you still spend paper £5 notes after 5 May 2017? News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services. This may mean that personal data is transferred outside the European Economic Area. 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