Megan Brooks
With the gradual phasing out of traditional forms of currency, many people are left wondering what to do with their old coins and notes. While banks are not legally required to accept old coins and notes once they are withdrawn from circulation, some banks continue to allow their customers to deposit them into their accounts. The Bank of England, for example, accepts old £5, £10, £20, and £50 notes, which can be exchanged in person or by post. Additionally, the Post Office accepts old notes as deposits into UK bank accounts accessible through them. Some high street banks, such as Barclays, Lloyds, and Nationwide, also allow customers to deposit or exchange old coins and notes, but it's important to check with specific banks as policies may vary.
| Characteristics | Values |
|---|---|
| Banks that accept old coins and notes | Barclays, Halifax, Lloyds, Nationwide, NatWest, Santander, Bank of England |
| Exchange options | Exchange for new currency, deposit into bank account |
| Limitations | Must not be materially damaged, discoloured, burnt, or suspicious-looking |
| Deadlines | No deadline to exchange old notes with the Bank of England; old £20 and £50 notes were no longer legal tender after September 30, 2022 |
| Exchange locations | Bank branches, Post Office, Bank of England counter on Threadneedle Street in London |
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What You'll Learn
Banks that accept old coins and notes
Banks are not legally required to accept old coins and notes once they are withdrawn from circulation. However, some banks continue to allow customers to deposit them into their accounts. For instance, Barclays, Halifax, Lloyds, Nationwide, NatWest, and Santander allow customers to deposit old coins and notes into their accounts. Barclays even offers to exchange old notes and coins worth up to £100 for their customers.
The Post Office is another option for exchanging old coins and notes. It allows customers to deposit old currency into their bank accounts, which they can then withdraw and spend as new money. There are 50 Post Office branches across the UK that will swap old banknotes, even if you do not have a bank account.
If you prefer a more personal approach, you can exchange old notes by visiting the Bank of England counter on Threadneedle Street in London. This service is available for notes only and requires two forms of identification: a photo ID and proof of address. There is no deadline to exchange old banknotes with the Bank of England, but it is usually easier and quicker to exchange notes at your bank or the Post Office.
In Denmark, Danmarks Nationalbank accepts damaged or discoloured banknotes subject to certain rules. For instance, discoloured banknotes must not be due to anti-theft devices, and damaged banknotes must have more than 50% of the banknote left.
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Exchanging old currency at the Bank of England
If you choose to exchange your old currency in person, you must bring two forms of identification: a photo ID and proof of address. The Bank of England counter is open from Monday to Friday, 9:30 am to 3 pm, with last entry at 2:45 pm. It is recommended to arrive before 12 pm to ensure you can be served before closing.
Alternatively, you can exchange old currency by post by filling out the banknote exchange application form and sending it along with your old banknotes, photo identification, and proof of address to the provided address. It is important to note that banknotes are sent at your own risk, so appropriate measures should be taken to insure against loss or theft. The Bank of England is currently experiencing delays of up to 90 working days for postal banknote exchanges.
While there is no deadline to exchange old banknotes with the Bank of England, it is generally easier and quicker to exchange notes at your own bank or at the Post Office. The Post Office accepts most old notes as deposits into any accessible UK bank account, and there are 50 branches that will swap old banknotes even without a bank account.
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Depositing old currency at the Post Office
Although banks are no longer legally required to accept old coins and notes once they are withdrawn from circulation, there are still options available for those looking to exchange their old currency. The Post Office is one such option.
The Post Office will accept most old notes as a deposit into any UK bank account you can access with them. There are also 50 Post Office branches across the UK that will swap old banknotes, even if you do not have a bank account. However, there is a £300 limit to how much each person can exchange in branches over a two-year period. To exchange old notes at the Post Office, you will need to bring your banknotes and photo ID to a participating branch.
It is important to note that not all banks have signed up to receive cash deposits through the Post Office, so it is essential to check with your bank beforehand. Additionally, the Post Office may experience delays of up to 90 working days processing postal banknote exchanges, so it is recommended to take appropriate measures to insure against loss or theft.
Other Options for Exchanging Old Currency
Besides the Post Office, you can also exchange old notes at your bank or in person at the Bank of England counter on Threadneedle Street in London. This service is available for notes only and requires two forms of identification: a photo ID and proof of address. Alternatively, if you have a UK bank account, you can deposit old notes into your account, although not every bank accepts non-legal tender. Some banks that still accept old tender for deposit include Barclays and Nationwide.
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Exchanging old coins and notes at Danish banks
In Denmark, Danmarks Nationalbank will exchange old and damaged coins and banknotes that are not materially damaged. This is done through banks in accordance with the 'Rules for the exchange of coins and notes'. It is important to note that retailers may refuse to accept older banknote series, especially those that are difficult to recognise and handle.
Danmarks Nationalbank accepts damaged or discoloured banknotes under certain conditions:
- It should be obvious that the discolouration is not due to anti-theft devices.
- The notes should not appear to originate from criminal activities.
- For damaged banknotes, more than 50% of the banknote must be intact.
For transfers to an account at a Danish bank, a fee of 50 Danish Krone (kr.) is charged. Transfers to a foreign bank account incur a fee of 125 kr. Companies and individuals exchanging large amounts of coins are charged a basic fee of 250 kr. per exchange, plus 3% of the total value.
While banks are not legally required to accept old coins and notes once they are withdrawn from circulation, some banks may still allow their customers to deposit them. It is always advisable to check with your specific bank regarding their policies on accepting old currency.
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Banks that don't accept old coins and notes
Banks are no longer legally required to accept old coins and notes once they are withdrawn from circulation. However, some banks continue to allow their customers to deposit old paper notes and coins into their accounts. For instance, MoneySavingExpert mentions that Barclays and Nationwide are among the banks that still accept old tender for deposit. Barclays even offers to exchange old notes and coins worth up to £100 for their customers.
It is important to note that bank policies may change over time, and some banks may not have the necessary equipment to count loose change anymore. Therefore, it is advisable to check with your specific bank before attempting to exchange your old currency.
If your bank does not accept old coins and notes, there are still other options available. The Post Office, for example, allows customers to deposit old currency into their bank accounts, which they can then withdraw and spend as new money. However, not all banks accept cash deposits through the Post Office, so it is essential to check beforehand.
Additionally, you can exchange old notes by visiting the Bank of England counter on Threadneedle Street in London. This service is available for notes only and requires two forms of identification: a photo ID and proof of address.
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Frequently asked questions
Banks are not legally required to accept old coins and notes once they are withdrawn from circulation. However, some banks continue to allow their customers to deposit old paper notes and coins into their accounts.
According to MoneySavingExpert, Barclays, Halifax, Lloyds, Nationwide, NatWest and Santander allow customers to deposit old coins and notes into their accounts.
There is no deadline to exchange old banknotes with the Bank of England. However, the Bank of England had set a deadline of 30 September 2022 for the circulation of old £20 and £50 notes.
The Post Office accepts old notes as a deposit into any UK bank account that can be accessed with them. There are also 50 Post Office branches across the UK that will swap old banknotes even if you do not have a bank account.
You can exchange old notes by visiting the Bank of England counter on Threadneedle Street in London. This service is available for notes only and requires two forms of identification: a photo ID and proof of address.
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