Brandon Lee
The Bank of England has been replacing old £5, £10, and £20 notes with new, durable, and harder-to-forge alternatives. While banks are not legally required to accept old notes once they are withdrawn, many banks, including Barclays, Nationwide, and Santander, continue to allow their customers to deposit them into their accounts. The Post Office also offers a way to exchange old currency by depositing it into any UK bank account accessible to them. There is no deadline to exchange old banknotes with the Bank of England, but it is usually quicker to do so at your own bank or the Post Office.
| Characteristics | Values |
|---|---|
| Bank of England exchange | Accepts old £20 notes for exchange |
| Bank of England deadline | No deadline for exchange |
| Bank of England exchange limit | No limit mentioned |
| Bank of England exchange requirements | Photo ID and proof of address |
| Bank exchange | Many banks accept old £20 notes for exchange |
| Bank exchange deadline | No deadline for exchange |
| Bank exchange limit | No limit mentioned |
| Bank exchange requirements | Photo ID |
| Post Office exchange | Accepts old £20 notes for exchange |
| Post Office exchange deadline | No deadline for exchange |
| Post Office exchange limit | £300 limit per person |
| Post Office exchange requirements | Photo ID |
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What You'll Learn
Banks that accept old £20 notes
Although banks are not legally required to accept old £20 notes once they are withdrawn from circulation, some banks continue to allow their customers to deposit them into their accounts. Banks that accept old £20 notes include Barclays, Nationwide, and Santander. Some banks may have their own policies regarding the acceptance of old currency, so it is always a good idea to check with your bank beforehand.
If you are unable to deposit your old £20 notes at your bank, there are other avenues for exchanging them. 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 with your bank beforehand.
Additionally, the Bank of England allows for the exchange of old £20 notes at their counter in London or by post. There is no deadline to exchange old banknotes with the Bank of England, but exchanges made by post may experience delays of up to 90 working days. To exchange old £20 notes at the Bank of England, you may need to fill out a form and provide photo identification and proof of address.
It is worth noting that while legal tender laws vary throughout the UK, in England and Wales, Royal Mint coins and Bank of England notes are considered legal tender. This means that shops and businesses are not obliged to accept old £20 notes, but if you offer to pay off a debt in legal tender, the person cannot sue you for failing to repay.
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Exchanging old notes at the Bank of England
The exchange can also be done by post, but this is done at the customer's own risk, and 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.
For in-person exchanges, individuals must provide mandatory identification documents, such as a valid photo ID and proof of address. In some cases, additional documents may be requested, such as a letter of authority or photo ID and proof of address for a company representative.
The Bank of England only exchanges old banknotes issued by them, including £5, £10, £20, and £50 notes that have been withdrawn from circulation. These can be exchanged for other Bank of England notes of the same face value. Additionally, the Bank will reimburse the full amount for genuine notes that have been accidentally damaged, provided there is evidence of at least half of the note remaining.
While exchanging old notes at the Bank of England is possible, it is generally quicker and easier to do so at your own bank or at the Post Office, where most old notes can be deposited into a UK bank account. There are also 50 Post Office branches across the UK that will exchange old banknotes without the need for a bank account, with a limit of £300 every two years.
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Depositing old notes into a bank account
If you have old £20 notes, you may be able to deposit them into your bank account. Banks such as Barclays, Nationwide, Santander, Halifax, Lloyds, and NatWest will allow you to deposit old notes into your account. However, not all banks accept non-legal tender, so it is important to check with your bank before attempting to deposit old notes. Some banks may also require you to have an account with them to deposit the notes.
If you are unable to deposit your old notes into your bank account, you can exchange them for new polymer notes at the Bank of England or at one of the 50 Post Office branches across the UK that offer this service. The Post Office will deposit the new notes into any UK bank account that you can access with them. To exchange old notes at the Bank of England counter on Threadneedle Street in London, you will need to bring two forms of identification: a photo ID and proof of address. The Post Office also requires a form of photo ID to keep track of how much you exchange.
It is important to note that there is no deadline to exchange old banknotes with the Bank of England by post, but there may be delays of up to 90 working days in processing postal banknote exchanges. Additionally, the Bank of England can only pay into accounts that accept sterling (GBP) and payments are sent via SWIFT transfer.
If you are depositing large amounts of old notes, you may need to provide evidence that you have tried to deposit the banknotes to a UK bank that is part of the Note Circulation Scheme (NCS). This may include a signed letter from the person gifting you the money, explaining how they accumulated the money and confirming the amount, as well as a copy of their photo ID and proof of ID.
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Post Office exchange services
Banks generally accept old £20 notes as deposits from customers. However, if you are unable to access your bank or cannot find a bank that will accept your old notes, the Post Office provides exchange services.
The Post Office will accept most old notes as a deposit into any UK bank account you can access through 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. These branches have been selected by the Bank of England to offer coverage in popular tourist locations across the UK.
To use the Post Office exchange service, you will need to bring a valid form of photo ID. The Post Office will accept the following forms of ID: a valid photo card driving licence (full or provisional), or a passport. In addition to a valid photo ID, you will also need to provide a "proof of address." This can be your permanent home address, even if it is outside of the UK.
The Post Office exchange service has a £300 limit to how much each person can exchange in a two-year period. If you have reached this limit, your transaction will be declined, and you will be referred to the Bank of England website for details on how to exchange your remaining paper banknotes.
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Identification requirements for exchanging old notes
Exchanging old £20 notes for new polymer notes can be done at your own bank, the Post Office, or the Bank of England. The Bank of England accepts old Bank of England £5, £10, £20, and £50 notes that are no longer in circulation.
The Bank of England may ask for identification (ID) and proof of address for an exchange of any value. They accept the following as proof of address (permanent home address, even if outside the UK):
- Valid photo card driving licence (full or provisional)—if you haven't used this as proof of ID
- Original letter of authority naming you and signed by a company representative on headed paper, along with a copy of their photo ID and proof of address
- Evidence you've tried to deposit these banknotes to a UK bank that is part of the Note Circulation Scheme (NCS)
- A signed letter from the person gifting you the money, explaining how they accumulated it and confirming the amount, along with a copy of their photo ID and proof of address
The Post Office also requires a valid photo ID to exchange old notes.
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Frequently asked questions
Yes, banks do accept old £20 notes. Banks such as Barclays, Nationwide, and Santander continue to accept old tender for deposit. However, bank policies may vary and are subject to change, so it is recommended to check with your specific bank before attempting to exchange your old currency.
The Post Office will accept old £20 notes as a deposit into any UK bank account you can access with them. There are 50 Post Office branches across the UK that will swap old banknotes even if you do not have a bank account.
Yes, the Bank of England allows for the exchange of old notes at their counter in London. You will need to bring two forms of identification: a photo ID and proof of address.
Yes, there is a limit of £300 per person for exchanging old banknotes at the Post Office.
