At the end of this month (September 30), the old £20 and £50 notes will no longer be used as legal tender.
Up to now, there are still a lot of banknotes in circulation in the market.
Stores and other venues will no longer accept older banknotes until September 30.
So take a look at the forgotten corners and bags of your home for old banknotes.
What to do if you find old £20 notes after the deadline?
If you find old banknotes later, you want to replace them with new ones or as a deposit.
The Bank of England will always exchange old banknotes for you, so don’t worry about them turning into worthless waste paper.
You can also go to other banks or post offices to inquire, and there is a high probability that old banknotes will also be accepted and deposited into your bank account as a deposit.
How to exchange banknotes
You can send them to the Bank of England by post.
If you want to send by post, you will need a postal exchange form and send it along with a banknote and copy of your ID and proof of address.
Send them to Department NEX, Bank of England, Threadneedle Street, London EC2R 8AH.
The Bank of England will deposit the money into the bank account by cheque or (if you live in the UK and the amount is under £50) in new banknotes.
New currency notes
The new banknotes in circulation have been widely used as early as 2020.
The new banknotes are made from polymers that are durable and difficult to counterfeit.
Polymers are a class of natural or synthetic substances composed of very large molecules.
They make up many substances in living organisms, including proteins, cellulose, and nucleic acids.
Less than 0.05% animal fat is added to the banknotes to avoid static electricity problems when polymer banknotes pass through the counting machine.
The Bank of England said: “These notes are resistant to dust and moisture, so they stay in better condition for longer.
The notes also have a tactile function, allowing the blind and low-sighted to use them.”
From September 30, only these polymer banknotes will be legal tender.
Finally, if your business still holds old banknotes, be sure to deposit in a bank account before the end of the month to avoid further trouble.