Britons have 15 days left to cash in old banknotes – Bank of England warns of long queues

People have 15 days left to cash in old £20 and £50 notes. The Bank of England warns of long queues at site on Threadneedle Street in London, UK.

They will be discontinued as legal tender on September 30.

In a statement, the central bank said: “The Bank of England Counter is currently open from 9.30am to 3pm Monday to Friday and is experiencing very high demand.

“There will be long queues and you may encounter waiting times in excess of an hour.

“We would ask that you kindly consider the long wait times when travelling to the Bank to undertake an in person exchange – if you arrive after 2pm it is possible you may not get served before we close.

“Unless you require your banknotes immediately, we would suggest sending your banknotes via the post.

“We have issued new £20 and £50 notes made of polymer. 30 September 2022 is the last day you can use our paper £20 and £50 notes. ”

The Bank of England has been inundated with people trying to change their old banknotes before they stop being legal tender.

Officials are reminding people that they can send their old bank notes through the post.

The Post Office may be able to accept withdrawn notes as a deposit into any bank account a customer can access with them.

But the bank warns: “Be aware the banknotes are sent at your own risk. So please take appropriate measures to insure against loss or theft.”

People can complete a postal exchange form for individuals or businesses.

They should send it with their banknote(s) and photocopies of ID (one photo ID and one proof of address) for any exchange (mandatory for any exchange of £700 or more) to Department NEX, Bank of England, Threadneedle Street, London EC2R 8AH.

Post Office branches in London that will exchange withdrawn notes:

  • Golders Green Post Office | Greater London | NW11 8RT
  • High Holborn Post Office | Greater London | WC1V 7RL
  • Moorgate Post Office | Greater London | EC2M 5TE
  • The City of London Post Office | Greater London | EC3M 1AJ
  • Regent Street St. James’s Post Office | SW1Y 4LR

£80billion worth of currency is in circulation featuring the image of Queen Elizabeth II.

Following the sad news of the death of Queen Elizabeth II, the Bank of England has issued a statement regarding legal tender.

Day-to-day items which carry the Queen’s face will need to be replaced now that King Charles III is the new monarch.

Although the Bank of England has not yet confirmed the date that the coins and cash will change, there is likely to be a significant transition phase between Queen Elizabeth II notes and King Charles III cash.

The new cash will be produced and distributed into general circulation, with the old money gradually being phased out.