In June 2021, The Bank of England announced that it would be phasing out the use of paper £20 and £50 notes. After September 30, 2022, they will no longer be accepted as legal tender.
Why is the UK switching to polymer banknotes?
Polymer notes come with advanced security features that will help to regulate fraudulent activity and make it difficult to counterfeit. The two key security features will include a hologram which changes the image and see-through windows.
How long will Global Currency swap out paper notes?
Global Currency Services will continue to accept paper banknotes, traded at a discount, for as long as possible. The final deadline has been pushed out a couple of times to accommodate client needs.
What do I do if I still have paper notes after September 30, 2022?
We recommend that if you have existing paper banknotes past the deadline to call us to see if Global Currency is able to trade them for you. If we are unable to convert them for you, bring expired banknotes to England during your next trip, as banks will likely be able to convert expired notes into polymer notes at face value.
What notes will be legal tender after September 30, 2022?
There are four denominations (values) of Bank of England notes in circulation that will be legal tender after September 30, 2022. They include the polymer £5, £10, £20, and £50 notes. Click here to see the features of each.
If you have questions about this transition or have paper notes that you would like to swap out before September 30, 2022, contact us.