Race to exchange paper banknotes as deadline looms
Consumers are racing to exchange their old paper banknotes for new plastic versions, just over a fortnight before they cease to be legal tender at the end of September.
The Bank of England has warned of lengthy queues at its headquarters at Threadneedle Street in the City of London, as people try to swap their old paper £20 and £50 notes.
It has reassured customers that there is no deadline for exchanging old paper notes. However the fact that they will no longer be accepted in shops or by businesses has led to a rush to exchange them.
Customers have sometimes had to wait more than an hour in recent days, according to the Bank’s website, as a result of “very high demand”.
It warned customers that they may not get served if they arrive after 2pm, because the counter where notes can be exchanged is open only between 9.30am and 3pm every weekday.
“There will be long queues and you may encounter waiting times in excess of an hour,” the Bank warned. “We would ask that you kindly consider the long wait times when travelling to the Bank to undertake an in-person exchange.”
The Bank has suggested that customers who do not need to use the paper money immediately can send their old banknotes to its offices by post.
Holders of old paper banknotes, including those based outside the UK, have been contacting the Bank on social media to ask whether they will be left with worthless currency.
The Bank tweeted back: “All genuine Bank of England notes that have been or are soon-to-be withdrawn from circulation retain their face value for all time and can be exchanged with the Bank of England in London.”
Polymer banknotes were introduced by the Bank in 2016, ending 320 years of paper money in Britain, with the £5 note featuring Sir Winston
Read more on theguardian.com
