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I would imagine the 'Bank of England' is any High at bank tbh.From the Sun newspaper last month.
Will there be a point when I can never exchange the old £5 note for new currency?
No, in theory you should always be able to exchange it with The Bank of England.
Bank of England notes keep their face value for all time, so don’t panic if you find one in the pocket of an old pair of jeans, there’s always time!
Not sure how you get them to the Bank of England, do they have branches? Maybe in London? I dunno.
I've got one of those big Stella bottles full of change. There's a canny few pound coins in and a couple of fivers. I was hoping to fill it before busting it open.From the Sun newspaper last month.
Will there be a point when I can never exchange the old £5 note for new currency?
No, in theory you should always be able to exchange it with The Bank of England.
Bank of England notes keep their face value for all time, so don’t panic if you find one in the pocket of an old pair of jeans, there’s always time!
Not sure how you get them to the Bank of England, do they have branches? Maybe in London? I dunno.
I would imagine the 'Bank of England' is any High at bank tbh.
I believe you can always exchange notes but it's different with coins. Think you have till October to change them.Can you still cash them in at the bank once they're out of circulation later in the year?
I might have to concede then and count it up. I bet there's loads of people around who have change jars.I believe you can always exchange notes but it's different with coins. Think you have till October to change them.
In India recently they announced that a coin was being withdrawn from circulation the next day. For a poor country there was all of a sudden plenty of people queuing at the banks with their rupees.It sneaky but it makes economic sense to encourage people to empty their savings pots and piggy banks by obsoleting old money. Get the money back into circulation rather than it sitting on a shelf somewhere.
It was a note iirc. Used heavily in illegal trade and also cash in hand work where the country coffers were losing out massively.In India recently they announced that a coin was being withdrawn from circulation the next day. For a poor country there was all of a sudden plenty of people queuing at the banks with their rupees.
In India recently they announced that a coin was being withdrawn from circulation the next day. For a poor country there was all of a sudden plenty of people queuing at the banks with their rupees.
Cashrupt surely if they didn't use a bank.I work with an Indian lad, he had a friend who's family was effectively bankrupted by that move. They dealt in cash to keep it from the tax man. Had millions all worthless.
Must've had their rupees stashed under the bed.Cashrupt surely if they didn't use a bank.
Caught lots of Indians over here on the hop as well apparently
I believe you can always exchange notes but it's different with coins. Think you have till October to change them.
From the same story, which is what cast my doubt.
It is possible that a high street bank will stop exchanging them after the cut-off date but The Bank of England is legally obliged to.
Should have posted the story/source
https://www.thesun.co.uk/living/263...now-to-make-sure-yours-dont-lose-their-value/
Dunno, that was my question.
In the past banks have continued to exchange old notes, doubt it'll be any different this time round.
Not the pound coins after October 15th. They need to be spent or banked.You will be able to change them at any bank. The bank just send them back to the BoE.