Exchanging Sterling - DO IT SOON !

[khastan]

Have no idea if i am in the right forum but here goes with a warning to people.  

 

This afternoon I took 200 pounds 10x20 in MINT CONDITION paper sterling notes to the Bangkok bank in Nong Khai Tesco Lotus branch to exchange them for Thai baht

 

They refused this transaction and I was informed that the policy of the Bangkok bank is to no longer accept sterling paper notes, only the new ones made out of polymer..

 

On further investigation the paper notes cease to be legal tender on the 30th September 2022. 

[CharlieH]

"The Bank of England will continue to swap old notes for their face value, but people are being warned to use up the 775 million paper notes in six months time, before 30 September 2022."

(applies to 20 & 50)

Article

[StayinThailand2much]

16 minutes ago, khastan said:

On further investigation the paper notes cease to be legal tender on the 30th September 2022. 

That's probably the reason, as they don't want to be stuck with them come September. Have you tried exchange booths? (If you're lucky, maybe they are not aware of it yet.)

Edited May 4, 2022 by StayinThailand2much

[scubascuba3]

Makes sense, not many people would be aware of that

[khastan]

6 minutes ago, StayinThailand2much said:

That's probably the reason, as they don't want to be stuck with them come September. Have you tried exchange booths? (If you're lucky, maybe they are not aware of it yet.)

Yes I manged to exchange them at a exchange booth attached to a bank. The main reason of my post is to warn anybody who has these notes to exchange them as soon as possible.

[cliveshep]

Don't worry about them not being legal tender, give them to a deserving cause. (I'll post my address for you lol.)

[ThaIrish Sean]

The old £50 note ceases to be legal tender on the same date. They have a new £50 polymer note also.

As mentioned above, the bank of England will always take their notes back, and your UK bank will normally take the notes even after they cease to be legal tender.

[Cardano]

Even though they will stop being legal tender they still retain their monetary value and can be exchanged for the new notes at any UK bank after 30 September. Just means you need to take a trip to the UK.

[ThaIrish Sean]

On 5/5/2022 at 7:11 AM, Cardano said:

Even though they will stop being legal tender they still retain their monetary value and can be exchanged for the new notes at any UK bank after 30 September. Just means you need to take a trip to the UK.

Just to clarify, you can't exchange the notes you can pay them into a bank account and withdraw money. This started about 5 years ago (anti money laundering laws) an absolute pain in the ass if you are self-employed etc and the tax man takes interest in your bank account seeing money going in and out

[SidJames]

They never cease to be legal tender, it's the BoE's way of getting the old money back in.

The old big white £5 notes can still be exchanged by banks for a new plastic one or you could sell it to a collector for even more.

 

[ThaIrish Sean]