GBP - Withdrawn Banknotes

[ravip]

It seems that the £50 ​banknote with the character of Sir John Houblon ​on the back of the note issued in 20.04.1994 has been withdrawn on the ​30.04.2014 >>> http://www.bankofengland.co.uk/banknotes/Pages/withdrawn/default.aspx

However the Bank of England says Genuine Bank of England banknotes retain their face value for all time and can be exchanged at the Bank of England in London. Banknotes of this type can be exchanged either by post or in person.

>>> http://www.bankofengland.co.uk/banknotes/Pages/about/exchanges.aspx

Is there any way that these notes could be exchanged in any other bank outside of the UK? In Thailand?

Thank you

[OJAS]

I somehow doubt whether any bank in Thailand would be prepared to exchange any GBP note for other than equivalent THB cash less commission.

In straight GBP terms, the most I suspect you could hope for in practice would be 2 x £20 notes and 1 x £10 note back since I doubt whether many banks here hold stocks of the current £50 note as a matter of routine.

But, as with most things here in LOS, your chances of success may well depend on (1) the particular bank branch you deal with, and (2) the side of the bed which the individual cashier you deal with got out of that morning.

[phetphet]

The banknotes retain their face value, but are no longer "legal tender", so I doubt that you will be able to change them anywhere other than the BoE. The only other way might be if a friend is returning to the UK, and can change them for you.

A heads up for everyone regarding UK bank notes.

From this year 2016, there is going to be a gradual withdrawal of paper banknotes, as the BoE introduces new polymer (plastic) banknotes. £5's, then £10's, then £20's.

Still undecided about the £50's

See here: http://www.bankofengland.co.uk/BANKNOTES/POLYMER/Pages/default.aspx

Edited April 18, 2016 by phetphet

[thai3]

I changed them at the nationwide last year

[laolover88]

Most Thai banks have a little book with pictures of bank notes. But they can't decipher them. I have had banks say a 50GBP note is a 50Baht note. Well what do you expect in LOS.? 50GBP notes are the equivalent in money laundering fields of the much loved 500Euro note. Regrettably a $100 bill is your best bet!! Anyway don't think about trying to change a note in LOS if it is damaged or has something written or stamped on it.

[Briggsy]

Step 1. Try any money laundering exchange booth. There are zillions in Pattaya. One will probably take it.

Step 2. Failing that, try any bank exchange booth. The stumbling block is more likely to be they don't want to make any kind of decision rather than actual bank policy.

Step 3. Swap it with anyone returning to the UK. Don't believe the poster above who states you must go to the Bank of England. That is not the case. Any high street bank will take it.

Step 4. If remarkably you can't achieve any of steps 1, 2 or 3, hang on to it till you yourself go back to the UK.

[VBF]

Step 1. Try any money laundering exchange booth. There are zillions in Pattaya. One will probably take it.

Step 2. Failing that, try any bank exchange booth. The stumbling block is more likely to be they don't want to make any kind of decision rather than actual bank policy.

Step 3. Swap it with anyone returning to the UK. Don't believe the poster above who states you must go to the Bank of England. That is not the case. Any high street bank will take it.

Step 4. If remarkably you can't achieve any of steps 1, 2 or 3, hang on to it till you yourself go back to the UK.

Word of warning:

These days high st banks in UK are generally unwilling to take cash unless you have an account with them.They cite "money-laundering regulations" as the reason.

My local Barclays wouldn't take £50 notes and change them for £20 notes because i don't have a Barclays account, despite my offering them ID in the form of a UK driving licence.

At Nationwide across the road, I paid the £50 notes into my account and immediately withdrew the same amount in £20 notes.

Unlike Thailand, these rules tend to be consistent across areas (IE Barclays in London will be the same as Barclays in Newcastle)

Edited April 18, 2016 by VBF

[Briggsy]

Yes, indeed VBF. I was going to add, "They may insist you have an account with them," but decided against it because it is only £50.

Following the Proceeds of Crime Act and the Money Laundering Regulations 2007, there is a far heavier burden of responsibility on banks (and other financial institutions) to carry out due diligence relating to the source of cash and the identity of the person they are dealing with.

[VBF]

Yes, indeed VBF. I was going to add, "They may insist you have an account with them," but decided against it because it is only £50.

Following the Proceeds of Crime Act and the Money Laundering Regulations 2007, there is a far heavier burden of responsibility on banks (and other financial institutions) to carry out due diligence relating to the source of cash and the identity of the person they are dealing with.

And of course the idea of using initiative was dismissed a long time ago! The very fact that I offered them photo ID SHOULD have been sufficient but everybody's scared of their own shadow these days and if they're not, a law will soon be passed making them scared! .

Sorry...i'll stop ranting or I'll be going

Edited April 18, 2016 by VBF

[kmj]

Short answer, no, exchange them with someone going to the UK or wait until you go back yourself.