Exchanging your old paper banknotes 

SAY GOODBYE TO PAPER BANKNOTES!

It's time to say goodbye to paper cash! The introduction of polymer banknotes significantly enhanced the security, durability and cleanliness of the British Pound. In comparison to the polymer banknotes, the old paper versions are lot more susceptible to being damaged and counterfeited, which is why they are slowly being taken out of circulation and excluded as legal tender. The Bank of England has already withdrawn the paper £5 and £10 notes and will now move onto the final denominations. So, please read along to find out how you can exchange your paper £20 and £50 notes before they are withdrawn on the 30th of September.

HOW TO EXCHANGE YOUR OLD NOTES

It is important to exchange your paper notes on time, and avoid the risk of them losing their value. There are several methods that can be used to exchange old notes. The easiest way is to simply deposit the banknotes at the bank that hosts your UK bank account. You can also deposit the notes at certain post offices as long as you can access your bank account from there.

If you prefer to deposit your banknotes directly to the Bank of England, there are two ways to do so. You can either go to the bank in London to deposit your banknotes at the front desk, or you can mail them. Unless there an increased urgency to your exchange, the Bank of England advices you to choose the latter and avoid long queues and waiting times.

When mailing your banknotes, please note that you must fill out and include the correct forms and (identification) documents, in order for your cash to be processed correctly. If you are sending out a small number of banknotes as an individual, you only need to include the postal exchange form, a photocopy of your ID and proof that you reside at your address. If you are sending out a larger number of banknotes as a business, you also need to include a cover letter about the company including its name, registered company number, registered office in county of incorporation, the address and preferred payment method.

You can find all the correct forms, instructions and additional information on the website of the Bank of England. Simply follow the mentioned steps, to make sure you are ready for the 30th of September.

Source: https://www.bankofengland.co.uk/banknotes/exchanging-old-banknotes