How to exchange old paper banknotes

The Bank of England has warned that old paper £20 and £50 paper notes will expire after September 30 this year.

To help avoid any complications, Brits are being encouraged to either spend their notes as soon as possible or deposit them at their local bank or Post Office branch. If neither of these is a convenient option for you, an alternative can be to exchange the note with the Bank of England itself.

There are a few ways you can do this, however, the Bank of England strongly recommends that you do it by post unless you absolutely need the new notes immediately.

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You can exchange banknotes with the Bank of England via post. To do so you must first complete a postal exchange form for either an individual or business.

You can then send the form with your banknotes and a photocopy of your ID to Department NEX, Bank of England, Threadneedle Street, London EC2R 8AH - it's important that you send a photocopy of your ID and not the original ID documents in the post. Following this, the Bank of England will pay the equivalent money into your bank account within ten working days usually.

The money may also be paid to you via cheque or via new banknotes worth up to £300. It's important to note that the Bank of England will not send banknotes overseas and will only do so within the UK.

You can attend the Bank of England Counter at Threadneedle Street, London to exchange your notes in person. To do this, you will likely be asked to complete a form and provide two original forms of ID (One photo ID and one proof of address).

Before the exchange is complete, you may also have to provide additional information or evidence relating to