Old UK Pound Notes
 

Hello...

We have some older UK paper currency...from about 2015 or so, and we are going back next month. It appears regular banks probably will only take them as deposits (and we obviously have no local account) and apparently trading them in at the Bank of England on Threadneedle Street takes forever due to long lines.

In the US, all money, however old, is legal tender and must be accepted by merchants who accept cash. Is that true in the UK?

Thanks.
ss

No
Doubt long lines

On my last trip to London I tried spending money in a Heathrow shop and was told, “Your money is no good.” I went to the nearest Travelex exchange counter and they exchanged my notes for new ones.

Dukey...

I assume they took a percentage...but I guess that's better than nothing.

Thanks.
ss

travelex charges a flat rate and I found using them
much easier than searching for a local
bank somewhere but to each their own and no disdainful feelings regardless of what you choose to do.

In the US, Federal Reserve notes are legal tender but there is no law that a store has to accept any bill. Plenty of stores won't accept large bills where I live, due to potential counterfeiting concerns, for example. Some won't take anything over a $20 if they are a small shop. The website of the Department of Treasury also explains that while all United States money identified as "Legal tender" is a valid, legal offer of payment for debts, there is no federal statute mandating that private businesses must accept cash or coins as a payment.

"For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy," the Treasury's site says.

I've looked this up as I found I have some old UK notes, also, but older than that and they are not required to be accepted anywhere, as I recall.

You can exchange some at a Post Office if not too old, sounds like yours could fit that .
https://www.postoffice.co.uk/banknote-exchange

If you aren't going to UK anytime soon there is also a mail in to Bank of England option. Just google to find it. I did it and worked fine.

I had trouble with an old note once. Best to try and exchange it before you leave.

Thanks, all...

I borrowed some new notes from a friend, and discovered some new notes in my dresser, so the pressure is off. I now have enough to safely get to our rental and a bank ATM in case there is a problem getting cash at an airport ATM or with my ATM cards. I only have 60£ in old notes. If I can exchange them without too much hassle, I will. If not, it's not a major loss.

My real concern was that I always like to have about 80-100 pounds or euros with me when I arrive...which I now have.

Thanks again, all, and I'll appreciate any additional thoughts.

ss

Christina...

Thanks so much for the post office tip. There's a participating office just down the street from where we are staying.


ss