Can you still use old £5 notes? Here’s how to exchange the paper fivers and the banks that will accept them
OLD-style paper £5 notes were taken out of circulation in May last year, and were replaced by durable polymer notes with extra security features.
But what do you do now if you still have paper fivers floating around your house? We explain where to exchange them.
What happens if you still have old £5 notes and how do you exchange them?
The only place you can now exchange your paper notes for crisp polymer notes is at The Bank of England.
Banks, building societies and Post Offices no longer accept the paper note even for exchanges, so you will have to physically go down to the BoE if you want to get your hands on fresh plastic notes.
The Bank of England is located at Threadneedle Street in London, EC2R 8AH.
The counter is open from Monday to Friday from 9am to 4pm. It is closed on weekends and bank holidays.
You can also post withdrawn banknotes to The Bank of England for exchange.
IS YOUR OLD NOTE WORTH A MINT?
The Sun Online revealed that a cheeky eBay seller had listed an old-style fiver for £150.
The seller hoped that notes would increase in value as the deadline for paper notes being withdrawn from circulation drew nearer.
But these notes haven't caused a stir, in fact, they are not rare and there are already hundreds of them listed on eBay.
Notes are usually deemed valuable and attract high bids if they have a low serial number or are in mint condition.
Even then, buyers are known to pull out and refuse to pay.
Do I need ID to exchange my notes?
If the money you are exchanging belongs to you and you are exchanging banknotes worth £999 or less, you may not need to bring any form of identification.
If the money belongs to someone else and you are exchanging banknotes worth £999 or less, you need to provide the Bank of England with an original signed letter of authority from the owner, naming you and stating how they would like to be paid. The Bank of England may ask you to provide a further form of ID.
If the value is £1,000 or more and it belongs to you, you need to bring original photo ID and proof of address.
If the value is £1,000 or more and it belongs to someone else, as well as your ID the Bank of England will also require: An original signed letter of authority from the owner, naming you and stating how they would like to be paid and a copy of the owner’s photo ID and proof of address.
If the money you are exchanging belongs to a business, you need to bring the following with you: Original photo ID and proof of address for you and an original letter of authority naming you and signed by a representative of the company on headed paper.
The letter must contain the following:
- the company name
- registered company number
- registered office in country of incorporation
- preferred payment type
A copy of photo ID and proof of address must also be provided for the representative who signed the letter. More information can be found here.
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When did the new £5 note come into circulation?
The polymer £5 banknote was first issued by the Bank of England in September 2016.
The new fiver is stronger than its predecessor and boasts new security features making it harder to counterfeit.
Polymer banknotes are designed to be cleaner, safer and stronger than their paper predecessors.
Polymer banknotes also last longer, so they are more environmentally friendly than paper banknotes.
The Bank of England has already issued polymer £5 and £10 notes - a £20 polymer note is expected by 2020.
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