Here's what you need to know about your Great British Pound (GBP) £ paper banknotes.

Your deadline to deposit or exchange your GBP £ paper banknotes is Fri 2nd Sept, 2022. 

What is demonetisation?

Demonetisation is the act of stripping the legal tender status of currency units and occurs whenever there is a change in national currency. It involves the withdrawal of the current form or forms of money from being circulated and is usually replaced with new notes or coins.

 

On June 23, 2021, the Bank of England (BOE) announced that the new polymer £50 banknote entered circulation, and the paper £20 and £50 banknotes will be withdrawn effective September 30, 2022.

 

Let’s work together so you won’t need to make your own arrangements with the BOE.

Deposit or exchange your GBP £ paper banknotes, at any branch, on or before Fri 2nd Sept, 2022. Once this deadline has passed, you'll need to make your own arrangements directly with the Bank of England (BOE). Find out how.

Have a GBP £ account and paper £ banknotes? 

 

Visit a branch to deposit* your paper £20 and £50 banknotes into your GBP £ account. 

Have paper £ banknotes but no GBP £ deposit account?

 

Visit a branch to deposit* your paper £20 and £50 banknotes into your TTD account and you'll receive the TTD equivalent, based on the exchange rate of the day.

Prefer to exchange your paper £ banknotes?

 

Subject to availability, you may exchange your paper £20 and £50 banknotes, for new polymer banknotes, at any branch.

* Depending on the amount, appropriate source of funds must be determined prior to the acceptance of the deposit or exchange of notes.

Thank you for your support.

Let's work together to ensure your paper £20 and £50 banknotes are deposited or exchanged by Fri 2nd Sept, 2022. Visit a branch near you.

FAQs