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Everything you need to know about the Polymer note changeout.
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.
In 2019 the Central Bank of Trinidad and Tobago announced the introduction of a new $100 bill as a legal tender from Dec 9, 2019. The new bill is based on a polymer substrate and has significantly enhanced security features.
ATM Deposits
In 2019, ATMs continued to accept TT$100 cotton notes until Dec 31 from Scotiabank customers, non-Scotiabank customers, including unbanked persons.
Branch
In 2019, Scotia Branches continued to accept the TT$100 cotton notes until Dec 31 from Scotiabank customers, non-Scotiabank customers, including unbanked persons.
On Jun 1, 2021, it was announced that the final phase of the transition to polymer notes for current $1, $5, $10, $20 cotton bills and $50 polymer notes prior to Jan 2021, will take effect from Jan 1, 2022. Learn more about the Polymer note.
ATM Deposits
In the final phase of the transition to polymer notes, ATMs will continue to accept existing $1, $5, $10, $20 cotton bills and $50 polymers bearing series dates prior to Jan 2021 until Dec 1, 2021 from Scotiabank customers only.
Branch
Branches will continue to accept $1, $5, $10, $20 cotton bills and $50 polymers bearing series dates prior to Jan 2021 Over The Counter (OTC) and at Night Safes until Jan 31, 2022 from Scotiabank customers only.
Thank you for your support.
We look forward to the support of all our customers, including local Business owners and Corporate and Commercial customers and ask that you do not recirculate $1, $5, $10 $20 cotton notes and $50 polymer issued prior to Jan 2021.
Reminder you can use our digital, cashless payment systems to accept payment from your customers, for e.g. M10 hand held devices, Point of Sale Machines and the Scotia Caribbean App or Scotia OnLine Banking. For the latest updates and your banking, visit our media centre or follow us on Instagram @scotiatt.