The Bank of England (BoE) has recently issued a reminder that the £20 and £50 paper notes will no longer be legal tender from 1 October 2022. First announced by the BoE back in June 2021, this means that the paper notes will soon not be accepted for payment of goods or services in the UK.

With a little over two months to the deadline (72 days from today to be exact), Malaysians who still have £20 and £50 paper notes in hand from previous trips to the UK may want to take action soon – especially if you do not have a UK bank account. Geographical challenges will be an issue, but one option would be to exchange them at a money changer. A check by our team with a money changer in the Klang Valley revealed that it is still accepting £20 and £50 paper notes only until this August, but do check if your usual money changer is offering the same. 

Alternatively, you may also exchange your notes by sending them via post to the BoE’s London headquarters, and the BoE will transfer the equivalent amount to your bank account. As a security measure, you are advised to insure the notes against loss or theft. For transfers to an overseas bank account (including Malaysia), the BoE will transfer the equivalent amount via SWIFT transfer. However, this is only possible if you have a foreign currency account, as the BoE cannot transfer to a bank account that does not accept GBP. You will also need to provide your bank account’s SWIFT code in addition to your bank account number. You may find more information about it here.

Finally, you may also exchange the paper notes in person at the Bank of England’s headquarters in London. This option will remain possible even after the 30 September deadline.

If you do own a UK bank account, your situation will not be as complicated as the BoE states that many banks in the UK will continue to accept the paper notes as deposits even after the 30 September deadline. Similarly, some posts offices will also continue to accept paper notes as deposits into bank accounts accepted by them.

The rush to remove the £20 and £50 paper notes before the deadline will be intense, as there are still billions of pounds worth of them still remaining in circulation. According to the BoE, there are 314 million £20 paper notes (as of 27 May 2022) and 163 million £50 paper notes (as of 10 June 2022) still in circulation, with a combined value of £14.5 billion.

The £20 and £50 paper notes are the last of their kind in the UK. The BoE had begun shifting to polymer notes since 2016 as they come with improved security features and are more durable. With the addition of the £50 polymer note last year, all banknotes (£5, £10, £20, and £50) issued by the BoE are now printed on polymer.

(Sources: Bank of England [1, 2], Bloomberg)

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• Bank of England
• BoE
• UK £20 Paper Note
• UK £50 Paper Note