The move comes just over a year after the new £50 polymer banknotes – depicting portraits of Sir Walter Scott and Flora Stevenson – were put into circulation. The latest banknotes to be withdrawn from use are £20 and £50 paper notes issued by the Bank of Scotland, Clydesdale Bank and the Royal Bank of Scotland, with the deadline being 1 October. This coincides with the Bank of England`s paper notes, which can no longer be used as legal tender from 30 September. Clydesdale Bank will exchange all Scottish banknotes for its own customers with a £250 allowance for non-customers. Customers of these banks can exchange their paper notes for free, while non-customers can exchange banknotes from the issuing bank up to £250, provided they present a valid photo ID. However, people can still exchange them at their bank branch. “The new 50-pound notes, such as the 10- and 20-pound polymer notes, contain a tactile function that helps the visually impaired identify the denomination.” Swiss Post will continue to accept paper tickets even after the deadline, as will some construction companies. However, you will need to complete certain documents. Full instructions are available on the Bank of England website.
The deadline coincides with the Banks of England`s deadline to withdraw £20 and £50 banknotes from circulation, which is also 30 September. A bank of Scotland spokesman told Glasgow Live: “On 30 September 2022, the Bank of Scotland will withdraw the £20 and £50 paper notes. Paper banknotes have been replaced by polymer versions that are already in circulation. If that`s not enough information, here`s everything you need to know about the polymer`s 20-pound bill. Scottish polymer banknotes now account for around 90% of the 20% and 50% of the £50 banknotes in circulation in Scotland. The £20 and £50 notes expire within days of the issuance of an urgent delay warning, stating: “As a customer of the Royal Bank of Scotland Bank, you can exchange coins/banknotes in circulation or deposit them into your account and replace them with new ones. If you miss the date of issue or deposit of a £20 paper, don`t worry, you won`t lose. The Scottish paper notes of the Bank of Scotland, Clydesdale Bank and the Royal Bank of Scotland were withdrawn from circulation and the delay was only a few days. The Bank of England has also said that it is easier to detect a counterfeit note with the polymer version compared to paper notes. Scottish paper banknotes are being actively withdrawn from circulation across the country as polymer banknotes become increasingly common.
They said: “Polymer banknotes are made from a transparent plastic film specially covered with an ink layer that allows them to carry the printed design features of banknotes. Although the majority of the £20 and £50 paper notes in circulation have been replaced by new polymer versions, there are still more than £5 billion of paper notes in circulation, £20 billion with economist Adam Smith and nearly £6 billion of paper notes with engineers Boulton and Watt. This represents more than 250 million individual 20-pound notes and more than 110 million 50-pound paper notes. Footnote  “All Royal Bank of Scotland and Ulster banknotes (like all Scottish and Northern Irish banknotes) remain legal tender, are not withdrawn from circulation in the same way as Bank of England notes and have no end date of acceptance.” However, if you have one of these notes, you need to bring it to your branch/bank to credit it to your account. A Bank of England spokesman had previously told The Sun: “Polymer banknotes are stronger than paper notes and last longer in normal daily use. The Royal Bank of Scotland will exchange and accept paper notes from customers and will also exchange banknotes for non-customers. Scots should pay them back better, as a number of paper banknotes have to be withdrawn from circulation in Scotland. “People who are not Bank of Scotland customers can visit a Bank of Scotland branch and exchange £20 and £50 banknotes for polymer versions worth £250.” All polymer banknotes bearing a portrait of Queen Elizabeth II are still legal tender and the public can continue to use them as usual.
Another announcement regarding the bank of England`s existing banknotes will be made once the time of royal mourning has been reached. The £20 and £50 notes are the last to be withdrawn from circulation, as the £5 and £10 paper notes were withdrawn from circulation on 2 March 2018. However, you can exchange your old banknotes for new notes at the Bank of England at any time before or after 30 September. ANYONE with £20 paper notes has only a few days left to spend them. After this date, £20 paper is no longer legal tender. Paper tickets are currently still valid and can therefore be issued in stores or other places to accept cash. They said: “All Scottish banks will start withdrawing paper banknotes from circulation when polymer banknotes are issued. Bank of Scotland, Clydesdale Bank and Royal Bank of Scotland will withdraw their £20 and £50 paper notes on 30 September. The new 20-pound note is slightly smaller than the paper edition and features British painter JMW Turner. But the Scottish newspaper`s notes will continue to be accepted, according to the Scottish Bankers Committee, as reported in the Daily Record earlier this year. Paper editions of the £5 note were no longer valid from May 2017, while the £10 note was withdrawn in March 2018.
The design of polymer banknotes aims to improve protection against counterfeiting, as explained by the CSCB. If you want to exchange banknotes at the post office, you need to check that your bank is registered to receive cash deposits. Swiss Post will then deposit the money into your account, which you can then withdraw. Scottish paper notes of £20 and £50 are being withdrawn as officials have encouraged people to buy them back or issue them before the September deadline. You can use the paper editions of £20 until 30 September 2022. Since 2015, polymer banknotes have replaced newly printed banknotes due to new security features and environmental benefits due to their longevity. The last banknotes to be withdrawn from use are paper banknotes worth £20 and £50, meaning people could be prevented from using them from 1 October. To avoid having old and invalid notes in your wallet, issue them or deposit the notes into your bank account. After the 30th.
In September 2022, you will no longer be able to use paper tickets. However, the following options remain available: The Bank of England will revoke the legal tender status of £20 and £50 paper notes after 30 September 2022. After this date, companies will no longer accept these tickets as a means of payment. Swiss Post accepts withdrawn banknotes as a deposit to any bank account. Head to your local branch to drop off the old £20 note. All our polymer banknotes can be checked by looking for two important security features: a hologram that alters the image; and transparent windows. So if you can check a ticket denomination, you can check them all. The Royal Bank of Scotland (RBS) states on its website that, unlike the Bank of England, paper notes are still considered legal, but businesses and businesses may no longer be required to accept paper notes from that date. If they accept them, it is at the discretion of the company. RBS explains that customers can exchange old coins and banknotes for newer coins. If you have old legal tender, such as a £5 or £10 paper note, you can exchange or deposit it using this method.
The date of redemption of paper notes will come when the Bank of England lets its own £20 and £50 paper notes expire, meaning people will have to use their remaining Bank of England paper notes until the end date when they will no longer be legal tender. This is the last week that our paper tickets can still be used. Scottish paper banknotes are being withdrawn from circulation as the polymer becomes increasingly popular due to its longevity. Cash notes of £20 and £50 are no longer legal tender after 30 September 2022. Paper notes of £20 and £50 will be phased out after the introduction of plastic banknotes. You can exchange old paper notes at your bank branch with the Bank of Scotland by accepting their customers` deposits of paper notes issued by a Scottish bank and exchanging them for customers and non-customers The Bank of Scotland has said that customers will be able to deposit their paper notes into their accounts as usual after the deadline of 30 September. while non-Bank of Scotland customers can exchange paper notes for a polymer version up to £250. From that date, companies and businesses are no longer required to accept paper notes. “After the 30th. In September 2022, Bank of Scotland customers will still be able to deposit £20 and £50 paper notes into their Bank of Scotland account.