Exchange UK old banknote

You can always exchange your UK old banknote with the Bank of England. This is an alternative way of exchanging your old banknote with the Post Office and at your local bank.

Bank of England accepts UK old banknote by post from individual and also businesses based in the UK and overseas. You must complete the exchange of banknote application form and photocopies of your ID. You can download the application form from the Bank of England website.

Send in these documents together with your old banknote to the following address.

Exchange old bank note by post

Department of NEX
Bank of England
Threadneedle Street
London EC2R 8AH
Source: Bank of England.co.uk

How Bank of England pay you

You can have your money be paid to you in one of the following:

  • Pay into your UK bank account.
  • Pay into your overseas bank account. For this, you must provide your BIC/SWIFT Code and IBAN or Account number. Your overseas bank account must accept Pound Sterling (GBP) currency.
  • Send you a Sterling cheque. You can cash the cheque at the Bank of England counter. Please 24 hours notice for this.

Businesses wish to exchange UK old banknote

If you are a business wanting to exchange your UK old banknote, i.e, your £20 paper banknote, you must complete a BUSINESS banknote exchanges application form and together with the following information:

  1. A covering letter on your company’s letterhead with your company name, registration number, registered office and business address.
  2. You must also state how do you want the Bank of England to pay you. If to pay you into your bank account then you provide your UK bank account number and sort code.
  3. Additionally, you must also provide proof of ID and address of the person signing your covering letter.

A similar procedure applies when the Bank of England issues the new polymer £50 note in 2021.

Expect that there will be a delay during this COVID-19 outbreak.

Other convenient services for UK businesses

Support and help available from Companies House for company directors that currently abroad to comply with their UK company’s legal filings requirements.

 You can use the Webfiling service to submit the following documents online to Companies House.

All you need is your company’s authentication code issued by Companies House. The authentication code is the electronic equivalent of your company’s director(s) signatures. Keep safe your authentication code.

If you are unable to complete your company accounts due to the interruption from this COVID-19 outbreak, you can apply to Companies House to extend your company accounts filing deadline without incurring a late filing penalty.

Companies House also created an interim paperless filing service to accept documents which would normally require a live signature.

If you require help with your UK company’s filings, contact us. Our accountants can help you.

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