British pound notes (paper) discontinued from Sept

Clarabrit · 2022-08-12T14:48:25+02:00

Hello expat Brits. Recent news reports say British pound (GBP) paper money will no longer be valid from September because they are being replaced by plastic notes. Embassy confirmed when asked. I have a substantial amount of paper notes in pounds. Money changer is offering very low rates to buy paper pounds (but high rates [above $] for plastic notes). Bank won't accept hard cash (even if its a pound sterling account). Any expat Brits out there facing the same issue? Any suggestions?

Clarabrit Member

23POSTS

3 years ago

Hello expat Brits. Recent news reports say British pound (GBP) paper money聽 will no longer be valid from September because they are being replaced by plastic notes. Embassy confirmed when asked. I have a substantial amount of聽 paper notes in pounds. Money changer is offering very low rates to buy paper pounds (but high rates [above $] for plastic notes). Bank won't accept hard cash (even if its a pound sterling account). Any expat Brits out there facing the same issue? Any suggestions?

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Nemodot ViP

2128POSTS

3 years ago

@Clarabrit just take them back to UK when you next visit, and exchange at a bank.

eaglet New member

7POSTS

3 years ago

Agree with Nemodot if you don't need the cash for spending money whilst in Malaysia.聽 They will never become worthless, you will always be able to exchange them at a bank, post office or (if they won't accept them) the Bank of England.

If you do need the cash for spending:

1. Is anyone you trust travelling to the UK?

2. Post them to the Bank of England if the carry to UK option is unavailable, but there is a risk (could post piecemeal to reduce this).

Depending on the amount of cash you have, you need to be aware of Customs limits (Malaysia & UK) and make the appropriate declarations, and any postal rules.聽

Clarabrit Member

23POSTS

3 years ago

Thanks Fred,

I also hear that BoE and post offices will change mailed notes from overseas. But they will only mail notes back - a bit risky in Malaysia!

Clarabrit Member

23POSTS

3 years ago

Thanks @Nemodot,

I'm not going home until next year and don't want to risk the same as I did a few years ago. As soon as I got to Heathrow, they wouldn't accept a few expired notes. The bank also said they wouldn't either because they were too old.

Clarabrit Member

23POSTS

3 years ago

Thanks @eaglet,

I've decided to change the notes. Not because I need them but because it's simpler, quicker, and with less risk than other options.

eaglet New member

7POSTS

3 years ago

Changing them in Malaysia is simpler, quicker and less risk than posting them.聽 But there is no risk they will expire and not be exchangeable in the UK if you were to hand carry them next year, although it does add a hassle factor if it was necessary to visit the Bank of England (not sure it would be, I've exchanged old notes in a bank previously).聽 Sometimes it's better to cut your losses and move on.聽

1 member reacted to this post

Tea42 New member

9POSTS

3 years ago

@Clarabrit脗聽You'll still be able to exchange paper for plastic ones at a UK bank when you return. I'd not been back for 5 years til this summer and had to do that with old notes as well as coins. Paid them into my account over the counter.Alternatively, you might exchange them with anyone returning to the UK of course.You can check for updates with the Bank of England if ever in doubt:https://www.bankofengland.co.uk/banknotes/20-pound-note

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berry.whitetiger Member

21POSTS

2 years ago

#10

@Clarabrit If you still know someone you trust in UK send the money to them using registered mail or a courier. Ask them to deposit it and send the money to you using WISE app. Your exchange rate will be better and you shouldn't suffer any loss.