Old £5 Notes No Longer Legal Tender on May 5 - Where to Swap over?

bluesky on 27/04/2017 - 18:51
Last edited 27/04/2017 - 18:53

From Friday May 5, the old fashioned £5 note will no longer be circulated, with the new polymer note replacing it. In the UK, they can be swapped over for free, even after May 5 at the banks.

More info here

  • Any ideas if there are places over here which may swap these over for free?

  • Or do we get stuck with them until we have a chance to go over to UK before we can do anything with them? Apparently they will hold their value forever, but if too much time has passed, may have to go to Bank of England to get them exchanged!

  • Will places that buy currencies - banks, currency exchanges etc, be willing to accept old notes? Even if a charge is levied.

It seems the new note has co-existed with the old note since Sep 2016, but did not realise until now, so not much time to do anything now.

Anyone can shed light on this?

Many thanks in advance,
bluesky

Financial

Comments

  • kywst on 27/04/2017 - 19:02
    +1

    A number of money changers have been advertising this for a while now. I see it when I pass them at the local shops. They will obviously charge you their standard fees to change to AUD. They are under no obligation to accept them afterwards (no real obligations to accept anyway as it is up to them what they want to deal with) so I can't say if they will.

    • bluesky on 27/04/2017 - 19:04

      A number of money changers have been advertising this for a while now

      Thanks. You mean money changers like at the airport?
      Any info will be helpful. I wouldnt mind changing them back to AUD.

      • kywst on 27/04/2017 - 19:06

        I was trying to avoid names but Travelex, specifically, have been advertising at my local shopping centre. I believe there was a "call to action" in their advertisement but didn't need to look into it.

        • bluesky on 27/04/2017 - 19:08

          Thank you, I think I can find one at a shopping centre nearby.

        • kywst on 27/04/2017 - 19:14
          +1

          @bluesky: I was wrong … It was Crown Currency Exchange but I'd say it's the same with all of them. Why wouldn't they take advantage of the situation to get you to convert currency and make some money themselves in the process. Two names now and I have defeated my original intentions ><

        • bluesky on 27/04/2017 - 19:17

          @kywst:

          Two names now and I have defeated my original intentions

          :-) Thanks. Will try a few and see. Just curious, any reason in particular why you did not want to mention their names? Are their rates in general real bad or something?

        • kywst on 27/04/2017 - 19:19
          +1

          @bluesky: They all make money by taking yours and giving you less of another. I also don't like banks.

        • bluesky on 27/04/2017 - 19:20

          @kywst: Haha, can't argue with that :-)

  • mskeggs on 27/04/2017 - 20:32
    +3

    It is like the old paper notes here.
    If you spend one in a shop, most shopkeepers will still accept them because they can still bank them, or for their curiosity/collector value.
    I suppose if you had hundreds of them I might exchange them, but if you just have 3 or 4 just spend them next time you visit Britain.

    • bluesky on 27/04/2017 - 20:44

      … most shopkeepers will still accept them …

      Well, if you reckon they will still be accepted by many, then that is fine. I was more worried that after a while, nobody accepts them, except Bank of England, which will be rather inconvenient :-)

  • [Deactivated] on 27/04/2017 - 22:37
    +2

    Hi, bluesky.

    Just how big a stash are you sitting on and is it under the mattress?

    :-)

    Peacock Spider 18 arrived last week, in case you missed. No mattress-action of any description for him, but maybe he survived to display for another day?
    Regardless, some iridescent colour to beat any of the polymer banknote security features, I reckon.

    A bonus to further ease your currency concerns…
    I know that you like jazz. Do you like piano? You will at least have heard of Keith Jarrett, I also reckon.
    https://www.youtube.com/watch?v=L669a_o-dn8

    Does get a little noodly a bit beyond intro, but then can skip to 14 minutes in and take the ride to the end. I only wish that I could improvise as he did. He was a genius.

    Enjoy.

    • bluesky on 28/04/2017 - 02:32
      +1

      Hi Tas,

      I wish I have big note stashes :-) I have a grand total of 5 of the £5 notes. Had it stopped there, it would have been fine. But in September, the £10 notes, which I also have some, are going to be replaced as well. And the £20 notes too, although that is further out. For this frugal OzB'er, this is starting to add up …

      But presented with enchanting spiders and Keith Jarrett – my currency blues are starting to melt away …

      The Peacock Spider is really very mellow … what a contrast to the mate-devouring kind from your past clips :-)

      Thanks for the nice soothing Keith Jarrett piece. Yes, I have listened to his works before – his recording The Köln Concert has after all become the best-selling solo album in jazz history, and best-selling piano album of all time, apparently. Agree, he is a genius improviser - the backstory of the improvisations he had to make, in the face of the substandard crappy piano, at the Köln Concert is rather fascinating, and is covered at the beginning of this Ted Talk - Tim Harford: How frustration can make us more creative.

      BTW you might also like works by pianists like David Benoit and Dave Grusin – e.g. St Elsewhere. Hope you enjoy! Cheers.

  • bluesky on 28/04/2017 - 02:31

    deleted - replied to wrong position.

    • [Deactivated] on 28/04/2017 - 04:38
      +1

      Replying to the wrong comment, just for fun.
      :)

      Bluesky, you can blame our very own Securency for the selling of polymer banknote tech around the world. That tech was developed in Australia and very impressive, too.

      The way a certain bribery scandal relating to the selling of it came and went, though, with no real consequence, was classic international intrigue and business-as-usual stuff. I'm sure that there are many links on the web to detail that, if you are intrigued.

      Am familiar-ish with various Dave Grusin + some David Benoit bits and pieces, heard here and there. Some bizarre downvoting on one of those links.
      I will listen properly to both of them when I get a proper chance to. Thankyou - plus also for the other links.

      I bought the Köln Concert disc at same time as the boxed set of Sun Bear Concerts, years ago. A little bit disappointed by both in the overall, but - STILL thrilled by the first part of the Sapporo performance. That was the impetus to buy/shell-out at the time. Little change out of $200 for both, I rather keenlypainfully remember.

      I was unaware that the Köln Concert was best-selling solo jazz disc ever, but guess that I would have figured it to be right up there. It is great, in parts.
      Trials and tribulations relating to the concert, though, unfamiliar with completely.

      I will update you in Spin-of-The Wheel thread when PS19 turns-up on a leaf to perform - probably without a piano…

      :-)

      • bluesky on 28/04/2017 - 16:46
        +1

        I will update you in Spin-of-The Wheel thread when PS19 turns-up on a leaf to perform - probably without a piano…

        Please do. Watching your clip, it lead me to this Most AMAZING Spiders In The World! precisely because the static image for this clip shows the white furry and cute albino tarantula. A bit disappointed (at 4:31min) to find out it isn't real. Could have been real, given the other amazing ones, e.g peacock spiders :-)

        • [Deactivated] on 28/04/2017 - 22:51
          +1

          Given that I pretty much had it lodged in my brain that Keith Jarrett was more classical than jazz until you made me think about it for two seconds, I'm apparently very easily led, astray. I'm not going to thank you for that realisation. It does explain many of the messes I get myself into.

          Bad bluesky.

          I don't blame you for wanting a fluffy angora tarantula to be in the world. Take your time and work all the way through this instagram account. All real and will make you feel better.

          About a year ago, a different photo of the first little creature on this page began appearing on various real creature instagram accounts, like that one. I believe that some uploaders were actually fooled, with others having a bit of fun. Lots of people in comments believed it to be real, others just really hoping.

          I can picture a few OzBargainers among the other beasties on the page above. If one or other of them is, as I suspect, jv, he looks as though he himself could benefit from the wearing of a chicken nappy…
          No beak, but something about the feet..
          :-)

          Mods no doubt among the owly ones, but I will leave you to quietly ponder the others - which one is Diji1, tuzii, PJC, Savas, you..?

          RE: John's comment -
          Blighty coin decision does make a lot of sense, if the motivation is to prevent hoarding. If legal tender status on any coin is maintained w/ assurance in-perpetuity of salvaging at least the minimum of face value, some serious tonnage will inevitably end up in jars on garage shelves and in backs of wardrobes.

          Didn't take much of a Google an AltaVista search to find this Lots of people will have jars/bags of unrecycled one & two cent pieces. Twelve kilos is only about the weight of a small car battery. Plenty of people would be hoarding more than that. A bit silly.
          Then again, copper prices do trend up…

          It'll be a sad day when cute little echidna coin goes and maybe our lyrebird lira, too, but we may follow the UK lead with those in order to limit the hoarding thing. I would take at least a red-black spin gamble on that happening, this-next time around.

        • bluesky on 30/04/2017 - 17:04
          +1

          @Tas:

          Given that I pretty much had it lodged in my brain that Keith Jarrett was more classical than jazz …

          You are probably right, you know – probably mix of both genres. Me, I have amateur ears for classical! :-)

          Take your time and work all the way through this instagram account.(instagram.com). All real and will make you feel better.

          They do. Isn’t nature marvellous … some look so out-of-this-world and incredibly beautiful … thanks for sharing the links.

          The fantasy creature dolls are absolutely adorable. Aww … kind of oxytocin-inducing to look at ! Those paws, they look so real …

          Blighty coin decision does make a lot of sense, if the motivation is to prevent hoarding.

          Yes, your rationale makes a lot of sense … Not too concerned, since I do not have that many. Even the notes, I feel comfortable now - worst case is a visit to Bank of England, which is rather easy to get to by tube.

          You have a great weekend … what is left of it anyway! :-)

        • [Deactivated] on 30/04/2017 - 22:16
          +1

          @bluesky:

          My ears for classical, also amateur.. Ears distracted.

          I'm glad that you had an oxytocin release to balance the cortisol. I deal a bit in that second one. Beauty and at times the sheer weirdness of nature, is a balance.

          This shiny & neat blue bird, certainly a balance for the very g00gly-eyed fish photo adjacent on that instagram! I'm glad that they didn't put you off looking further down the page.

          Or, otherwise and indeed, the slightly devilish creatures on that boredpanda page. Maybe one of the ones with nascent horns sits on the Chancellor of the Exchequer's desk - in order to encourage the making of decisions that inconvenience consumers and travellers?

          Hopefully, though, not the jv one, in a chook nappy…
          I will leave you with that thought! Take care.

  • dasher86 on 28/04/2017 - 09:09
    +1

    thanks for the heads up i need to check out what i have in my travel wallet… !

  • Love a bargain on 28/04/2017 - 12:27
    +1

    If they're in good condition, maybe hold on to them & hope that they'll go up in value in 50 years' time

    • bluesky on 28/04/2017 - 14:22

      With a few notes, I wouldn't know where to "sell" them, even if they have gone up in value. Also 50 years' is too long! :-)

  • johninmelb on 28/04/2017 - 13:44
    +2

    There is no need to worry about your old £5 notes.

    On your next trip to the UK, you can take them to any UK high street bank, and they will exchange them for you. You just won't be able to use them in shops, that's all.

    In any case the Bank of England will always pay out on them. Turn your note over and you will see the words "I promise to pay the bearer on demand the sum of Five Pounds".

    This has happened before, I think when they had £1 notes. I had a few in my stash, and when I went to buy something, Boots said no. I just went to the bank next door, and they gave me the new pound coins as a replacement.

    If you have any pound coins in your stash, then you are in trouble. They have been replaced by a new coin, and all old coins will cease to be legal tender in October this year. BoE will not replace them for you.

    I was about to send my two fivers to a friend to replace for me, but he said not to bother as I can fix it when I next come to the UK. Haven't checked how many pound coins I have, a few I know. I never cash in my UK currency, as I know I will be going again some time.

    • bluesky on 28/04/2017 - 14:09

      Thanks for the info, didn't even know the coins got replaced as well. Yeap, got the £1 and £2 coins as well.

      It just seems inconsistent to be willing to accept the notes, but not the coins after they cease to be legal tender. The 12-sided coin only came into circulation at end Mar 2017, so this is not much time, if we are not in UK.

      I found this - http://www.royalmint.com/newonepoundcoin, which says

      After the 15 October, the current round £1 coin can continue to be deposited into a customer’s account at most High Street Banks in the UK.

      But this is hardly reassuring, since we don't all have "customer's account" at UK banks.

      • Love a bargain on 28/04/2017 - 16:22
        +1

        I suspect the banks are gonna exchange the coins for non-customers too. But in case they don't, your friends / family living over there might be able to help you out (eg deposit the old coins into their account & they give the amount back to you in cash).

  • werdnanostaw on 02/05/2017 - 10:09
    +1

    Several years ago before I went to UK my mother gave me several old GBP notes from her first trip to UK in 1957. They were pretty beaten up (dirty and torn) so they had no numismatic value.

    I asked in a bank branch in London whether they could change them but they said I had to go to the Bank of England. It is about halfway between St Paul's Cathedral and Tower Bridge so it's not a major detour to go there if you're on the tourist circuit.

    Also, you get to be taken into the bank by a top hat and tails usher which you wouldn't get to do otherwise.

    They changed the banknotes without any problems.

    • bluesky on 02/05/2017 - 16:40

      Thanks for your feedback. Based on all the comments, and some googling, I feel comfortable now to hang on to them. Sounds like an excuse to go visit Bank of England :-)

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