£20 and £50 paper money notes will no longer be accepted in the UK from today

Paper banknotes of £20 and £50 will no longer be accepted anywhere in the UK from today.

The paper notes will be phased out by the Bank of England and replaced by the polymer notes that have been in circulation since 2016.

The polymer notes are believed to be more durable and harder to counterfeit.

The paper £5 note had been phased out in recent years as the Bank of England moved towards a fully polymeric circulation.

The move will affect Northern Ireland, where Ulster Bank, AIB Group, Bank of Ireland and Danske Bank have all put banknotes into circulation.

For those stuck with paper notes as of today, there’s no dead money left as they can trade in their older willingnesses for the waxy substitute.

Banks will continue to allow customers to deposit paper notes into their bank accounts and the Bank of England’s London headquarters will accept paper notes in exchange for polymer payments.

There are believed to be over 314 million £20 paper notes in circulation in the UK alone.

The first images of money bearing the portrait of King Charles were revealed on Friday, as 50p coins bearing his likeness are due to circulate within weeks.

https://www.independent.ie/news/paper-20-and-50-bank-notes-will-not-be-accepted-in-uk-from-today-42031709.html £20 and £50 paper money notes will no longer be accepted in the UK from today

Fry Electronics Team

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