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These days money has not exactly been burning a hole in people’s pockets. The ongoing coronavirus pandemic lockdown has seen many shops close, an accelerating move to contactless payments and a rise in online shopping. This means we have been using less and less hard cash. Some people may still have the £20 paper notes stashed in a purse or wallet. They may worry that time is running out to exchange them, reports TheMirror. In February this year, the Bank of England released a new, polymer £20 note to replace the existing paper ones. If you’ve not quite got round to spending any paper £20 notes – there is some good news. The Bank of England has said that unspent paper £20 notes are still legal tender. “Don’t worry, you can still use the paper £20 note for now,” the Bank of England’s site reads. The better news is there’s no rush to spend them – with the Bank promising a 6-months notice before they are withdrawn. That means you have until at least April 2021 to spend them in shops. Even after then you can still exchange them for new £20 notes. With the expiry of the paper £5 and £10 notes, a string of banks and the Post Office gave people extra time to pay paper notes into their accounts – even when they stopped being legal tender. And there’s one way to guarantee to get your old £20 note swapped – head to London and pop into of the Bank of England itself. That phrase “I promise to pay the bearer on demand” is something that doesn’t have a time limit on it, the Bank told Mirror Money. The Bank of England’s head office in London’s note exchange desk lets anyone with an out of date note swap it for a current one – meaning anyone with an old note can head there and swap their paper tenners. In fact, even if a note’s ripped, smashed or otherwise vandalised, as long as there’s enough left to identify what it was, they will swap it for a new one. To exchange your banknotes in person you can take them to the following address: Bank of England from https://taxi.nearme.host/when-the-old-20-note-expires-and-how-long-you-have-left-to-use-it-leicestershire-live/
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March 2021
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