With the Bank of England
You can always exchange withdrawn notes with us by post.
Be aware the banknotes are sent at your own risk. So please take appropriate measures to insure against loss or theft.
Please complete a postal exchange form for individuals or businesses (available below). Send it with your banknote(s) and photocopies of ID (one photo ID and one proof of address) for any exchange (mandatory for any exchange of £700 or more) to Department NEX, Bank of England, Threadneedle Street, London EC2R 8AH. To check what we accept please see ‘Identification and proof of address’ below. Please do not send original ID documents in the post to us.
We can pay your money into a bank account (normally within ten working days), by cheque or, if you live in the UK and your exchange is worth up to £300, in new banknotes. We do not send banknotes overseas.
For payments to an overseas bank account, please provide the BIC/SWIFT Code and IBAN or Account number. Please note we can only pay into accounts that accept sterling (GBP) and all payments are sent via SWIFT transfer. We do not charge for this service. However your bank or their intermediaries may charge you.
If we are unable to make an electronic payment, we will send a sterling cheque payable to you. We will always cash the cheque if presented at the Bank of England counter. Please give us 24 hours notice if you wish to cash the cheque at our counter.
If you are an individual
To exchange your banknotes by post, please fill out the banknote exchanges application form and send it to us with the banknotes along with copies of your photo ID and proof of address.
If you are a business
To exchange your banknotes by post, please fill out the business banknote exchanges application form and send it to us along with:
A covering letter on headed company paper containing the following:
- the company name
- registered company number
- registered office in country of incorporation
- the full address for the business
- preferred payment type – if this is a bank account, please provide the sort code and account number.
A copy of photo ID and proof of address for the person signing the covering letter.
The Bank of England counter
The Bank of England Counter at Threadneedle Street, London, EC2R 8AH is currently open from 9.30am to 3pm Monday to Friday. It is closed at the weekend and on bank holidays. Unless you require your banknotes immediately, we would suggest sending your banknotes via the post.
The Bank of England counter is currently experiencing very high demand and there will be long queues, you may therefore encounter waiting times in excess of an hour.
Safety measures in place
Additional Security measures are currently in place and access will only be permitted to the individual who is exchanging banknotes, we will ask members of your party or family to wait outside the building. Your bags will be searched and we request that liquids, bikes, scooters and motor cycle or bike helmets are not brought into the building.
Exchanging banknotes in person
You may be asked to complete a form and need to provide two original identity (ID) documents (one photo ID and one proof of address) for any exchange (mandatory for any exchange of £700 or more). To check what we access, please see ‘Identification and proof of address’ below.
Before the exchange is complete you may be asked to provide more information or evidence to support the origin of the banknotes. If the money forms part of an estate, you need to provide copies of death certificate, wills or grant of probate.
We will give you new banknotes or pay the money into your bank account (at the moment this may take a minimum of 20 working days due to delays caused by a backlog of applications). Please note we can only pay into accounts that accept payments in sterling (GBP) and all payments are sent via SWIFT transfer. We do not charge for this service, however your bank or their intermediaries may charge you.
If you are exchanging the banknotes on behalf of someone else, you need to provide us with an original signed letter of authority from the owner, naming you and stating how they would like to be paid. You need to provide two forms of ID for both you and the owner of the banknotes.
If you are exchanging on behalf of a business, you need to bring the following with you:
- Original photo ID and proof of address for you.
- An original letter of authority naming you and signed by a representative of the company on headed paper. The letter must contain the following:
- The company name
- Registered company number
- Registered office in country of incorporation
- Preferred type of payment
3. A copy of photo ID and proof of address for the representative who signed the letter.
There are steps at our front entrance on Threadneedle Street so we have a button to call for assistance next to the steps. It’s on the bottom left handrail at wheelchair level.
A portable writing table (eazydesk) is available for wheelchair users. Please ask a member of staff if you would like to use it.
An induction loop is available at the counter.
Identification and proof of address
We accept the following identity documents and reserve the right to request identification and proof of address for an exchange of any value:
- valid passport
- valid photo card driving licence (full or provisional)
- national identity card (if you are a non-UK national)
- firearm or shotgun certificate.
We accept the following as proof of address:
- valid photocard driving licence (full or provisional) – if you haven’t used this as proof of ID
- electoral register entry
- utility bill or certificate from utility supplier (dated within the past six months)
- Council Tax bill (dated within the past six months)
- bank, building society or credit union statement or passbook (dated within the past six months)
- most recent mortgage statement
- local council rent card or tenancy agreement
- benefits book or letter from the benefits agency (dated within the past six months)
- telephone bill (excluding mobile phones, dated within the past six months)
- credit card bill (dated within the past six months)
- HM Revenue and Customs tax notification (dated within the past six months)
- Jobcentre Plus letter confirming your National Insurance number
Banknote Exchanges terms and conditions
We may keep your banknotes to carry out additional checks if we need to.
The Bank may request additional or supplemental information in order to satisfy its security checks. These checks are to enable to Bank to comply with anti-money laundering and sanctions obligations.
The Bank will advise you about the information you need to provide given the circumstances of your exchange. Before the exchange is complete you may be asked to provide more information or evidence to support the origin of the banknotes. For example, if the money forms part of an estate, you need to provide copies of death certificate, wills or grant of probate. We won’t be able to process the exchange until we have all the information we need and you should allow time for our checks to be completed.
You must declare cash of £10,000 or more to UK customs if you’re carrying it between Great Britain (England, Scotland and Wales) and a country outside the UK. This includes if you are travelling as part of a group or family.