With the Bank of England
The Bank of England counter
The Bank of England Counter at Threadneedle Street, London, EC2R 8AH is currently open from 9am to 4pm 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 can have long queues and waiting times may be up to an hour. Due to social distancing measures in place behind our Counter, we are operating on two tills.
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.
We ask that customers wear a face covering and observe social distancing while in the building and remain two meters apart where possible. Please do not visit the Bank of England if you are supposed to be isolating or in quarantine after international travel.
Exchanging banknotes in person
You may 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 we accept’ 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 (normally within 10 working days). Please note we can only pay into accounts that accept payments in sterling (GBP). 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:
A copy of photo ID and proof of address for the representative who signed the letter.
- The company name
- Registered company number
- Registered office in country of incorporation
- Preferred type of payment
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.
The new £50 note
We will release the new £50 note on Wednesday 23 June 2021.
What you need to know
- You will be able to get the new note from many high street banks that day
- The polymer £50 note will co-circulate with the paper £50 note. We will give at least 6 months’ notice of its withdrawal date.
How to get the new note directly from us
From Wednesday 23 June, we will issue the new £50 in exchange for cash only at our bank counter at Threadneedle Street. We will not accept payment cards.
We expect extremely long queues and a waiting time of about two hours. We will be operating on reduced tills to support social distancing measures behind our Counter. Social distancing measures will be in place while you queue and we request you wear a face covering while in the building.
We cannot guarantee any new £50 you get from us will have a low serial number, sequential number or be in pristine condition.
Please bring two original identity (ID) documents (one photo ID and one proof of address).
To check what ID we accept please see ‘Identification and proof of address’.
We may also ask you to give us more information or evidence to support the origin of your cash. For example, if the money forms part of an estate, you will need to provide copies of death certificates, wills or grant of probate certificates.
Exchanging large quantities
There is no guarantee that you can exchange a large quantity of banknotes at our Counter on 23 June. If you would like to exchange a large quantity of banknotes for new £50 notes or you have exchanged at the Bank of England before please email email@example.com.
In your email, please tell us how much you wish to exchange and your:
- full name
- current residential address
- contact number
- email address
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.
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 less than £50, 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). 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, although please note that the Counter is temporarily closed (see paragraph below). 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.