Bank of England issues warning of ‘long queues’ as Brits rush to change expiring banknotes

People across the UK are heading to banks to swap their old paper notes for the new plastic ones

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The Bank of England has issued a warning of “long queues” as Brits rush to change their expiring banknotes.

People across the UK are heading to their banks to swap their old paper notes for the new plastic ones.

Paper £5 and £10 notes have already been withdrawn and therefore cannot be used.

While the bank will be withdrawing the legal tender status of the paper £20 and £50 notes after September 30 2022, and has been encouraging anyone who has them at home to spend or deposit them at their bank or Post Office.

The bank will be withdrawing the legal tender status of the paper £20 and £50 notes after September 30
The bank will be withdrawing the legal tender status of the paper £20 and £50 notes after September 30
The Bank of England have urged people to send the notes in the post should they not require the money “immediately.
The Bank of England have urged people to send the notes in the post should they not require the money “immediately.

People are able to swap the old bank notes for new polymer ones.

While there is no deadline set to swap the old bank notes for new ones, many are rushing to change their notes before September 30.

As a result of the queues, the Bank of England have urged people to send the notes in the post should they not require the money “immediately.”

A Bank of England statement said: "The Bank of England Counter is currently open from 9.30am to 3pm Monday to Friday and is experiencing very high demand.

"There will be long queues and you may encounter waiting times in excess of an hour.

"We would ask that you kindly consider the long wait times when travelling to the Bank to undertake an in person exchange - if you arrive after 2pm it is possible you may not get served before we close.

"Unless you require your banknotes immediately, we would suggest sending your banknotes via the post."