I won’t be able to sell my pound notes this Friday; what do I do now?

The Brazilian who has saved 20 and 50 pounds of paper and who is unable to sell the currency until this Friday (30), will still have a chance to exchange the money. Even after the notes have lost their value in British trade, it will still be possible to exchange the notes on your next trip to the UK.

According to the BoE (Bank of England), the exchange of old banknotes for new ones will be maintained for an indefinite period. As with the £5 and £10 notes, paper notes in the £20 and £50 denominations are being replaced by polymer models.

At the beginning of the week, the Bank of England had more than 11 billion pounds (R$ 64 billion) of cash in circulation that will no longer be valid.

Will it still be possible to sell pounds of paper in Brazil?

In Brazil it is not possible to exchange them, but they can be sold. Until this Friday, Brazilian exchange offices continue to buy the pound notes that will go out of circulation. However, the amount paid is lower than for plastic notes. In recent days, demand for the sale of paper has grown by up to 80% in establishments.

Some agencies still do not know whether they will continue to accept paper pound notes after the deadline. They await a signal from the Bank of England. Others say they will keep the service.

This week, Travelex Confidence launched a campaign to encourage the sale of old pound and Swiss franc banknotes that are out of circulation. The brokerage campaign runs until October 30th.

Can I send the ballots by post?

For holders of pounds outside the United Kingdom, one option is to send paper notes by post, according to the Bank of England, although there is still no definition of how this would work for Brazilians.

The process, according to the British authority, consists of posting the notes that will be discontinued to the Bank of England headquarters. Upon receiving the old notes, the institution will deposit the amount in a current account indicated by the interested party — the account, however, must accept deposits in pounds.

According to the British banking authority, this service will be maintained even after the expiration date of the paper notes. The deadline has not yet been set by the agency.

Can ballots be posted from Brazil?

The postage service, at least for now, cannot be done from Brazil. According to Correios do Brasil, the national legislation applied to the postal service does not allow the sending of banknotes and coins in circulation.

“Exceptional cases can be evaluated. However, so far, we have not received any query from the British Post for the structuring of a special service that involves the exchange of pound notes with England,” the public company said in a statement.

How does the exchange of banknotes through the Post Office work?

Even though sending banknotes by Correios do Brasil is not allowed, those who are outside the country, and far from the United Kingdom, can still use the feature to post old banknotes.

To do so, you must follow a procedure specified by the Bank of England. The first step is to go to the UK Banking Authority website and download the commercial banknote exchange application form.

The document must be completed by hand and contain the interested party’s personal data, such as name, telephone number and address. It is also necessary to indicate the bank and current account where the money will be deposited, as the Bank of England will not return new banknotes abroad by post.

The current account chosen must accept deposits in pounds. Also according to the institution, for payments to bank accounts abroad, the account holder must provide the Swift or BIC code, used to identify financial institutions. It is also necessary to enter the IBAN code, which is the international bank account number.

Along with the completed form, the applicant must submit a copy of photo ID and a copy of proof of residency. The list of accepted documents is also on the Bank of England website.

After receiving the paper pound notes, the financial institution will be responsible for depositing the amount for the customer. The operation follows the Swfit system, which may be charged depending on the destination banking institution.

The procedure applies to both natural and legal persons. However, in the case of companies, it is also necessary to attach a letter of introduction on letterhead with the company’s name, CNPJ and proof of address in the country where it is headquartered.

Is it possible to exchange in person after the deadline?

Yup. For Brazilians who plan to visit the United Kingdom in the future, it will still be possible to exchange the ballots in person. According to the British banking authority, the service will also be maintained after 30 September.

The options for the in-person exchange are to go to the Bank of England headquarters or look for one of the authorized British post offices for this.

The list of locations is available on the UK Post Office website.

For those who are account holders of any English bank, just deposit the new old ones in the current account.

In addition to England, post offices are authorized to exchange banknotes in Scotland, Wales and Northern Ireland. At post offices, there is a limit of £300 per year for in-person exchange.

At the agency, the interested party also needs to fill out a form and present a photo ID and proof of residence. According to the Bank of England, before the exchange is completed, you may be asked to provide more information or evidence to support the origin of the notes.

To exchange notes on behalf of another person, you must provide an original authorization letter signed by the owner of the money. According to the institution, this care is taken to avoid fraud.