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The Bank will continue to exchange the old £5 notes indefinitely, as it would for any other bank note which no longer has legal tender status.
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If your bank, building society or Post Office is not willing to accept these notes they can be exchanged with the Bank of England in London by post or in person,” the Bank said.
You may be asked to provide a proof of identification when exchanging large amounts of money.
It will be followed by a new £20 which will feature the British Painter JMW Turner, which will be issued by 2020. The paper notes that are returned to the Bank of England will be recycled.
This is done using a composting treatment and the end product is used as a soil improver for agriculture.
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We would recommend that customers allow sufficient time to return old notes rather than leave it until legal tender status is withdrawn.” A spokesperson for RBS said: "After the note goes out of circulation, customers will still be able to bring in their old £5 notes for exchange at one of our branches.