The last day the public can use their paper £10 notes is 1 March 2018. After this date they can be exchanged at the Bank of England in person or by post. Some retailers, banks and building societies may still accept these notes; however this is at their own discretion.
The public are encouraged to use their paper £10 notes or swap them at their banks, while businesses are encouraged to return paper £10s now, ahead of the withdrawal date.
CHECKLIST: How to prepare your business
As with any banknote withdrawal, all businesses that handle cash need to plan and prepare for the change.
- Ensure you know which cash handling machines are being operated by your business and check whether an adaptation is required with your supplier.
- Check your note supply agreement with your bank to understand whether they will continue to accept paper £10 notes after the withdrawal date.
- Train your staff. An A4 poster is available to support staff training on withdrawal and available to download or order, free of charge, here
- Manage your customers’ expectations. If you have not been able to adapt your machines before the note is withdrawn, have a process in place so that customers can exchange old notes if they are dispensed in change.
|The Banknote Checking Scheme receives support from retailers and businesses.
Since the launch of the Banknote Checking Scheme in October, we are excited to share that we already have over 40 new supporters ranging from small businesses to national high street chains.
The Scheme is a free and voluntary initiative to promote banknote checking through targeted training. Our objective is to reduce the number of counterfeit notes being accepted and reduce financial losses to businesses. It also recognises the Corporate Social Responsibility contribution of businesses helping to reduce counterfeit levels and the associated proceeds from organised crime.
If you are interested in finding out more about the Scheme sign up to one of our webinars or visit our website.