Scottish £100 Banknotes
Discussion
I've been to 3 separate branches over the past month, withdrawing an over the counter sum of money (sub 2k for those wandering).
I've asked for the notes to be in 100's or 50's and was advised at two RBS branches and a TSB branch they're not available in branch, these are large city branches too.
I'm just wondering if anyone else has had a £100 note recently?
Why wouldn't the banks stock notes that are still in circulation?
They seem to incredibly rare now, although last year when making a car purchase the notes were mostly 100's used.
I've asked for the notes to be in 100's or 50's and was advised at two RBS branches and a TSB branch they're not available in branch, these are large city branches too.
I'm just wondering if anyone else has had a £100 note recently?
Why wouldn't the banks stock notes that are still in circulation?
They seem to incredibly rare now, although last year when making a car purchase the notes were mostly 100's used.
SlickSwissToni said:
they're not available in branch.
I suspect you'll find it's all part of what's become standard bank practice with a view to trying to suppress the drugs trade and money laundering - notes are usually limited to £20 denomination.In 2016 Peter Sands, former chief executive of Standard Chartered bank, produced a report urging the world's largest economies to do something about it. High-value notes were described as the currency of corrupt elites, of crime of all sorts and of tax evasion. "They play little role in the functioning of the legitimate economy, yet a crucial role in the underground economy," he said. "The irony is that they are provided to criminals by the state." Banning the notes would not stop crime, but it would make hiding transactions more costly and more difficult, Mr Sands said.
In the UK paper £50 notes haven't been issued for a long time but there are a lot of them circulating and they are still legal tender. There are c.340 million £50 notes in circulation with a combined value of £17bn, according to the Bank of England. Most shops etc won't accept them and they circulate within the black economy.
Once the new, polymer £50 note is issued in 2021 the clock will be ticking on old paper notes which will eventually cease to be legal tender, although banks will still accept them for deposit into an account. You won't be able to trot in with a pile of £50s and exchange them for new ones at the counter - the deposit has to go through an account. Whether the doyens of the black economy will look forward to trotting into a branch and depositing their old paper notes into an account will remain to be seen....
Whilst the above relates to England I anticipate there will be a similar approach in Scotland.
i’ve normally been able to get £100 or £50 notes easy enough in branch. usually for wedding gifts. But i’ve never asked for a couple of grand in them, only ever been 1 or 2 notes.
but agree on the money laundering thing. hence why european banks stopped the circulation of the €500 notes. the underworld loved those as a way of transporting large sums of cash at a fraction of the volume of 10/20’s!
but agree on the money laundering thing. hence why european banks stopped the circulation of the €500 notes. the underworld loved those as a way of transporting large sums of cash at a fraction of the volume of 10/20’s!
rockin said:
In the UK paper £50 notes haven't been issued for a long time but there are a lot of them circulating and they are still legal tender. There are c.340 million £50 notes in circulation with a combined value of £17bn, according to the Bank of England. Most shops etc won't accept them and they circulate within the black economy.
Once the new, polymer £50 note is issued in 2021...
Is the issue that £50 notes are used mostly by criminals, or that they are forged? Your second para suggests the latter.Once the new, polymer £50 note is issued in 2021...
malks222 said:
i’ve normally been able to get £100 or £50 notes easy enough in branch. usually for wedding gifts. But i’ve never asked for a couple of grand in them, only ever been 1 or 2 notes.
but agree on the money laundering thing. hence why european banks stopped the circulation of the €500 notes. the underworld loved those as a way of transporting large sums of cash at a fraction of the volume of 10/20’s!
EU still pumping out 500e notes but agree on the money laundering thing. hence why european banks stopped the circulation of the €500 notes. the underworld loved those as a way of transporting large sums of cash at a fraction of the volume of 10/20’s!
Withdrew 3k from cashpoint recently , that's the daily limit with millennium Bank, received 2 500e notes with the rest a mixture of 100e notes 50s and 20s
Eta just read that they stopped issuing them but still in circulation, the ones I got were in very good condition, Portugal btw
Edited by dingg on Tuesday 8th September 16:14
Simpo Two said:
rockin said:
In the UK paper £50 notes haven't been issued for a long time but there are a lot of them circulating and they are still legal tender. There are c.340 million £50 notes in circulation with a combined value of £17bn, according to the Bank of England. Most shops etc won't accept them and they circulate within the black economy.
Once the new, polymer £50 note is issued in 2021...
Is the issue that £50 notes are used mostly by criminals, or that they are forged? Your second para suggests the latter.Once the new, polymer £50 note is issued in 2021...
On the larger Euro notes, my partner is from Ireland they are commonplace there, even for tiny transactions - I'm assuming a lot of Europe is the same. I feel awkward offering a £10 note for something less than a £1!
k! dingg said:
EU still pumping out 500e notes
Withdrew 3k from cashpoint recently , that's the daily limit with millennium Bank, received 2 500e notes with the rest a mixture of 100e notes 50s and 20s
Eta just read that they stopped issuing them but still in circulation, the ones I got were in very good condition, Portugal btw
i knew they had stopped making them, didn’t realise they were still in circulation/ legal tender. Withdrew 3k from cashpoint recently , that's the daily limit with millennium Bank, received 2 500e notes with the rest a mixture of 100e notes 50s and 20s
Eta just read that they stopped issuing them but still in circulation, the ones I got were in very good condition, Portugal btw
Edited by dingg on Tuesday 8th September 16:14
Camelot1971 said:
Simpo Two said:
rockin said:
In the UK paper £50 notes haven't been issued for a long time but there are a lot of them circulating and they are still legal tender. There are c.340 million £50 notes in circulation with a combined value of £17bn, according to the Bank of England. Most shops etc won't accept them and they circulate within the black economy.
Once the new, polymer £50 note is issued in 2021...
Is the issue that £50 notes are used mostly by criminals, or that they are forged? Your second para suggests the latter.Once the new, polymer £50 note is issued in 2021...
Plenty of tradesmen will buy their first pint with a fifty, and I have never seen a fake; people are too cautious. Twenties and pound coins are where your funny money lies. Never had a shop refuse a fifty either.
Bacon Is Proof said:
Plenty of tradesmen will buy their first pint with a fifty, and I have never seen a fake; people are too cautious. Twenties and pound coins are where your funny money lies. Never had a shop refuse a fifty either.
The only fake money I've been aware of is £1 coins, about 10 years ago. I think they were lead, sprayed gold. Nobody checks £1 coins...Saweep said:
The £50 note thing is weird.
20 years ago I could understand why they produced tutting and sucking of teeth from shop keepers. £50 could buy a fair amount of "stuff".
These days though £50 isn't a lot of money.
Indeed. In Germany, no-one bats an eyelid at using a 50 euro note and i've seen 200 used by some guy to pay for dry cleaning a couple of shirts. I have no idea why we have such an aversion to high denomination notes in the UK.20 years ago I could understand why they produced tutting and sucking of teeth from shop keepers. £50 could buy a fair amount of "stuff".
These days though £50 isn't a lot of money.
Simpo Two said:
The only fake money I've been aware of is £1 coins, about 10 years ago. I think they were lead, sprayed gold. Nobody checks £1 coins...
Yep, and the first Id often know I had one would be when a car parking or vending machine would reject it and I'd check and notice it was fake. 500 EUR notes are great. The 100 USD notes are good but could do with a bigger denomination. 50GBP really isn't big enough as the largest note IMHO.
It's helpful to be able to have a store of a good amount of money without it being physically too big.
And no, I'm not a money launderer, drug dealer or any sort of criminal.
It's helpful to be able to have a store of a good amount of money without it being physically too big.
And no, I'm not a money launderer, drug dealer or any sort of criminal.
williaa68 said:
Switzerland has a chf1000 note. And they are fairly common....
Yes, plenty of cashpoints have them. Standard card withdrawal limits are CHF 5,000 a day/CHF 10,000 a month.Standard visit to a cashpoint for me is to get CHF 100 or CHF 200 out in that denomination. Always feels weird to visit the UK request to withdraw £200 and end up with a small book of notes.
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