Local bank says paper ?20 and ?50 notes being phased out Loop Cayman Islands
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Customers must exchange or deposit existing ?20 and ?50 notes as soon as possible
7 hrs ago
Paper ?20 and ?50 notes being phased out (image source: Bank of England)
According to the Bank of England, September 30, 2022 is the last time that you can use Bank of England paper ?20 and ?50 notes in England. They have been replaced by new polymer ?20 and ?50 notes.
As a result, CIBC FirstCaribbean is advising its customers to turn in any paper ?20 and ?50 withdrawn notes or exchange or deposit them with the nearest branch before October 14, 2022.
It is understood that, after this deadline, you will no longer be able to use existing ?20 and ?50 notes paper notes in shops, or use them to pay businesses. That is, only the new polymer ?20 and ?50 notes will have legal tender status.
The new polymer ?20 notes will feature JMW Turner and polymer ?50 notes will feature Alan Turing.
New bank note (source: Bank of England)
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