As these forums advice time and again to withdraw cash using EMIs I thought it worth reminding UK members that we are facing a precarious situation in 2020 when the £20 will be replaced with the new polymer notes. The old paper notes will be withdrawn probably by spring 2021.
For those that hold a large amount of physical cash it could pose a logistical problem in that anything over £999 is going to require ID and proof of address to exchange for new notes, and potentially be reported. Depositing large amount s of cash into onshore accounts over £5000 could also face scrutiny.
Something to think about for some of us...
For those that hold a large amount of physical cash it could pose a logistical problem in that anything over £999 is going to require ID and proof of address to exchange for new notes, and potentially be reported. Depositing large amount s of cash into onshore accounts over £5000 could also face scrutiny.
Something to think about for some of us...