Northern Ireland's paper £5 and £10 notes have been withdrawn from circulation as of Monday, following the introduction of polymer alternatives by Bank of Ireland, Danske Bank and Ulster Bank in February.
Retailers can now refuse to accept the older paper notes at their own discretion. However, banks will continue to accept all Northern Ireland notes from their own customers as deposits or exchanges for new notes. The Post Office will also accept paper notes for customers who use branches to pay into their accounts.
Bank of Ireland, Danske Bank and Ulster Bank have agreed to exchange their own paper £5 and £10 notes from non-customers up to the value of £250. The Association of Commercial Banknote Issuers (ACBI) has encouraged the public to spend or exchange any paper notes before the 30 September deadline.
The ACBI stated that polymer delivers significant benefits over paper, including enhanced security features that make notes harder to counterfeit, greater durability, and environmental advantages. An ACBI spokesperson confirmed that the deadline for using paper £5 and £10 notes is 30 September, but the issuing banks will continue to accept old notes with no current plans to change this policy.
First Trust Bank announced in February that it would end its tradition of printing its own banknotes by June 2022. As Northern Ireland banknotes promise to pay the bearer on demand, customers will always receive value for genuine notes from the issuing bank.
