QUESTIONS AND ANSWERS
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QUESTION: |
Why is the Authority calling in the old banknotes? |
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ANSWER:
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The Authority is removing the old banknotes from circulation and therefore is ‘calling in’ all denominations of these banknotes. Removing banknotes from circulation is a common practice by monetary authorities. They do this periodically for various reasons, e.g. as banknotes deteriorate from everyday wear and tear; as technologies in anti-counterfeiting security features improve and as new banknotes are introduced. We currently have both the old and new banknotes in circulation. When we introduced the vertical banknote series in 2009, our long-range plan was to eventually remove the old banknotes from circulation. We outlined this intention in our 2013 Business Plan. Now we are following through on our plans for this initiative. |
| QUESTION: | How long will I be able to use the old money in the shops, etc.? |
| ANSWER: | As per the legal notice published in the official gazette (currently The Royal Gazette newspaper) dated 1 June 2013, the old money will remain legal tender until 31 December 2013. This means that you can use the old banknotes for purchasing goods and services up until that date. |
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QUESTION: |
Where can I exchange my old banknotes? |
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ANSWER: |
You can only exchange your banknotes at your bank or at the Bermuda Industrial Union Members’ Credit Union (Credit Union) if you are a member. The banks and the Credit Union are only required to exchange legacy banknotes for their existing customers. The banks will also exchange legacy banknotes for visitors, up to specified limits determined by each institution. |
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QUESTION: |
Where can I not exchange my old banknotes? |
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ANSWER: |
You cannot exchange your old banknotes at the Bermuda Monetary Authority or at any local money service business, retailer, supermarket or other place that offers good and services. |
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QUESTION: |
What if I still have some old banknotes after 31 December 2013? |
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ANSWER: |
If you have legacy banknotes after 31 December 2013 you may still exchange them for the vertical banknotes at face value at your bank or at the Credit Union. |
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QUESTION: |
How long will I be able to exchange the old banknotes? |
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ANSWER: |
In accordance with the Bermuda Monetary Authority Act 1969, you may exchange legacy banknotes at your bank or at the Credit Union for a 10-year period, i.e. from 1 January 2014 to 31 December 2023. However, as of 1 January 2024 legacy banknotes will no longer be exchangeable at the banks or Credit Union, and will no longer be in circulation. |
