Aib won't accept NI sterling notes

B

bond-007

Registered User
Messages
3,171
I tried to exchange some NI sterling notes left over from a recent trip. They wouldn't convert them into euro. They said they will only accept bank of england notes. Is this normal? It was only a small amount (£70).
 
bond-007 said:
I tried to exchange some NI sterling notes left over from a recent trip. They wouldn't convert them into euro. They said they will only accept bank of england notes. Is this normal? It was only a small amount (£70).
Click to expand...

I thought they were all withdrawn. Try using one on the 'mainland'!

Towger.
 
No, they are still using separate notes in NI. Each NI bank issues its own banknotes. And they most certainly won't work on the mainland.
 
I have used them successfully on the mainland.....a couple of months ago
 
I suppose it depends on where you are. I have had trouble using them in London to buy tube tickets etc. They won't work in vending machines.
 
bond-007 said:
No, they are still using separate notes in NI. Each NI bank issues its own banknotes. And they most certainly won't work on the mainland.
Click to expand...

NI banks are very likely to continue to issue their own notes for as long as they're allowed to.
It's a very nice little earner for them.

It's like printing free money for the bank.

If you read what's written on the NI notes it says

"Bank X promise to pay the bearer on demand Y pounds sterling"

They don't have to keep matching sterling for every northern funny money note they issue.

This also explains why people turn their noses up at them on the Mainland and Down South as the issuing bank isn't as safe as the Bank of England.

I've got 20 of them myself that I can't get rid of. The UB machine Up North issued them to me when I would have much preferred the Queen's currency :D
 
GeneralZod said:
NI banks are very likely to continue to issue their own notes for as long as they're allowed to.
It's a very nice little earner for them.

It's like printing free money for the bank.

If you read what's written on the NI notes it says

"Bank X promise to pay the bearer on demand Y pounds sterling"

They don't have to keep matching sterling for every northern funny money note they issue.

This also explains why people turn their noses up at them on the Mainland and Down South as the issuing bank isn't as safe as the Bank of England.

I've got 20 of them myself that I can't get rid of. The UB machine Up North issued them to me when I would have much preferred the Queen's currency :D
Click to expand...

While Bank Notes issued in NI are not legal tender in the UK (or NI for that matter) they are a.) legal currency and b.) have to be backed £ (NI) for £ (Sterling) at the bank of England, contrary to what GeneralZod said.
Source: Bank of England [broken link removed]

The statement the banks are not as safe is not valid, the £ (NI) is guaranteed by £ (Sterling).
 
DublinTexas,

That link says "apart from small “authorised” issues" they have to match them pound for pound.

So if the authorised issues are factored in it's not pound for pound.

My understanding is they can give out their own notes and then also lend the matching sterling that they otherwise would have given out.
 
a) Taxis on the "mainland" are a good place to get rid of them if you are over there!!. Either (s)he takes it or (s)he doesnt get paid!!!

Worked at a treat for me! Although you will get a good stare and maybe a bit of "whats that!!!"

b) Also bookies at race meetings usually have no problems. They are used to dealing with it- just make sure you dont paid out with the same notes if you win!!!!!!

Should UB down here not change it if its a NI ulster bank note? Should do.

AIB-First Trust
BOI-BOI???? etc....

Are they not all under the same companies? I would try use that in the banks.
 
To OP: I've never had an issue with AIB accepting these notes...in fact I was taking a trip to the mainland a couple of months ago, and my local branch swapped £500 of Northern notes for 'real' sterling for me at no charge.
 
I've used NI notes in Scotland and England with no problems. They're fine as long as you use them in the larger shops. Some of the small shops weren't keen to take them.
 
You must log in or register to reply here.
Back
Top