Ever wondered what you can do with damaged or torn bank notes? A new reimbursement scheme is being rolled out nationwide.
You can now exchange your damaged or torn banknotes and receive a refund through a new service launched by Banque de France.
Starting June 8th, the service will be available at one tobacconist (bar-tabac) in each French region and early July, it will be extended to one tobacconist in every département.
Until now, exchanging damaged banknotes generally required going through a bank or visiting the Bank of France.
In France, tabacs provide a wide range of administration services and are about a lot more than simply buying cigarettes.
READ ALSO: Why the tabac is essential to life in France – even if you don’t smoke
How does the new system work?
The procedure depends on the condition of the banknote.
If more than half of the banknote remains intact and the damage is relatively minor, you can deposit it in a recycling ATM – a cash machine that accepts both deposits and withdrawals – operated by your bank or one of its partners.
The value of the banknote will then be credited immediately to your account.
First-series euro banknotes (€5, €10, €20, €50, €100, €200 and €500 notes) are also accepted for ATM deposits.
If a banknote is too badly damaged to be accepted by an ATM, and for sums of €500 or less, you can take the damaged notes to a participating tabac, where they will be assessed and submitted for reimbursement.
What if the amount is more than €500?
For damaged banknotes worth more than €500, or for people wishing to deal directly with the Banque de France, reimbursement requests can be made in person at the Banque de France’s Paris cash office:
Caisse de Paris
39 rue Croix-des-Petits-Champs
75001 Paris
The whole procedure is free of charge and should be done in person. In other words, do not send your banknotes by mail.
How are refunds paid?
Once the damaged notes have been examined, genuine banknotes with a remaining surface area of more than 50 percent of the original note can be reimbursed.
Refunds are made in one of two ways:
- immediate exchange for new banknotes when presented directly at the Banque de France’s Paris counter
- reimbursement by bank transfer when notes are handed over to a participating bar-tabac or when they need to be assessed by a Banque de France evaluation centre.
What documents do you need?
People seeking reimbursement will need to provide supporting documents.
The person depositing the banknotes, or the beneficiary if different, must provide a valid ID, bank account details (RIB), including the beneficiary’s IBAN, and proof of funds – which may be requested by the Banque de France.
Anyone with questions about the procedure can contact the Banque de France via its number: 34 14.
For more information, visit this link.
