Travel Tip of the Day: Don’t Travel with Ripped Bills - (2024)

FAQs

Travel Tip of the Day: Don’t Travel with Ripped Bills -? ›

Many countries around the world now only accept new or almost new currency bills for exchange. Money is consider to be new if it is clean, unmarked, un-creased, and not torn. Additionally, US currency should not be printed earlier than 2006.

Under regulations issued by the Department of the Treasury, mutilated United States currency may be exchanged at face value if: More than 50% of a note identifiable as United States currency is present.

The Bureau of Engraving and Printing (BEP) redeems mutilated currency as a free public service. Please find more information about this service at BEP Currency Redemption Services.

Many stores and merchants will not take torn or drawn-on bills, and even vending machines struggle to take heavily wrinkled ones. The good news is that even if a bill is torn in half, you can tape them together and exchange them at a Federal Reserve bank for fresh notes, as long as the serial numbers match.

Lawful holders of mutilated currency may receive a redemption at full value when: Clearly more than 50% of a note identifiable as United States currency is present, along with sufficient remnants of any relevant security feature; or.

(KHON2) — If you accidentally ripped a dollar bill, you may not be completely out of luck. But what do you do with the mutilated moolah? According to the U.S. Department of the Treasury, commercial banks will exchange your damaged, or “unfit” currency, for another, after some checks are made.

Most financial institutions will replace damaged bills as long as you have all the pieces and the serial numbers on both sides are intact.

You can use your cash as is if a corner is missing. If it's ripped into two pieces, tape them back together and take the bill to a bank, where they will make sure the serial numbers on both sides of the note match and give you a new one.

The Bank replaces damaged banknotes, including those torn or burnt, with new banknotes, according to the proportion of the part of the original banknote remaining, provided that both front and reverse sides of the banknote are maintained.

Burning money is illegal in the United States and is punishable by up to 10 years in prison, not to mention fines. It's also illegal to tear a dollar bill and even flatten a penny under the weight of a locomotive on the railroad tracks.

How do I exchange a ripped dollar bill? ›

If you have damaged or mutilated currency, or need currency replaced, contact the Bureau of Engraving and Printing. If you have currency you suspect is counterfeit, contact your local Secret Service Field Office. For questions about coins, please contact the U.S. Mint.

In the US, if you have at least 50% of the bill, any bank will replace it for free. Bills get ripped all the time, the bill you have there is perfectly ok to spend, or you are welcome to go exchange it at a bank for a pretty one.

Specifically, this is a violation of Title 18, Section 333 of the United States Code, which says that “whoever mutilates, cuts, disfigures, perforates, unites or cements together, or does any other thing to any bank bill, draft, note, or other evidence of debt issued by any national banking association, Federal Reserve ...

Often times, even financial institutions won't accept cash if it's too damaged. This is because the Federal Reserve does not accept deposits of mutilated money from banks and credit unions.

Comerica Bank, Bank of America, Chase, Citibank and Wells Fargo say they'll exchange your damaged bills if more than half is intact. US Bank says you have to have more than two-thirds intact and the serial number and denomination must be clear.

How long does the mutilated currency redemption process take? The amount of time needed to process each case varies with its complexity and the case workload of the examiner. Standard requests can generally take from six months to 36 months to process depending on the condition of the currency notes.

We've all probably had some damaged money in our wallets or pockets. In some cases no one will even take it from you. Often times, even financial institutions won't accept cash if it's too damaged. This is because the Federal Reserve does not accept deposits of mutilated money from banks and credit unions.