File No: WRTN/PEC1342

Date: 11/06/2019

Your bank details has now been received. The transfer of the donation will commence accordingly shortly.

Kindly attend to the information provided below promptly.

FOREIGN CURRENCY CONVERSION CHARGES

1. What is Foreign Currency Conversion Charge (FCC)?

The UK Government has recently enacted the Finance Act of 2018, which requires the levying of Service Tax on purchase/sale of foreign currencies including transactions.

Crown Financial is an authorised dealer and hence would require paying service tax in compliance to the above. Accordingly, a flat fee of 50 GB Pounds would be charged on every transaction involving sale / purchase of foreign currency in the UK, towards the services offered.

A service tax of 0.25% will also be charged on the amount intended for transfer to be paid to the UK Government. With effect from May 16, 2013 every transaction involving currency conversion in the UK will attract a fee of 50 GB Pounds

2. Is Foreign Currency Conversion Charge, transaction based / amount based? How much FCC would be charged if 1000 US Dollars is transferred?

Please note that, FCC charges would be applicable on every transaction (inward/outward), involving currency conversion in UK, irrespective of the amount transferred and the mode in which it is transferred.

Example:

A) A transfer of 1000 GB Pounds into any of your accounts from abroad would attract a flat charge of 50 GBP and a service tax of 0.25% on the 1000 GB Pounds (total of 62.5 GBP)

B) An outward remittance of USD 1000 from your account would attract a flat charge of 50 GBP and a service tax of of 0.25% on the 1000 GB Pounds (total of 62.5 GBP)

3. Is this applicable to all banks? Is Crown Financial alone charging customers?

Service Tax liability is applicable to all banks. Banks are at discretion to fix Foreign Currency Conversion Charges based on the cost structure that are internal to the banks. Please note that FCC would be charged by the banks post the implementation of the Financial Act, 2018 of the UK Government.

4. Is the FCC charge dependent on the amount transferred?

FCC charges are fixed at 50 GBP per transaction, plus a service tax of 0.25% which is respective of the amount transferred.

Note that before the donation can be deposited into your account, it first has to be converted to British Pounds which is why you will be required to pay a service tax of £50 GB pounds ($64.71 US Dollars) and 0.25% of $750,000 US Dollars as the Foreign Currency Conversion Charge which is $1,875 US Dollars. Which bring us to a total of $1,939.71 US Dollars that you are expected to remit to complete your transfer.

This amount should be made payable to the accounts receiving officer with the detail below:

Bank name: Barclays Bank
Address: 53 Fawcett ST, Sunderland SR1 1RS, UK
Account number: 33873005
IBAN: GB52BUKB20836933873005
Sort Code: 20-83-69
Swift/BIC: BUKBGB22
Account name: Laleta Todorova Bulkina
Address: 11 Overt gardens, NE8 3JH, Gateshead

Send us a scan copy of the transfer receipt as proof of payment and for records purpose.

The transfer of the donation will be effected 24 hours afterwards.

I hope to hear from you soon

Regards,
Eric Norman
Crown Financial