Overseas buyers and the SDLT surcharge Case Study: Overseas buyers and the SDLT surcharge Generally speaking, when offering quotes to our private clients Prime Cap Payments marks up the wholesale rate of exchange we receive from the FCA regulated market-makers with whom our clients register by between 0.1 and 0.25%. Retail banks 'bake-in' their fee to their rate of exchange, but, customers have no come-back to the rate a bank quotes over platforms like internet-banking or via telephone and so customers are often forced into a take it or leave it dilemma. The mark-up we incorporate in to our quote does vary depending on the contract type, the amount of currency a client is exchanging and number of other bespoke features woven into the service we deliver. With the SDLT surcharge for overseas buyers sitting at a sizeable 3%, anything that a specialist company like us can give back to the client in a more competitive rate of exchange tends to be gratefully received - but, we have noticed is that few individuals, high-net-worth or otherwise, or/and their advisers are familiar with alternatives to the traditional banking currency exchange model. Would-be clients are unaware they can potentially save themselves up to that 3% when they convert their capital into to GBP Sterling. We work with the clients of a lot of solicitors and property professionals, but, the margin by which rates of exchange can be improved for clients tends not to be given much weight. Whenever we are introduced to a potential client we suggest that they conduct a rate comparison. Rates of exchange move up to 52 times a minute and so it can be hard to accurately compare a rate of exchange published in the morning with a rate published at lunch time, for instance. Therefore we suggest clients ask their bank directly for an indication as to the rate of exchange they could expect were they to exchange £x or €y and then call or email us soon after. In the most extreme of cases we have known banks to apply fees that reflect what is called the 'tourist rate'. The tourist rate is generally used to calculate cash or bank not bureau de change services and can see a rate inflated by as much as 5%. The most significant saving we have delivered a client on a vanilla, property-related transaction, was 2.74% (a saving for our client of nearly $120,000). Our client banked with Wells Fargo and had already exchanged a significant number of dollars prior to our inclusion in the process. Not only were we able to compare against the initial rate the client received, but, we quoted directly against a real-time quotation offered to the client by their personal banker on the day of the exchange. This is how we can be sure of the significant improvement/saving achieved. Transaction Amount: £4,200,000 Transaction Type: Property Purchase Currency Destination: London, UK Prime Cap Saving: 2.74% < Previous Case Study Back to Case Studies Next Case Study >

Renting in Edinburgh Case Study: Renting in Edinburgh The cost of a currency exchange is usually determined in one of two ways. Either the client has a specific currency amount and wants or needs to realise as much as possible in the currency they wish to 'buy', or, a client needs to purchase a specific currency amount and the rate of exchange is what dictates the cost of buying that sum. When you have a monthly or ongoing currency exchange requirement, it is wise to reflect on which of the two scenarios matches your need to exchange currency. Our client charges us with buying the GBP Sterling amount they need, monthly. On the same day every month our client receives a confirmation from us, which tells them the rate of exchange we were able to achieve when we bought for them. In the same confirmation we invite the client to send us the appropriate base currency amount. Because of the way this process is structured, the amount of money our client sends us varies each month...but they don't mind. On average, over the past 23 months, we have improved the client's rate of exchange (and therefore saved them) over 2.5%. We include the cost associated with sending a payment - a cost which their bank charges them separately - into the rate at which we exchange/buy their currency. All they need to do is send us the amount needed to settle the transaction. Transaction Amount: £4,370pcm Transaction Type: Rental Payments Currency Destination: Scotland Prime Cap Saving: 2.74% < Previous Case Study Back to Case Studies Next Case Study >

When Sourcing from Abroad Case Study: When Sourcing from Abroad Many UK businesses source products and services from overseas which results in invoices denominated in currencies other than GBP Sterling. In instances such as this, payment of the invoice involves the buying of the currency in which the invoice is issued and, unless thorough in researching a competitive provider for currency exchange services, many UK businesses fall back on the tools offered by their banks. It is perfectly true to say that different banking institutions charge different fees for international payments and currency exchange services. Generally speaking, a customer has zero discretion over the rate applied to their currency exchange. This presents Prime Cap with an opportunity to identify a margin of improvement and consistently undercut our peers in the banking space. Our client imports fabrics for furniture. Their average transactions amount is between £15,000 and £30,000 on a bi-monthly basis. We charge our client 0.5% which we incorporate into the rate of exchange we present to them through a white-labelled transaction platform backed by our FCA regulated market-markets. Confident that our fee will not change, our client is happy to push their currency exchange activities through us because of the additional oversight and insight we offer, as well as the half a percent saving we offer compare with their bank. Whilst 0.5% may not seem like a sizeable saving, our client is extremely happy with the £2000 saved each year. Transaction Amount: $21,300 avg. Transaction Type: Payment of invoice Currency Destination: UK Prime Cap Saving: £75 < Previous Case Study Back to Case Studies Next Case Study >

Vivre La France Case Study: Vivre La France When pitted against a retail banking institution the leverage we can exert on our market-makers all but guarantees a saving for our client, but, not every clients banks with a retail financial institution. This means that we are not always challenged to undercut a less than competitive retail margin. A number of our clients engage us, or are introduced to us, because we can be precise to the minute with the releasing of money to our client's nominated beneficiary. This is particularly useful when dealing with the the more rigid property buying processes of countries like France because French notaires can be sticklers for diligence, allowing sufficient time and preparation on the part of the purchaser. Our client sought to use us for the transmission of euros to the notaire charged with dealing with their purchase on the Côte d'Azur. We were engaged after the initial 10% deposit had been sent. Such is the flexibility with which can operate, our client was prepared to leave his exchange until the day before his completion was scheduled, because he was confident we could have the notaire's account credited in time for his, the client's, in person arrival at the contract signing. This matter relied less on the saving we could afford the client, although a £26,000 hair-cut was welcome, and more on the additional time our clearing processes gave the client. He wanted to see what would happen with the rate of exchange and our involvement in the purchase meant he could. Transaction Amount: €4,000,000 Transaction Type: Property Purchase Currency Destination: France Prime Cap Saving: £26,000 < Previous Case Study Back to Case Studies Next Case Study >

The Cost of an Education Case Study: The Cost of an Education Our client is a German national living in London. We were first introduced via his solicitor when he purchased his house in the UK. Two of our client's children are educated privately in the UK. Although our initial brief was to provide a compelling rate of exchange for the house purchase, right before the 2019 election, we have since been engaged to conduct exchanges and payment relating to the payment of tuition fees. Our client banks privately with Deutsche. This is relevant only because our client no longer compares our rates to Deutsche, feeling sufficiently confident that our prices will under cut theirs. We receive a euro sum somewhat regularly and, in consultation with the client, exchange in to GBP Sterling when the client feels the rate is optimal (or if the payment deadline for the particular school looms). If the markets move in our client's favour before the payment deadline then we simply hold the GBP for the client, in their personal segregated account, until we receive the instruction to settle the school's invoice. Again, we are our client's preferred exchange mechanism not because we offer a better rate of exchange (although we do, as standard) but, because of the flexibility and speed with which we can respond to changes in the currency markets. This is the added value that the private banking team at Deutsche (and many others) aren't necessarily built to provide. Transaction Amount: £12,000 per term Transaction Type: Tuition Currency Destination: Home Counties, UK Prime Cap Saving: 0.89% < Previous Case Study Back to Case Studies Next Case Study >

West End Pied à Terre Case Study: West End Pied à Terre When you are exchanging currency to buy a property, unless you are yet to have an offer accepted, you need to make sure your funds are liquid, in the case of UK property, before you exchange contracts. Our client was introduced to us by his property search agent. Commissioned to find a suitable apartment for our client's daughter, the agent thought to incorporate Prime Cap into the process because they knew we could improve the rate of exchange and ensure the somewhat rigid schedule for payments was met. The client already had their funds in the UK banking system, but, they were denominated in US Dollar not GBP Sterling. Simply by identifying and undercutting the rate of exchange offered to the client by their bank, we ensured the client spent $69,419.72 fewer. Using a tailored forward buying contract we were able to ensure that the client benefited from the same rate for the conversion of a 10% deposit payable on 'exchange of contracts' (often a mandatory requirement when buying at UK property) as was available for their completion payment some weeks later. Opting to use a forward contract meant the client could be sure their USD costs would not rise even if GBP were to appreciate in value. The client's conveyancing solicitor was also known to us and so, with the client's permission, we liaised with their legal team to update them as to the progress of funds and clearance times, thereby ensuring all parties were informed appropriately and critical deadlines were met. Transaction Amount: £2,800,000 Transaction Type: Property Purchase Currency Destination: London, UK Prime Cap Saving: $69,419.72 < Previous Case Study Back to Case Studies Next Case Study >

Working with real-estate sellers, buyers and landlords in the London off-market residential property sector, RAF's network is truly global. With a strong marketing presence across the Middle East, our work with RAF Estates is illustrative of appetite for personal financial services in sections of the market where a retail domestic offering does not exist. ​ The 2-5% improvement we bring to the rate of exchange has a meaningful and measurable impact on buying fees and means, whether buyer, seller or professional landlord, a greater proportion of a funds' buying power, or indeed rental yield, can be put to work. ​ Whilst Prime Cap enjoys referrals from a number of sources across the London and international real-estate spectrum, RAF's niche in the off-market and the exclusivity and discretion of their network, makes them a natural partner for Prime Cap. If you would like to be introduced to the RAF Estates team, please use know. ​ :: Visit RAF ESTATES :: :: HEDGE BRUNCH :: :: DESIGN BOX LONDON :: :: PCD CLUB :: :: INSURANCE TAILORS :: :: RE GRAPEVINE :: :: JORO ::

What is a 'SPOT' contract? The most regularly used foreign exchange contract, although you are figuratively buying|securing the currency|rate now, the terms of the contract are such that you are allowed to settle the agreed amount up to two working days (T+2) from the booking date; hence, you have time to make the necessary arrangements to electronically send money to your borker if you don't already have currency on account. We provide all the details of our settlement accounts once we have locked in the exchange for you. Spot contracts are useful when transmitting the balance for a house purchase or sale, settling a foreign currency invoice or paying an overseas mortgage. SAME DAY FORWARD ARRANGE A CALL

Making connections and maintaining relationships takes effort and time. Our presence at PCD Club speaks to our keenness to work with 'best in class' legal, accounting and turn-key financial service firms catering for the international private client segment. ​ We have been members of The Private Client Dining Club (PCD Club) since 2010 and find that sitting down for dinner next to a would be partner or collaborator is an extremely gratifying and effective way of establishing a connection that goes far beyond the conventional professional networking constructs. ​ PCD Club is a forum and a meeting place for those catering to private clients across a variety of disciplines. We attend because it keeps us sharp, is an excellent place to meet new contacts, and supports the development of a network to whom we can refer our own clients as and when the opportunity presents itself. ​ If you would like to attend as our guest, please let us know. ​ ​ :: Visit PCD CLUB :: :: DESIGN BOX LODON :: :: IW SCHOOLING :: :: HEDGE BRUNCH :: :: AYKROYD & CO :: :: RE GRAPEVINE :: :: JORO ::

Joro are a luxury travel company that tailor make extraordinary experiences for individuals and businesses. ​ We're delighted to shine a light on some of the service providers that cater for our international client base and, at the same time, introduce companies like Joro as valuable and prized clients. ​ We facilitate the international payment transactions involved in organising and constructing some of the truly mind blowing luxury programmes Joro creates for it's customers. ​ The Joro team use Prime Cap because on the one hand the booking of a payment and the monitoring of transactions is extremely easy, and on the other, they have their own personal broker. Our way of working mirrors the intensely personal service led approach they employ. If you would like an invitation to Joro Experiences, please let us know. ​ ​ :: Visit JORO :: :: DESIGN BOX LODON :: :: ASTUTE PROPERTY SEARCH :: :: HEDGE BRUNCH :: :: PCD CLUB :: :: AYKROYD & CO :: :: RE GRAPEVINE ::

What is a Broker? ​ A 'broker' is an individual or company who arranges transactions between a buyer and a seller for a commission only when the transaction is executed|settled. The 'commission', referred to by Prime Cap as our 'margin', is what remunerates us for the access we grant to a commercial rate of exchange, and is why we do not need to charge an hourly rate or project fee per matter - although we can, if the matter warrants it. One of the attractions of Prime Cap is that our margin is tailored - we do not arbitrarily categorise our client's. Each margin is bespoke to the transaction at hand and our offered terms are personal to our client and the unique relationships we have with our market counter-parties. Terms like currency 'trader' or 'dealer' are not wrong per se, but, in the context of 'deliverable' currency (which is currency exchanged and transmitted between business or personal bank accounts) these terms are more a reflection of a company appropriating an institutional or banking expression. When it comes to currency companies like Prime Cap, 'dealer', 'broker' and 'trader' all allude to much the same role. What is... 'Deliverable' currency? >> 'Deliverable' currency is money electronically deposited into a bank account. It is not hard currency, like travel money, or speculative investment activities like spread-betting. PRIME MANAGED PRIME EXECUTION PRIME VIEW

About our CASH SERVICES: Due to popular demand, we have partnered with one of London's oldest cash brokers. Unlike us, a cash broker supplies you with bank notes and travel money; like a bureau de change, but with more competitive rates than a high-street or airport offering. To qualify for Prime Cap's exclusive 'premium' cash rates you need to speak with our team directly. Each introduction to our cash brokers is by personal referral only and, to that end, we do not publish contact details for our cash services partners. Asking our cash broker to apply our remuneration 'back into' the rate you are quoted is a measure unique to Prime Cap's position within the deliverable currency sector (most other brokers cannot negotiate such terms), hence, we protect our hard won relationships and bespoke arrangements fiercely . If you would like more information please call our broking team on 0203 172 8193. PRIME MANAGED PRIME EXECUTION PRIME VIEW SCHEDULE A CALL