Dear Parents and Guardians,
Cc National Committees,
I am writing to you about a newly introduced ‘coin charge’ being imposed on small US dollar notes being deposited in Tanzanian banks. Over the last month or so we have been charged a ‘coin charge’ for any deposit involving notes smaller that $50 or $100. This charge has amounted to 8% of the sum being deposited. This means that for every $100 you remit in $1, $5, $10 and $20 notes in the bank, the school only receives $92. Please be aware that we will only remit what we receive. At this time, it appears that this charge is not levied against cash payments made with $50 or $100 denomination notes.
On a separate, but linked issue, please also be informed that US dollar notes older than 2006 are not accepted in Tanzania. Therefore, please ensure that you only try to deposit (or pay with) notes issued after 2006.
Therefore, if you are planning to pay school fees or any other payment using US dollars, please check the age of and only deposit larger denomination notes.
Kind regards,
Anna Marsden
Director
