Amazon Refund - Will I lose out on currency difference?

another question

Ok long story short...I bought a laptop from Amazon for £656.00 which came out of my account as €857.35. The laptop wasn't as described (details irrelevant). They are processing a refund for £656.00.

However, when I checked XE.com today, it's says that £656.00 is €818.00 that's a loss to me of €40??!!

I went to my bank and they said it's something I have to take up with Amazon.

Now they only processed the refund today so it will be Thursday/Friday before I see the actual amount refunded in euros in my account but I'm a bit concerned about. I wish I never checked XE at all, I don't even know why I did.

My bank said to me that as Amaxon are processing a refund it's technically a reversal so there shouldn't be any major discrepancy but I'd like to know what to do if I'm out €40.

Anyone that can advise - much appreciated.

L1011

XE has midmarket rates; you won't have paid their rates and you won't be getting them either.

As you paid in Sterling you're likely to lose something but it won't be £40. This is because what Amazon charged is in Sterling and they're returning it in Sterling; the difference is down to your bank. You can pay Amazon in Euro but they charge a worse rate for it; but that'd reverse in Euro.

delahuntv

Looks like you had a rate of about 1.303 applied when you purchased the laptop. - Probably right as about 2 weeks ago the euro dropped to just under €1.27 mid market rate and then you have about 2.5% currency charge by your credit card.

Rate has improved to just over €1.24 at the end of last week and taking a 2.5% differential for currency transaction, the rate you got was probably 1.21 on the return.

So about 10c of every £ will disappear in currency transaction - in your case about €65.

Unfortunately sterling / euro has been volatile in the past couple of weeks and you seem to have been caught at both wrong ends of the volatility on top of the currency charges of 5% which are standard.

As the price was displayed in £stg and shipped out of UK (I presume), and you bought off a .co.uk website, then unfortunately I reckon its a cost you won;t be able to get back as the supplier has refunded what they got and rate differential and bank charges would not be their issue.

dudara

You will be refunded in the currency that you paid in. So, if you were invoiced in GBP, you will be refunded in GBP. You'll have to take the hit on the FX variances.

oneweb

I had a similar situation a couple of years ago. Bought from a UK retailer, was refunded by them and lost out in the conversion.

I called AIB Credit Card services, told them the amount I was refunded was different to what I'd paid. AIB explained the difference was down to the exchange rate differing and they (AIB) refunded the difference. This could have been out of goodwill, but it was worth trying!

The retailer has done their duty and (will have) paid you back exactly what you paid them, as far as they're concerned. £656 now was £656 a month ago. So give the bank's card services department a(nother) go, tell them you didn't get what you paid for and lost out when the refund was done.

Not sure if that would work with a debit card but you're far better off calling card services directly than asking counter staff, as I'd imagine the former would deal with those sort of queries more frequently.

Hope that helps.

HeidiHeidi

Rates for "buying" and "selling" currency will always differ. So even in you just went into a bank, bought 100 quid sterling, and then gave it back to them for euros, you'd lose out.

However rates may (will) differ day to day, so you might get lucky.

I recently returned something or cancelled a purchase online - can't for the life of me remember what it was now, so I can't be more specific than that - but to my amazement I actually made on the transaction. About 1 euro, but it was the principle of the thing.

So you'll just have to take your chances.

Checking exchange rates on XE will get you nowhere, as someone earlier posted they're mid-rates between selling and buying prices for currencies.

9de5q7tsr8u2im

OP Best advice is to live chat them i'm 100% sure they will deal this with you thats where i always deal my main problems with even the slightest of unsatisfaction from any consumer they'll try their best to resolve the matter asap! let me know

another question

Sorry it's been a few days since I've replied, it's too hard typing on the iPhone, have a new laptop now. Thanks for all your answers. I got sorted. The key was that I had Amazon Currency Converter on and I actually paid in Euro, even though the invoice was in Sterling. So the transaction was reversed in Euro and I got the exact amount down to the cent back that I paid initially. I was lucky because although AIB honoured the difference for the poster above, under no circumstances were Ulster Bank going to do that for me. Thanks again for your help guys, I was keeping an eye on your answers going along even though I didn't reply.

dudara

So Amazon Currency Converter worked to your benefit here Glad to hear it's all sorted.