On Refunds And Exchange Rates

[Pandorous]

With all the hoohaa about the refund I decided to check my past CC statement to see how much I paid for mine initially. I then compared this to what I was refunded and have come to the conclusion that, due to exchange rate fluctuations, if I do not re-order, I will have...

made $20 on the refund

Neener!

(of course, I'm probably going to re-order once the CC order page comes up

 

[Tobs]

Yeap - but your money is worth $20 less now.

Least, I think that's how the economy works...

Tobs

 

[Pandorous]

Yeap - but your money is worth $20 less now.

Least, I think that's how the economy works...

Kinda. In terms of overseas purchasing power, you're right. This means that if I do re-order that $20 gain will probably go, unless my currency improves from the time of the refund to the time my re-order is processed. If it does then I claw some of that $20 back, hopefully enough to cover the CC surcharge. If that happens then I am no worse off. If it doesn't then I will be out the CC surcharge. If it gets worse then I'll be out the CC surcharge + the difference between the exchange rate when I am charge for the re-order and the exchange rate that I was charged when my refund was processed.

I'm hoping that, at worst, the fall, if it does happen, is not too bad and that at best, the CC surcharge is, at least, covered.

P.

 

[Guyfawkes]

Slightly on topic, I 'made' about £75 profit just by keeping an amount of money in US $ instead of UK £ on my PayPal account for a month or so. Every day I would check their exchange rates and was getting more £ for my $. I chickened out the other week as I thought the £ might get stronger and exchanged all the $ to £.

It looks like I chose the right time as the exchange rate has stayed pretty much the same for a month now. I spent the profits on Guitar Hero World Tour for 360

 

[mali]

Slightly on topic, I 'made' about £75 profit just by keeping an amount of money in US $ instead of UK £ on my PayPal account for a month or so. Every day I would check their exchange rates and was getting more £ for my $. I chickened out the other week as I thought the £ might get stronger and exchanged all the $ to £.

It looks like I chose the right time as the exchange rate has stayed pretty much the same for a month now. I spent the profits on Guitar Hero World Tour for 360

Hmm..
Very nice. I'm forced to use paypal to not lose my eBay shop, so this could be a possible solution to get back some fees...

 

[Guyfawkes]

Yeah its a nice little bonus but it does need the exchange rate to change before you make (or loose) any money. I do not think the $ v £ will get any worse than it is as it has been roughly the same for the past month on paypal as far as I know.

You could try doing it the other way and keep your money in £ and then wait for it to get stronger against the $ then convert it to $ at the right time. Keep an eye out if the exchange rate starts changing and you get more $ for your £. Don't take my word for it though, I don't want to be responsible for you loosing money

 

[Wolfsclaw]

Ooh don't we all love capitalism

 

[mali]

Don't take my word for it though, I don't want to be responsible for you loosing money

Nah But the idea in general is great, I will research on this

 

[Zoppe]

Isn't this a little bit off-topic? (Maybe not, it's general talk)
but then again, i'm not contributing anything to this thread.

Edit: Stupid spelling error

 

[White Demon]

I agree, it's only slightly Pandora related.
It's more off-topic than anything else.

 

[verm71]

Slightly on topic, I 'made' about £75 profit just by keeping an amount of money in US $ instead of UK £ on my PayPal account for a month or so. Every day I would check their exchange rates and was getting more £ for my $. I chickened out the other week as I thought the £ might get stronger and exchanged all the $ to £.

It looks like I chose the right time as the exchange rate has stayed pretty much the same for a month now. I spent the profits on Guitar Hero World Tour for 360

Now you need to level up and play the stock market! ;-)

 

[kloplop321]

technically wouldn't you need to pay back that money since they are doing it under their currency..?

 

[Guyfawkes]

Yeah its their currency so no need to pay the difference. Paypal exchange rates are usually a bit under the real rates so I guess they make some money out of it as well. I think on around $165 to £ there was £3 difference between official and paypal rates when I converted some money earlier in the week.

I used to do some small stock market trading around 12 years ago, started off with some of my mums BT shares she wanted to sell, so I bought and sold various others. By the end of it I was a few grand in profit, it is hard work though!

 

[PSyMastR]

Well... I LOST $50 due to the refund

 

[yashton]

Banks and investment firms actually play the currency exchange market just like the stock market and other commodities markets (like oil, copper, etc). Buy when it's low, sell when it's high *shrug*

 

[emil10001]

To bring this a bit closer to being on-topic with the whole refund issue, and also in hopes that someone will actually respond here...

I have suggested a method close to this in several posts:
http://www.gp32x.de/board/index.php?s=&am...st&p=678170

Any thoughts?

 

[BenTolputt]

I lost around $10 in currency exchange, but another $20 in currency conversion (there & back!). Wasn't happy with that, but it was better than I was expecting... though without a credit card order page - OpenPandora is looking less & less likely for me