I ordered a device from US for $2,080 in Dec 2021. 4 months later in April 2022, I cancelled my order and got a refund back. The merchant has refunded my money in USD but Curve has converted this with the currency rate in December.
GBP/USD has changed dramatically and Curve’s calculation put £100 less in my account.
With today’s currency it’s £1,663 and Curve refunded back £1,574. Shouldn’t it converted with the current exchange rate?
My second point is in the application I can’t see the exact amount, it shows £1.5K. It will be nice showing in transaction details.
I would like to know this too!
Agree with the App display issues, but you shouldn’t gain by the time you refunded something, so using the exchange rate when you paid for it is fair, as that’s what you would have paid for it in December.
Otherwise you could selectively choose to make refunds on things if the exchange rate was favourable purely for financial gain, which would be fraud (not accusing you of that obviously)
Haha waiting 5 months and cancelling the order? They just couldn’t deliver the product. They said at the end of Feb.
I don’t agree with the fraud section. No one is going to buy something and cancel for fraud from abroad for currency rate change expectation.
It’s amazing what people will try but there it is
I’ve raised this with the team and have some information that will hopefully add context to this.
We always refund using the exchange rate from the time of the original transaction rather than from the time the refund was processed as per our terms.
Exchange rates change every day so even if we did it the other way round (i.e. refunded using the exchange rate on the day we issue the refund), the amount refunded back wouldn’t always match what they originally paid.
This is a great bit of feedback and I’ll pass it along for you!
Depends on whether the merchant has refunded the original transaction or actually put a credit on your card. Some merchants process a credit (with today’s exchange rate) rather than refunding the original transaction / charge. If they refund the original one, you’ll receive it back with them exchange rate.
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