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Refunding deposit currency exchange
Posted: Tue Jul 12, 2016 4:59 pm
by Sam V
Hello! My poor head can't think this through!
I have a £300 deposit to refund. The guest paid me in Euros and I received €384 and I now have to refund her. Now, do I refund her €384 I received or £300 at the current exchange rate?
Posted: Tue Jul 12, 2016 5:35 pm
by Casscat
The amount received in the currency it was paid in.
Posted: Tue Jul 12, 2016 6:30 pm
by kevsboredagain
Casscat wrote:The amount received in the currency it was paid in.
+1
I always make it clear that UK guests can pay the deposit in £ if they wish and receive exactly the same back again but if they pay in Euros, they will get Euros back again, and the exchange rate to their pounds may have changed in the meantime.
Posted: Wed Jul 13, 2016 6:57 am
by Sam V
Thanks hatters, I thought that was the case. Unfortunately, in this case I lose out with the exchange rate now! I've been chasing this guest for her bank details for a few weeks too!
Posted: Wed Jul 13, 2016 9:26 am
by NeatandPicky
Sam
If the customer is paying in a different currency, may be worth considering taking the security bond via different method to avoid currency fluctuations.
We formerly used a separate card payment via PayPal, but are now using WaveApps / Stripe (lower fees). Refunds include the card fee.
Posted: Wed Jul 13, 2016 5:03 pm
by kg1
Definitely in what ever currency they paid in - we use XETRADE. Very good.
Posted: Wed Jul 13, 2016 6:25 pm
by kevsboredagain
kyreniagirl wrote:Definitely in what ever currency they paid in - we use XETRADE. Very good.
I used to use them too for several years and probably still have an account but since found that both TransferWise and CurrencyFair were quite a bit cheaper.