Refund Problem

[mrtiv]

I have an Item Not Received Dispute claim ongoing. The seller missed the deadline to respond and Paypal reversed the payment i.e it was Payapl who returned the funds to me, not the seller. I originally paid in sterling for an item that was priced in dollars. I understood that in cases like mine, funds would be returned in the origianl currency. I paid £72.34 at the prevailing exchange rate. However Paypal has used the current exchange rate and only refunded me £66.21. As a result I have lost £6.13 - why?

[kernowlass]

@mrtiv

Currency conversion rates change on a daily or sometimes twice daily basis.

They refunded you the amount you sent by you lost out on that rate, sometimes you gain, sometimes you lose.

Same as you do when you buy currency on the high street.

Maybe your seller did not bother sending as you did not send his currency. If a seller lists in dollars then you pay in dollars.

[mrtiv]

Obviously exchange rates change all the time but I thought it was PayPal policy to refund the orginal amount paid by the buyer on the day of purchase in the buyers currency at the exchange rate in opration at that time and not at  the rate applicable on the day of the refund.