I paid $3184.83 AUD for an item on 28th May, converted to 1770.00 GBP. Had an issue, opened a dispute case. Just won it. I have now been issued a refund, but it was the 1770.00 GBP converted back to AUD which today equals $2826.95. The user agreement policy states: 14.6 When you send a payment in which you perform a currency conversion using PayPal (i.e. converting the currency in which you fund your payment into the currency to be received by the recipient) and later there is a refund, return or Reversal, we will generally reverse the currency conversion and complete the refund, return or Reversal in your funding currency using the exchange rate which prevailed on the date of the original transaction. This does not seem to have been the case in my situation. Now I have lost over $350 due to change in exchange rates. I do not see how this is fair on me when I had to pay $3184.83 and not have received my item.
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