Exchange Rate Loss on Cancelled Transaction

xandertarr

Hi, I wonder if anyone could offer some help.

I recently purchased some items from the states using my A&L Premier Direct Debit Card. I then realised a problem with the transaction on my part, so cancelled the transaction in less than 5minutes from when I made the original purchase.

However, now looking through my bank statement online, I see that the transaction went through and was then refunded; both for the same amount in USD. Unfortunately, the problem is that the exhange rate that A&L have applied means that I lose out by about £2 as the exchange rate for the refund was different to the purchase amount.

I've tried calling A&L and explaining the situation, but they say that there is nothing they can do and its just "one of those things". However, as the transaction was cancelled within such a small amount of time I don't think this is really fair.

Does anyone have any suggestions for what I can do?

Many thanks for your help in advance!

umirenfro

The thing is this was a cancelled transaction. Is there no rules which mean that a transaction which is cancelled should not leave the consumer out of pocket?

Just trying to save a few pounds :-)

Thanks anyway.

JohalaReewi

A&L will have charged commission (probably around 2.7%) on both transactions and factored that into the exchange rates so, although the dollar amounts cancel out, you end up paying some GBP. All you can do is hope A&L will refund the amount (which you say they won't).

Also check out using a credit card that doesn't charge commission on foreign currency transactions.

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1106765397,71685,

xandertarr

Thanks for everyones help, I never thought it was illegal, but just hoping there might be something I could say to trigger a friendly response from the bank.

I've read pretty much all of Martin's guide's and trying to get a 0% comission card, unfortunately the post office seem to be a bit slow at the moment - too many christmas cards I guess

Thankfully it was only a small difference - have to be more careful in the future!