Do insurance cover loss due to exchange rate?

iainfitzy

As part of a wider trip to South Africa we had a safari booked. It was paid in Rand - due to exchange rate fluctuation we have lost around £600 when they provided a refund. Tried and failed to get through to Insurance company - so wondering if anyone had experienced similar?

bradders1983

I think I remember your thread from the other week.

Sadly this is just part of international currency exchange and this was explained to you at the time. No insurance would cover this as far as I know.

Aylesbury_Duck

I can't see how this would be covered.  Just one of those unfortunate things, I'm afraid.  On the flip side, what would you have done if currency fluctuation had gone the other way and you were £600 up?  

blindman

iainfitzy said:

As part of a wider trip to South Africa we had a safari booked. It was paid in Rand - due to exchange rate fluctuation we have lost around £600 when they provided a refund. Tried and failed to get through to Insurance company - so wondering if anyone had experienced similar?

How was the refund processed?  
Seems a lot to lose over exchange rates. How much was the Safari?
Maybe look at how you pay for foreign currency transactions for the future.
I got a refund of $1000 AUD last month back in ££££'s and the hire car insurers used the historical data on the day I paid that amount.
Got back what I paid. 

Life__Goes__On

Would have a Chargeback (if available)  for the refund in this case worked better?

bradders1983

blindman said:

iainfitzy said:

As part of a wider trip to South Africa we had a safari booked. It was paid in Rand - due to exchange rate fluctuation we have lost around £600 when they provided a refund. Tried and failed to get through to Insurance company - so wondering if anyone had experienced similar?

How was the refund processed?  
Seems a lot to lose over exchange rates. How much was the Safari?
Maybe look at how you pay for foreign currency transactions for the future.
I got a refund of $1000 AUD last month back in ££££'s and the hire car insurers used the historical data on the day I paid that amount.
Got back what I paid. 

Its in another thread, in the space of 3 months the Rand went up 17% against the Pound. 

As for if a chargeback would work....well why would this be needed? The hotel/operator was quite happy to refund the same amount back to the OPs card in the local currency (I assume) so they have done absolutely nothing wrong.

bagand96

In addition, a chargeback simply reverses a charge. If the charge was in a foreign currency, you’d just be reversing the charge in that currency, so would be in the same situation as the refund. 

Life__Goes__On

bagand96 said:

In addition, a chargeback simply reverses a charge. If the charge was in a foreign currency, you’d just be reversing the charge in that currency, so would be in the same situation as the refund. 

I wouldn't  thought it worked like that.
Say you a paid $200 and the exchange was 2/1  so £100
If the exchange went 1/1  and there was a Chargeback on the $200   would be £200
So the card company would lose £100

iainfitzy

bradders1983 said:

I think I remember your thread from the other week.

Sadly this is just part of international currency exchange and this was explained to you at the time. No insurance would cover this as far as I know.

Thanks Bradders - apologies completely forgot I had asked before. Now got the refund so confirmed the amount we lost. Agree that is could go both ways - just frustrating.

blindman

iainfitzy said:

bradders1983 said:

I think I remember your thread from the other week.

Sadly this is just part of international currency exchange and this was explained to you at the time. No insurance would cover this as far as I know.

Thanks Bradders - apologies completely forgot I had asked before. Now got the refund so confirmed the amount we lost. Agree that is could go both ways - just frustrating.

Hi

Could you have paid via a different channel to avoid this currency fluctuation?
I use CURVE to pay for foreign transactions, which seems to work well so far.

Life__Goes__On

"

iainfitzy said:

As part of a wider trip to South Africa we had a safari booked. It was paid in Rand - due to exchange rate fluctuation we have lost around £600 when they provided a refund. Tried and failed to get through to Insurance company - so wondering if anyone had experienced similar?

What method of payment did you use?