oksocialbass Posted October 21, 2010 Share Posted October 21, 2010 Hi all, Need some help asap so that I can unite a buyer with his recently aquired Thunderbird bass! Because we are doing an International transfer, we have been hit by an exchange rate fluctuation between the day he sent the money and the day I received it, which has left me short of my asking price. What do people normally do in this situation. I want him to get the bass, but with an £18 shortfall - I'm making less as I also have to arrange courier. many thanks Quote Link to comment Share on other sites More sharing options...
oldslapper Posted October 21, 2010 Share Posted October 21, 2010 Presumably you have communicated with the buyer? This should be the first thing you do if you thinkyou have a problem. Then the moderators are here to help resolve any difficulties that cannot be er, ...resolved. I have never carried out a private transaction in any other currency than sterling. But, I have bought things on line from shops in the EU and the USA, and I guess the same happens with them. I send the money at the given price/exchange rate and, if there's a fluctuation in the rates, then they take the hit, or they benefit. It's one of the problems I guess of dealing in different currencies. Hope all works out ok. John Quote Link to comment Share on other sites More sharing options...
Happy Jack Posted October 21, 2010 Share Posted October 21, 2010 That depends on whether you agreed the price in YOUR currency or HIS. If the agreed price was £1000 (i.e. UK£) and he sent you enough € to cover £1000 at that day's rate, then the exchange risk is his. If he offered €1200 as an equivalent to £1000 and you accepted it, then the exchange risk is yours. Quote Link to comment Share on other sites More sharing options...
oksocialbass Posted October 21, 2010 Author Share Posted October 21, 2010 I asked for £850 sterling and he sent in euro's - so its his risk I take it? I am communicating with him - just want to make sure everything is done fair and square - i.e. I get my money and he gets his bass. I was just looking for advice if anyone else had experienced the same thing. Many thanks so far! Quote Link to comment Share on other sites More sharing options...
Clarky Posted October 21, 2010 Share Posted October 21, 2010 As others have said, if you agree a sterling price the exchange risk is on the other party. So, based on your post and the £850 figure mentioned, he should make good the shortfall in this instance ... unless you somewhere agreed a Euro equivalent amount as being equivalent to £850, in which case its your (exchange) loss. Quote Link to comment Share on other sites More sharing options...
Kiwi Posted October 21, 2010 Share Posted October 21, 2010 Accept this is one of the risks of trading internationally and complete the sale in good faith with a minimum of complication? Quote Link to comment Share on other sites More sharing options...
waynepunkdude Posted October 21, 2010 Share Posted October 21, 2010 If it's only £18 on £850 I'd say do the gentlemanly thing and split it, after all it's no one's fault. Quote Link to comment Share on other sites More sharing options...
the_skezz Posted October 21, 2010 Share Posted October 21, 2010 Wayne's probably suggested the fairest option there, IMO Quote Link to comment Share on other sites More sharing options...
Beedster Posted October 21, 2010 Share Posted October 21, 2010 £18 out in an £850 deal? Forget the money and get on with it mate. If you cancel the deal on that basis now, you might end up having to accept £800 or less for it in a month's time anyway! C Quote Link to comment Share on other sites More sharing options...
farmer61 Posted October 21, 2010 Share Posted October 21, 2010 [quote name='waynepunkdude' post='995629' date='Oct 21 2010, 09:52 AM']If it's only £18 on £850 I'd say do the gentlemanly thing and split it, after all it's no one's fault.[/quote] [quote name='Beedster' post='995688' date='Oct 21 2010, 10:59 AM']£18 out in an £850 deal? Forget the money and get on with it mate. If you cancel the deal on that basis now, you might end up having to accept £800 or less for it in a month's time anyway! C[/quote] Somewhere between here lies the answer imo Quote Link to comment Share on other sites More sharing options...
Clarky Posted October 21, 2010 Share Posted October 21, 2010 [quote name='Beedster' post='995688' date='Oct 21 2010, 10:59 AM']£18 out in an £850 deal? Forget the money and get on with it mate. If you cancel the deal on that basis now, you might end up having to accept £800 or less for it in a month's time anyway! C[/quote] Fair point. Were this to be an eBay deal with Paypal, you'd drop over £50 on fees Quote Link to comment Share on other sites More sharing options...
Cat Burrito Posted October 21, 2010 Share Posted October 21, 2010 I try to avoid overseas trades personally but when I've bought frm the US in the past you just have to accept you take the hit if the exchange rate goes against you on the day. Stuff is not selling as quickly these days so £18 is a very minor dent anyway. I've even found my EBay sales usually go to a relist right now Quote Link to comment Share on other sites More sharing options...
Marky L Posted October 21, 2010 Share Posted October 21, 2010 If the exchange rate had gone the other way (i.e. you received more than expected), would the buyer get a refund of the difference or would it just be a nice little bonus to be kept? Quote Link to comment Share on other sites More sharing options...
jakenewmanbass Posted October 21, 2010 Share Posted October 21, 2010 This happened to me when I sold a bass to a guy in Romania, the difference was 21 quid, I said nothing to the buyer as even though we had agreed a sterling price it seemed pointless to chase a small percentage of the sale price which was 1100 quid. The seller checked the transaction his end once the conversion had taken place and noticing the shortfall took it upon himself to pay me the difference. In your shoes I would agree with Chris, just leave it as is to make the sale go through. Quote Link to comment Share on other sites More sharing options...
xilddx Posted October 21, 2010 Share Posted October 21, 2010 [quote name='Crazykiwi' post='995588' date='Oct 21 2010, 09:20 AM']Accept this is one of the risks of trading internationally and complete the sale in good faith with a minimum of complication?[/quote] Bang on. Quote Link to comment Share on other sites More sharing options...
spinynorman Posted October 21, 2010 Share Posted October 21, 2010 Isn't this a benefit of using Paypal? The buyer can send a set amount of sterling, but the account is debited in Euro at the current rate. Actually I'm sure you have the option to do that with a bank transfer too. In either case there's a fee, and a choice over who pays it, so that complaint against Paypal doesn't apply. Doesn't help a transaction that's done, but for the future, good idea to specify the terms on which the payment is made in advance. Quote Link to comment Share on other sites More sharing options...
PauBass Posted October 21, 2010 Share Posted October 21, 2010 I always ask to be paid in pounds and not the equivalent on the buyers currency so it's down to the buyer to send me the very same amount despite of what the exchange rate is. I've done a few deals abroad and I've never had a problem doing it this way...If I sold something for £500 that's what I got paid. Quote Link to comment Share on other sites More sharing options...
Cygnus x-1 Posted October 21, 2010 Share Posted October 21, 2010 [quote name='Crazykiwi' post='995588' date='Oct 21 2010, 09:20 AM']Accept this is one of the risks of trading internationally and complete the sale in good faith with a minimum of complication?[/quote] +1 on this, also this happened to me once, in that the guy paid the correct ammount in Euro's, but my bank stung me for £20 in charges to convert it, also the Pound to Euro rate differs at your bank when your converting (always in banks favour). As many have said £18 on £850 isn't that bad considering. Quote Link to comment Share on other sites More sharing options...
thepurpleblob Posted October 21, 2010 Share Posted October 21, 2010 Wear it and send the bass Quote Link to comment Share on other sites More sharing options...
molan Posted October 21, 2010 Share Posted October 21, 2010 I've done loads of international deals and there's almost always a bit of fluctuation on the exchange rates. If I'm the buyer I'll usually try to chuck in a little extra to cover short term fluctuations. I've never asked for additional payments if there's a hit on the rate short term as I just take it as one of the issues with international trading (sometimes it can work in your favour too!). The only exception to this is if someone really doesn't understand that their bank might charge them to convert currency. I did have one deal where a buyer's bank charged him close to £30 to convert Euros to £UK and he initially thought I should swallow that cost - at the time he was getting a massive bargain because the Euro was so strong vs the £. I suggested that it was his place to sort the conversion to my currency and he sent me the additional amount (I'd already shipped the bass so he didn't have to do this but he agreed it was his 'problem' and not mine). Quote Link to comment Share on other sites More sharing options...
warwickhunt Posted October 21, 2010 Share Posted October 21, 2010 I did a deal with a Canadian guy and from the outset I stated what I wanted in £sterling. When he made the transfer he had based it upon an 'on-line' rate; unfortunately the reality was VERY different and we were over £100 out. Due to the fact that I'd always stated that it had to be in UK currency we sorted it but I did offer him a full refund if he didn't want to proceed due to the difference for him. I have to agree that in your instance, offering to split the difference is preferable to souring an £850 deal. Quote Link to comment Share on other sites More sharing options...
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