18/01: International exchange rates and purchasing online
Category: General
Posted by: Medicines Mexico
I have seen so much market changes lately that it leaves me wondering. As an administrator for a Online pharmacy I see alot of my customers come from out of the country. I change the stores rates on a weekly basis for all of the currencies we service. Even with that I get questions as to why the customer has a bill in their currency that varied from what was seen on the invoice. As we do disclose that we are a Mexican company and we do have a Mexican bank to process orders we are forced to have our base currency in pesos. When you log into our site you will see our prices in pesos and in your selected currency. As you check out you will see your invoice for the credit card payment in pesos. We try to give the most accurate rates on our site, but as they do vary by as much as 2 percent either way it becomes difficult. I have seen the peso move as much as 5 percent per week to certain currencies. But I do find the major problem is with the customers banks. They tell me what shows on their bills and it makes me wonder why their bankwould treat them like a non wanted customer. One customer was given a rate that never existed in the last 6 months. It was 2 percent below the lowest rate seen in 120 days. Some customers feel the problem lies with us but as soon as we explain that the charge was fixed they begin to see the issue. Our bank billed exactly as they had seen on their invoice. As soon as it reached their bank they were given a very poor exchange rate so the bank could profit from the difference. I have seen so many changes in the banks to cover their poor investment choices of the past, but to rip off customers very directly and let the vendors take the blame is terrible. It is not bad enough that they charge me a flat rate and percentage per charge for servicing their clients money spending needs, but they leave me holding the bag on their profit. I felt it was time to let our customers know who is taking their money so they know who they really can trust. The best way for you to figure out the rate is take the peso ammount and divide it into your currency. If the result is lower by more than 1% from todays maket rate then chances are your bank pocketed the money. Sometimes it is just a lower market day as the currencies are shorted and as a result you may have received a fare rate. I would not expect you the customer to be aware of the exchange rates before you click to pay, but on larger purchases you make online you might want to consider this as a few percent loss today could be your gain tomorrow.