Re Share it currency exchange rates Re Share it currency by BudCrain


									                                 Re: Share*it currency exchange rates ...

Re: Share*it currency exchange rates ...


      • From: Sam Larson <sam212@xxxxxxxxx>
      • Date: Sun, 28 Oct 2007 15:50:34 −0500

Danijel Tkalcec wrote:

       "TJC Support" schrieb:

               "Sam Larson" wrote:

                         Yes, I got ripped off by ShareIt by 10% when I ordered
                         something in Canadian funds. I wrote to them and they
                         claimed it was to protect themselves should the currency
                         fluctuate 10% on the day I ordered the software. This of
                         course is just cow manure. From now on I'm ordering in US
                         funds and let the credit card company do the calculations
                         (around 2.5%).

               Okay, now I'm confused. I'm in the US, and I was under the impression that
               if I want to let my credit card company do the conversion, I should order in
               the currency of the software vendor. So, for example, if I want to buy
               Daniel's Remote Portal software, I'd order from ShareIt in Euros. Do I have
               that backwards?

       You've got it right.

       What I think Sam wanted to say is that (from now on) he would always be ordering in
       "software vendor's" currency, which was USD for thr product he has ordered and got ripped
       of by share*it for the conversion to Canadian funds. Naturally, if he would be ordering
       something from a vendor with default currency being EUR (like me), he'd be using EUR to
       place the order and not USD.

       Best Regards,
       Danijel Tkalcec

Re: Share*it currency exchange rates ...                                                                1
                                 Re: Share*it currency exchange rates ...

Correct. ShareIt's order page though defaults to the *customer*'s currency (for me it was Canadian) even
though I was ordering it from the States. So ShareIt will always get an extra 8%−10% by default unless the
shopper is smart enough to know the conversion rate and do the calculations himself and select the default
currency. Ironically I went back to the order page on Friday and attempted to re−order the product now that
the Canadian dollar is worth more than the US $ (1.034), and surprise surprise, ShareIt is still charging me a
conversion rate of 0.93 as if the Canadian dollar is worth 7% less than the US $ instead of 3% more, a loss of
10%. Maybe ShareIt needs new batteries for their calculator? :)

And to the person who said ShareIt has to hold the money for a week or more, then just look at your credit
card statement. You'll probably see it was processed the same day the product was ordered. No company that
is processing thousands of dollars a day, is going to delay processing the charges, it just doesn't make sense.
They have to process the credit card immediately to see if it has been stolen before they confirm the order and
have the merchant ship the product or email the registration info. If they waited a week, then there would be a
lot of ticked off customers looking for their orders to be filled.

IMHO, the additional 7%−10% is just a "skimming" operation. They may be making more off of this than
from the merchant for processing the order.

But they're not alone. Book retailers in Canada are also facing still competition from the US now that the
Canadian dollar is worth more than the US$, yet the Canadian price on books is 25%−35% higher than the
U.S. price. Someone (distributor?) is making a heck of a lot of money. Electronics is the same. Canadians are
going cross border shopping and saving a heck of a lot of money.

There has been a class action lawsuit started against American and Canadian car companies because the same
car in Canada costs around $5000−$15000 more in Canada than the U.S.. To make matters worse, Canadians
who travel to the US are prevented from buying a new car by the manufacturer. Toyota (and other
manufacturers) has told any American dealer who sells a new car to a Canadian will lose their franchise. This
is rather ironic because when the Canadian dollar was worth only .65 US, Americans came up here to buy cars
and had no problem whatsoever.

So there are a lot of ripoffs going on. I'm sure once the lawyers get through with the car companies, it will
have a chilling effect on other companies who are gouging the public. I'm also pretty sure the credit card
companies have regulations in place to prevent overcharging by merchants. I wish I had called MasterCard
and complained about ShareIt's excessive conversion rate, but it's too late now.


Re: Share*it currency exchange rates ...                                                                         2

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