PayPal is to reimburse all Brits who paid too much for dollar-pound conversions on goods bought on Thursday, Feb 27. The refunds should be in their accounts "within approximately 2-4 business days"
The company used an incorrect calculation for approx. five hours, which meant that people who converted dollars from their PayPal accounts into pounds sterling during that time could make hay. We guess that not too many punters did make hay as PayPal is not seeking to claw any money back. Anyway, the company has done the right thing - so a pat on the back on that score. Here is the email letter sent by PayPal to affected customers:
Our records show that during that time, you made a payment which required a currency conversion to or from Pound Sterling. We apologize for the error and wish to notify you of the additional steps we are taking to amend the situation.
If your payment required a conversion FROM Pound Sterling to another currency, you have overpaid for the conversion. To rectify the error, PayPal will issue a full refund to your PayPal account during the next few days. The refund will be issued in Pound Sterling.
If your payment required a conversion from another currency TO Pound Sterling, you received a highly favorable exchange rate for your transaction. You will be glad to know that no corrections or adjustments will be made to your PayPal account.
We regret any inconvenience caused by our error and are making every effort to avoid similar errors in the future. If you have further questions about this issue, you may contact us by sending an e-mail
to email@example.com or by calling us at +1 402 935.7733.
Thank you for your patience and understanding. ®