How do we calculate the foreign exchange rate for approved international claims?
There are several considerations when we calculate our foreign exchange (FX) rate. Let's use an example:
- Mark is from the US. He was charged 500€ by his rental company for an accident in France.
- Mark's "currency of loss" is €, and his "approved claim amount" is 500€.
- When Mark paid his rental company for the damages, he paid using a US credit card. His credit card company added "international card fees" to the transaction and gave him a poor foreign exchange (FX) rate.
- Mark's claim is approved so he receives a text message and email with a link to our payment form. Mark has a US bank account and prefers to receive US currency because his bank charges excessive fees for non-US currency transfers and the process can take several weeks.
- Mark receives his US currency payment from us immediately (it can take a bit longer for other countries).