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:
  1. Mark is from the US. He was charged 500€ by his rental company for an accident in France.
  2. Mark's "currency of loss" is €, and his "approved claim amount" is 500€. 
  3. 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. 
  4. 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.
  5. Mark receives his US currency payment from us immediately (it can take a bit longer for other countries).
As an international traveler, Mark's credit card statement might show a higher amount than the successful claim. That's because of number three above. We do not cover currency conversion costs and other credit card charges, however, we recommend that all international travelers take some of these precautions so they can save money on their next trip.