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How is it just lost?
Phone then up. Say you accidentally paid to much and ask for a credit?
It's not rocket science.
How can you lose R6.8 million when they processed $20 million instead of R20 million. That's far, FAR more than R6.8 million!
Perhaps the R6mill was someone's commission (wink, wink)Curious on how they reversed it.. ie this seems like a funds transfer? So they transferred back hence fees as payment reversal would incur much less? Not too sure with cross border payments +/- dynamic currency conversion systems etc.
Also why was this picked up so late? I don’t know about the rest of you, but the usual process involves invoicing etc prior to it being settled so I suspect there is more of a story here than a simple error.
I mean this wasn’t the 1st time they processed a ms payment so why was it different?
Sorry man, it has been a long day and week in fact. I saw that it was based on a foreign exchange change. My bad, and apologies.You have to understand how foreign exchange works.
I pay you $10 000 in error. The current exchange rate is R15 to the $ so in ZAR I EFT R150 000.
By the time realise I have made a mistake and ask you to refund me., the ZAR strengthened and the rate is now already R13 to the $ so when you refund me the $10 000, I only receive R130 000.
That, in essence, is what happened here.
So yes, R20 000 is lost and I cannot hold you accountable for that loss.
When you pay in Dollars your bank gives you a ZAR quote unless you pay by credit card.The quote would have had to be in US dollars. At least has been my experience in the past when dealing directly with overseas vendors.