How to know exchange rate for shipping charges ?
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I send a shipment from UK to India. My shipping company gave me an exchange rate of 78 Rs to 1 Pound. I checked it on www.xe.com and found out that It was 85 Rs to 1 Pound on the selected date. what shal I do.
Do shipping companies have their own exchange rate chart ?
If its like that, why do we pay CAF (Currency adjustment factor)?
Or does shipping companies have to follow the official exchange rate on any day of transaction ?
Please help..
How to know exchange rate for shipping charges ?Currency rates fluctuate daily and they may charge a conversion fee just like VISA and MasterCard do.
How to know exchange rate for shipping charges ?Hi
Shipping Lines usually set a rate of exchange for the whole vessel voyage - so if it started in USA, came via Europe and then went to India and Far East the ROE for the whole voyage would be that in force at the start of the voyage in the USA. They should usually be close to the 'true' rate of exchange but you'll always find variation.
Did you book direct with the steampship line or did you book via a broker - they are not the same. I suspect in this case you booked via a broker or agent (forwarder). In this case they will usually take a %age off the vessel rate for their own protection. If you think of the US Dollar recently - if a vessel started in the USA on day 1 at 拢1.00 = $1.75 then by day 30 in Tokyo the rate for the vessel would be the same against a true rate of 拢1.00 = $1.98 - and that is quite a difference.
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