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Author Topic: hobby king  (Read 1794 times)

EDWOOD

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hobby king
« on: March 12, 2013, 07:01:12 PM »

hi
i have just purchased goods fro hobby king uk warehouse that came to £66.70 with postage wich i paid with paypal i recieved an email confirmation but this was for $109.53 usd  wich is about £74gbp when i queried this they said it had to be payed in dollers  i think they should have cnverted the price of £66.70 .has any one els noted this when you check the prices the usd is dearer than the gbp for the same article it is still cheap but if you are given a price in gbp thats  the price you should pay  sorry for rattling on but it is not right
regards ed
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inertia

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Re: hobby king
« Reply #1 on: March 12, 2013, 07:13:41 PM »

It's a certainty that Hobby King doesn't use the same dollar rate of exchange as does Paypal. Just Google "exchange rates" and see how many different versions you can find, and then check what the Sterling equivalent is in your Paypal account. It will drive you mad.
Be aware also that the pound is falling steeply against the dollar at present, and has been for a couple of weeks now. All of this will affect what you pay in sterling, even from one day to the next.
Finally don't forget that the whole system is run by bankers....................... ;D
DM
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dougal99

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Re: hobby king
« Reply #2 on: March 12, 2013, 07:22:41 PM »

Sending money abroad recently, I was told by Travelex that they update their exchange rates every 30 seconds.
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barriew

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Re: hobby king
« Reply #3 on: March 12, 2013, 07:52:00 PM »

Have you checked your Paypal account? When I bought from HK UK, I paid the sterling amount via Paypal.

Barrie
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LeeMono

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Re: hobby king
« Reply #4 on: March 12, 2013, 07:58:38 PM »

I know from experience that paypals exchange rates are shocking
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F4TCT

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Re: hobby king
« Reply #5 on: March 12, 2013, 08:08:21 PM »

luckily or unluckily, i am banned from paypal.


The damn thing stopped conversing with my bank account and refused to work. I rang them and spoke to some idiot on the other end who got funny with me. I told him exactly what i thought of him and his employer, next thing was a life ban..


Am i bothered - NO.


Paypal is a rip off, so is ebay, no wonder why ebay bought them.


anyway, rant over.
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irishcarguy

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Re: hobby king
« Reply #6 on: March 13, 2013, 02:22:35 AM »

If you deal in large sums of money it is best to use a currency dealer. For years when our business bought large quantities of parts from U/K if the pound was at $1.65 for instance we could buy a pound for $1.66...This was on sums of $8000.00 or more. There was a transaction fee of $15.00 only. My contact told me once that his small office made a profit of $80,000.00 a day on average, mostly dealing in oil & gas. Mick B...
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Mick B.

derekwarner

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Re: hobby king
« Reply #7 on: March 13, 2013, 02:41:36 AM »

Mick....percentages [%] are funny things  %%
$80,000.00 profit in what ever time frame is 1% interest on $8,000.000.00...........in one day <*<
$80,000.00 profit in what ever time frame is 2% interest on $4,000.000.00...........in one day <*<
I am a Pty Ltd company in OZ with a very small office....I just wish I had the capital funds to float such a deal........... {-)  ........Derek
 
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Derek Warner

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Augustine M

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Re: hobby king
« Reply #8 on: March 13, 2013, 04:55:53 AM »

Hobby King's business ethics, shipping rates, how they ship, after sale support, all have been discussed in many forums and not something great to talk home about. they are cheap charlie stuff (Atleast most of'em)
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irishcarguy

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Re: hobby king
« Reply #9 on: March 13, 2013, 05:14:20 AM »

He said Derek that it not unusual for an oil or gas company to buy one hundred million dollars of pipe & equipment in one purchase.. The tar sands in Alberta is the second largest oil deposit in the World & the money being spent there is in the billions of dollars. That was at the height of the boom but you should see the money here in Calgary where I live. You can walk into a car dealership & buy any car you like off the floor including Rolls Royce  or  Aston Martins. Million Dollar houses everywhere( average house $ 350/400,000.00.) It is worth a look on the net to see what is going on here, it makes it a very expensive place to live though. One company got caught getting pipe through the border by declaring it was thinner than it actually was, that made the pipe value worth $20,000,000.00 less than it should have been, the tax man was upset a little. Mick B.
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EDWOOD

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Re: hobby king
« Reply #10 on: March 13, 2013, 11:39:00 AM »

thanks every one for the input i have checked my paypal and it states usd when hk gives you a price in gbp i think thats the price you should pay oh well i will know next time
many thanks ed
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inertia

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Re: hobby king
« Reply #11 on: March 14, 2013, 10:51:31 AM »

Just had an update from Paypal ref their rules. It seems that now you can opt out of their exchange rate convertion:

Section 8.2 has been updated to outline how and when you may opt out of currency conversion by PayPal when sending a payment. The inserted text reads as follows:
 "You may opt out of a currency conversion by PayPal before you complete your payment by selecting “Other Conversion options” on the “Review Your Information” page during checkout."

Choose your own poison, eh?
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Tug-Kenny

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Re: hobby king
« Reply #12 on: March 14, 2013, 10:57:19 AM »


Thanks for that Dave.

I was screwed on my latest Japanese purchase and came out  £15  down.

Cheers

Ken

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justboatonic

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Re: hobby king
« Reply #13 on: March 14, 2013, 11:45:50 PM »

Sorry to be a pedant but shouldnt this thread be a gripe about paypal rather than HK?

As has already been said, paypal and fleabay are the biggest rip off merchants going. Any currency exchange transaction should be done using the latest interbank rate and not the tourist rate which is what PP probably use.
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RAAArtyGunner

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Re: hobby king
« Reply #14 on: March 15, 2013, 06:18:44 AM »

Sorry to be a pedant but shouldn't this thread be a gripe about paypal rather than HK?

As has already been said, paypal and fleabay are the biggest rip off merchants going. Any currency exchange transaction should be done using the latest interbank rate and not the tourist rate which is what PP probably use.

 :-)) :-))
 
Sadly they use their own rates  <*< <*< <*<
 
Wherever possible I use a bank credit card and avoid Paypal like the plague. >>:-( >>:-( <*< <*<
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tigertiger

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Re: hobby king
« Reply #15 on: March 18, 2013, 05:25:03 AM »

Just a note to consider.


Some currencies are not internationally fully tradeable. The Chinese Yuan (CNY) is one, not sure about the HK Dollar. As a result I have had to convert CNY to USD and then USD to GBP (quid). This gets clobbered with double exchange rates/fees for exchange from CNY to GBP.


I don't know for sure, but the same could be true for HKD to GBP.


For the CNY exchange, the fault lies with the fact that although China is a member of WTO other WTO members do not want the the CNY to be a full market currency.
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