Question:
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..
Answers:
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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.
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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 £1.00 = $1.75 then by day 30 in Tokyo the rate for the vessel would be the same against a true rate of £1.00 = $1.98 - and that is quite a difference.
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If you used a broker, ask them to explain the difference. You're right, CAF is supposed to be this sort of protection but it looks like you've may have been billed twice. It's not illegal but is certainly opportunistic at best, sharp practise at worst. Challenge them.
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If you paid a lot of money then it may pay you to pay the Sterling Charges In Sterling and the Rupee prices in Rupees - but then you're subject to ROE yourself, and bank charges. Below a certain value it won't be worth pursuing.
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There is no legal obligation for any agent or line to use an 'official' ROE. In fact, I doubt if you could find an 'official' rate that everyone would agree on - FT is probably the best yardstick in the UK. H M Revenue & Customs do publish 'official' monthly rates on their website at www.hmrc.gov.uk. Could be your broker used that rate.
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Certainly, ask the question of your broker and seewhat they say - stick a supplementary question out here if you like when you have a response.
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Best of luck
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