I do Coyle Hospitality fine dining shops all over the world, payment in different currencies. They calculate an exchange rate that no bank pays and each time I am shortchanged. Infact I lose the measly $15 pay altogether. Anybody else have the same experience? What is the remedy? It's a few bucks but it sucks.

This is unfortunately a 'cost of doing business' with Coyle. I have had the exchange rate discussion with accounting and many times and I don't think it's ever going to change.

Local residents are free to take the assignment without exchange issues, so it's no different than being gouged on exchange rates by a bank when traveling. I guess it's also the cost of international travel that way.

There are a few instances where I have earned money from fluctuating exchanges, but more often than not, I lose money. I checked out of a hotel in London the day of the Brexit vote a few years ago and by the time it reversed, the difference was close to $1,000 of what was refunded to my credit card. Hoping for an opposite transaction someday but speculation on that will probably lean toward drawing politics into a thread....

Lost ~$200.00 when China devalued their currency a few years ago.

Yep, the cost of evaluating a four star property.

@Steve: Ouch

Every time I forget about this annoyance, I apply for a shop and then bang my head against the wall, especially when parking at St. Regis is not covered. Yes, once I had few dollars of profit but it was once.
Some years ago, I explained the issue to accounting department. The issue actually was that $10 I lost was a good money where I lived at the time and they reimbursed me the difference. This happened maybe two or three times. I believe that this was just the kindness of this particular Coyle person at accounting dept. I have not asked since; the loss sometimes does not compare to hours spend worrying about it and emailing back and forth.
@Steve: that would hurt and it is unfair. Why do you say locals get the full pay? My husband is local to his country (born, raised, everything) and he gets the same as us, pay in dollars but spends in local currency (cash, and in his case, local CC) I think it depends on local currency rather then being local shopper or not. Thoughts?

Edited to add: different MSC, hotel shop where client reimbuersed directly to CC. I emailed back to client letting them know of a difference and they covered the difference. Sometimes it just depends on the person or client but not the rule nor their responsibility.

Edited 1 time(s). Last edit at 04/01/2019 04:00PM by MikiNV.

@MikiNV wrote:

Why do you say locals get the full pay?

I was thinking more in terms of reversals. If you charge GBP to your credit card and the pound crashes before the reversal, yo still get the same number of pounds back.

For me, since the charge and reversal both convert to USD, I often lose money...and some of the higher end dinners are now doing credit reversals too.

My rule of thumb has always been take a shop at my convenience, local or abroad shops. Never apply for a shop if you’re making a special trip for it. More often than not, it’s not worth it no matter how interesting/high end the experience is.

I’ve done abroad shops for Coyle before. I’ve always come out ahead because I made sure that it was. And I’ve also cancelled last minute when I found out it was going to cost me. Loyalty to myself, family and wallet always come first!

It is the cost of doing business with Coyle but it seems unfair. I paid X amount in Y currency ,that's what I should be reimbursed plus my 15 USD pay. I don't need the few measly dollars ,it's just the principle of it.

Steve, I see what you are saying. True, I was thinking Paypal pay and restaurant reimbursement. Most companies (and clients, no matter of location/country) reimburse in dollars, no matter what currency you use. So if the British shopper uses GBP to pay for the dinner, MSC will still reimburse in dollars and based on currency exchange on the day when the shop was approved for pay which may be 3 or 30 days or more after shop completion (usually, the longer, the worst because USD has been doing better for years) Reversal: last time I did international hotel shop, they asked me (which is not unusual) if I wanted to be charged in local currency or USD. I always say USD but am i wrong? I wounder if I should opt for local currency. Hmmm

And don’t let me start with being reimbursed by Paypal by foreign company....Paypal charges a certain percentage for this service. Bare (non-US) is too kind to actually cover this service charge and not have shoppers pay for it

Edited 1 time(s). Last edit at 04/02/2019 01:24AM by MikiNV.

BVA has same issue. Always lose money in transfer rates.

On travel forums, you will find the answer to "local or USD" is almost always local currency (the exceptions are countries with hyperinflation and those where international hotel chains only bill in USD). The main reason why is that hotel provide a horrible exchange rate. Manipulating the exchange rate has, in fact, become a separate profit center for the hotels, even more lucrative (and much more reliable) than over-priced laundry. The best option is to pay in local currency using a credit card which does not charge a foreign transaction fee. If you use a credit card which charges a foreign transaction fee, figure on losing about 3%. Also, not all credit card companies use the same exchange rate. My experience doing international travel for over 30 years is that American Express has the worst credit card exchange rates. Visa and MasterCard both have better exchange rates. On a related subject, if you are changing money before you go, get rates from several banks. The ubiquitous currency company found in many US airports has horrible exchange rates. The same is true in my experience if you buy "tip packs" from AAA. The best option: use a debit card without foreign transaction fees once you get to the country you are visiting. Even better, get a debit card which reimburses for ATM machines (usually requires a "high" balance checking account. Good questions for those of us who do bank CSR shops for new accounts!

However, if charge reversals are done in dollars if you select dollars rather then local currency, then that is the safest option. I suspect the reversal will be in local currency, converted to USD.

@MikiNV wrote:

Reversal: last time I did international hotel shop, they asked me (which is not unusual) if I wanted to be charged in local currency or USD. I always say USD but am i wrong? I wonder if I should opt for local currency.

Myst4iu: all good and usefull tips. It apparently doesn’t matter if you choose local currency or USD. My last client was American and MSC was also American (Merc) shops were done overseas. last shop I specified I wanted to be charged in USD thinking that would make it for equal reversal but it didn’t; and, like Steve mentioned, my CC was American. I can’t complain about USD doing well over maybe 10 years but this is definitely a turnoff when it comes to int’l reimbursement shops.

Edited 1 time(s). Last edit at 04/02/2019 03:28AM by MikiNV.

@SteveSoCal wrote:

This is unfortunately a 'cost of doing business' with Coyle. I have had the exchange rate discussion with accounting and many times and I don't think it's ever going to change.

Local residents are free to take the assignment without exchange issues, so it's no different than being gouged on exchange rates by a bank when traveling. I guess it's also the cost of international travel that way. - applicable only to US people as local currency is reimbursement currency USD

Sorry there has been a problem. Coyle's system is purposely designed to ensure evaluators don't get short-paid because of currency fluctuations.

Evaluator disbursements are paid by the client in USD with conversions calculated at the date of invoice at xe.com

If you feel you have been shortchanged because of currency exchange, please contact our accounting department directly and supply your name, evaluation ID number, and amount received via Paypal. We will review and get back to you.

@Lmbryant wrote:

Coyle's system is purposely designed to ensure evaluators don't get short-paid because of currency fluctuations.

Lauren, I appreciate the fact that you follow the currency fluctuations, but the reality is that the system ultimately does kind of short-change everybody a little bit when foreign currency in involved. While I can't expect Coyle to take the time to allow each evaluator to choose their own method of reimbursement, please just understand that there is a cost paid for anyone partaking in international evaluations. Perhaps an increased fee for foreign evaluations could help to alleviate that.

To begin with, it's virtually impossible to achieve a currency exchange at the rate XE.com gives. That's the true rate, and banks either inflate the rate to cover their fees, or charge a fee on top of a competitive rate. I have submitted exchange vouchers as receipts and still been reimbursed at the XE rate, which was lower...and the day I exchange the money the rate might not be the same as the day it's invoiced, or the day that my credit card company calculates it.

Second, for those who aren't subject the rate fluctuations (foreign local residents) for reimbursements, they are often reimbursed in the equivalent USD that is then charged a fee when it's converted by Paypal.

@Lmbryant wrote:

Sorry there has been a problem. Coyle's system is purposely designed to ensure evaluators don't get short-paid because of currency fluctuations.

Evaluator disbursements are paid by the client in USD with conversions calculated at the date of invoice at xe.com

If you feel you have been shortchanged because of currency exchange, please contact our accounting department directly and supply your name, evaluation ID number, and amount received via Paypal. We will review and get back to you.

Oh my. There's a Coyle representative here now?
This could be fun! Guarantee she won't answer the hard questions though!!!!!!!

I don’t understand. If the hotel reversed the charges, why are you being short changed?

In a recent shop, I was reimbursed for my meal with the British pound into my PayPal. I could just wait until the exchange rate is good before making the exchange. I can just keep it in PayPal in the meantime.

Today 1 US dollar is worth 2 State of Griffin dollars. You stay at a hotel there for 2000 Griffin dollars and when the charge hits your card it's for $1000. A month later the State of Griffin economy is so horrible that it now takes 4 State of Griffin dollars to equal a US dollar. So when the hotel reverses that charge for $2000 Griffin dollars you only get refunded for $500 US dollars.

This is of course an exaggeration, normally it would be a mich smaller percentage.

@bgriffin wrote:

This is of course an exaggeration, normally it would be a much smaller percentage.

Unless the residents of State of Griffin had just voted to leave the EU, in which case it would be pretty close to reality...

Loss of about $13 each over 20 evaluations adds up. Today CHG has taken the cake, they came back to me with ridiculous questions 8 weeks of the date of the evaluation. I have rarely ever had questions / follow up from an editor.
LindaM in some other countries the PayPal payment gets automatically transferred to a bank account. We cannot leave it in our PayPal account waiting for a favourable exchange rate.

Thanks all for the input. As mentioned above, please email us if you have a specific concern. We want to make this process run smoothly for everyone involved. I’m happy to help but it’s more productive to take a look at specific examples and inquiries.