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Who's responsible for my losses?

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Bestbg

Provider
Joined
Oct 1, 2020
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146
No I am not complaining about Entropia's piss poor tt return haha.

Here's what happened. Last week I deposited 350 USD, first time it failed, and tried a second time it failed again. This is from a credit card that has worked and I know it's still working no issues. I contacted MA and a few days later they said that there sever failed to respond therefore the transactions failed. The two transactions will be reversed back to my bank account in a few days. A few days later the two transactions of 350 USD were both reversed to me from MA.

What is the problem you ask? Well I am Canadian and use a Canadian bank. When I first deposited 350 USD x 2 that failed, the amount of Canadian dollars or CAD were about 490 sCAD each (exchange rate of 1 USD to 0.70 CAD roughly). When the money was reversed back however the exchange rate was used as 1 USD to 0.75 CAD so roughly about 460 ish CAD x 2 were reversed back to my account.

So through no fault of my own, and the fault of their sever failure I am hit with the extra banking fee of about 50-60 ish CAD lost in the process. I do not think I should be responsible for it but I don't think MA is going to do anything.

What do you guys think?
 
AnosVoldigoad said:
The exchange rate fluctuates so its fair play IMO.

If this were the other way, where you ended up getting more back due to the conversion going up I doubt you would be complaining.
Click to expand...

What he said, it could have been the other way around.. and technically MA did reverse 350 USD x2.

I can see why that would have left a bad taste in your mouth though considering you wanted the ped, didn't get it and ended up losing some.
 
The actual exchange rate did not change that much in a few days, it is the bank that pretty much charges the extra. So in other words if anyone's deposits fail and you get a reversion from MA, if your currency is not USD likely your local bank will do the same. So basically with every failed deposit due to MA's server failure or whatever they call it be prepared to lose money even if they reverse it. And the chance of your currency vs USD appreciate enough in a few days to counteract the banking fee is very unlikely so you will almost never get more like some suggested above.

It does leave a bad taste in my mouth. I didn't get what I wanted, spent time writing support tickets then lost money in the process. Oh well, what can ya do.


And to close it out, aside from my complaining, to add something constructive. I think the advice to people is when you deposit via credit card, probably try a small amount like 100 dollars max so this way you don't lose as much if their server fails. I sure would not deposit more than 100 dollars at a time from now on.
 
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USD/CAD xchange is always the same, bank commission are the cost...
check with your bank the reason for failure and ask for commission waive
... hint: i doubt they will give, post us in case you can have money from a bank
it will be more interesting than most of posts :)
 
Bestbg said:
What do you guys think?
Click to expand...

To avoid bad / unnecessary conversion rates for deposits / withdraws, i asked for an USD account (national currency and eur accounts are base) from my bank, which was free, and to be able to deposit from that directly, i have asked for an additional debit card for that USD account so i can do purchases directly from it without conversions needed, but that cost like 10 eur per year.

Im sure your bank can do the same, and than you can avoid the same issue to happen again, whoever was responsible for it.
 
ChairmanEdgewise said:
That's whos fault it is =)
Click to expand...

This is EF, thus can we deduct any logical conclusion from the equation.

I personally believe it ties back to the building of the pyramids, something is amiss and the line of succession is clear as day then whos fault it is :xdd: /s
 
Like marco said, it's the conversion "fee" each way, usually 2-3%, sometimes more.

Best way to deposit money from Canada is to open a stock trading account, convert the money within there (only 1%), then transfer it back to a USD account and wire the USD to MA in Sweden. Fees in this case are almost none.
 
If MAs server didn't work properly then it should be on them, this is within having a good customer service.
 
how much efficiency your weapon has? that's one decent tt return :D
 
As a fellow Canadian every time I deposit I feel the same pain on that conversion. Might have to take some of the advice here about US accounts...
 
ledja said:
As a fellow Canadian every time I deposit I feel the same pain on that conversion. Might have to take some of the advice here about US accounts...
Click to expand...


If you find this exchange rate good, msg me for referral code.
 
Wise dot com (formerly Transferwise) is the solution to exactly this problem. Only caveat is, they don't let you do anything with crypto exchanges. For all other international transactions within the regulated framework, you may want to check it out.

To OP's specific incidence, if it's clear that the failure of a server under MindArk's responsibility caused this loss, there should be plausible cause to ask for compensation. If it happened somewhere else, all companies I know of would invoke force majeure or some such wording but it can sometimes happen that they apply goodwill if asked nicely. The known excesses with fees for bounced checks or transfers a.o. on the American side is a thorny issue from European point of view, though. It's like having to feed the crocs even if you want to help the customer.

Edit: There is also XETrade (xe.com), which is a Canadian company. I don't know if this would work for withdrawals but most likely for deposits.
 
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You spent $350 USD you got $350 USD back, the value after that isn't MAs problem. Blame the Canadian government and their reckless spending for poor dollar performance. The issue you're describing is not unique to entropia either. This is one of the wonderful "benefits" to everything online being priced and billed in USD. It's still the worlds reserve currency (for now...)
 
Bestbg said:
The actual exchange rate did not change that much in a few days, it is the bank that pretty much charges the extra. So in other words if anyone's deposits fail and you get a reversion from MA, if your currency is not USD likely your local bank will do the same. So basically with every failed deposit due to MA's server failure or whatever they call it be prepared to lose money even if they reverse it. And the chance of your currency vs USD appreciate enough in a few days to counteract the banking fee is very unlikely so you will almost never get more like some suggested above.

It does leave a bad taste in my mouth. I didn't get what I wanted, spent time writing support tickets then lost money in the process. Oh well, what can ya do.


And to close it out, aside from my complaining, to add something constructive. I think the advice to people is when you deposit via credit card, probably try a small amount like 100 dollars max so this way you don't lose as much if their server fails. I sure would not deposit more than 100 dollars at a time from now on.
Click to expand...
cad.PNG

The exchange rate tells otherwise lol.

He just got caught up at a bad time to be converting CAD.
 
Msturlese said:
USD/CAD xchange is always the same, bank commission are the cost...
check with your bank the reason for failure and ask for commission waive
... hint: i doubt they will give, post us in case you can have money from a bank
it will be more interesting than most of posts :)
Click to expand...
cad.PNG

Not the same lol
 
Bestbg said:
. When I first deposited 350 USD x 2 that failed, the amount of Canadian dollars or CAD were about 490 sCAD each (exchange rate of 1 USD to 0.70 CAD roughly). When the money was reversed back however the exchange rate was used as 1 USD to 0.75 CAD so roughly about 460 ish CAD x 2 were reversed back to my account.


What do you guys think?
Click to expand...
490$ in, 460$ out. Thats 93.87% return. MA system working as intended. :p
 
jambon said:
You spent $350 USD you got $350 USD back, the value after that isn't MAs problem. Blame the Canadian government and their reckless spending for poor dollar performance. The issue you're describing is not unique to entropia either. This is one of the wonderful "benefits" to everything online being priced and billed in USD. It's still the worlds reserve currency (for now...)
Click to expand...
You do -not- get the same amount in USD back, that's the problem. MA is not responsible for a moving currency exchange rate. But the extra fees would not have occurred but for the malfunction of some equipment, if that is the true cause. I don't know how this might be treated in practice, since from European point of view such fees are a rip-off and many of us might not understand nor find it tolerable how these things work across the pond. But therein lies the plausible cause for asking about compensation, as a consequential damage. If there aren't any aspects to the story which we haven't been told, i.m.o. it would be best to resolve this amicably. Everything else will just blow it out of proportion.
 
All Canadian banks allow you to open a USD account for free. Transfer CAD to USD account at the banks exchange rate and save the fees. You can then tie it to your Visa/MC-Debit Card and use that to deposit or pay USD online.

Call your bank and tell them the situation, they will most likely refund you what's missing. I've had them do it for me when I get charged unnecessary fees.

MA offers withdraws in CAD (and other currencies) but doesn't offer deposits in other fiat currencies. They do accept crypto though.
 
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