Money loan different currency

jlc01 on 15/11/2016 - 20:41
Last edited 15/11/2016 - 21:07

I withdrew cash for my GBP account for old man over Christmas 2015-2016 in GBP and Euro on our family holiday.

I want money back in AUD, which is what he would have withdrew in.

I use the word "withdrew" in the first sentence rather than "loaned" as it was a convenience thing and he could have paid me back the next day (imo). He has been trying to pay me back, however I have only just got back in to him with the total amount.

Should I
A. Be repaid as per current exchange rates
B. Be repaid as per spot exchange rates at the time of withdrawal

Poll Options

  • 6
    A. Current EUR and GBP to AUD exchange rates
  • 4
    B. Spot EUR and GBP to AUD exchange rates from time of WD
Financial

Comments

  • Baysew on 15/11/2016 - 20:51
    +1

    C. Sort it out with "old man"

    • jlc01 on 15/11/2016 - 20:55
      +1

      Haha we've had discussion and not at all angry. Just seeking some more opinions as we both see each other's points

      • xoom on 15/11/2016 - 21:51
        +1

        No each others points. This is your old man. Not some random. If he says he owes you x amount and it sounds reasonable. And he is paying you back. Take it.

  • robbyjones on 15/11/2016 - 21:07
    +2

    This is the weirdest forum post

  • mskeggs on 15/11/2016 - 21:15
    +4

    Whatever is cheaper for him, don't be a bum.

    • mskeggs on 15/11/2016 - 22:49
      +3

      I should expand this to say, in my family you should insist he pay you the lower amount, at which point he should loudly and irrevocably insist on the higher amount, and you should the politely argue for a time about who should pay the most.
      If you are really cunning you will have arranged a way to already settle the transaction in the background to allow you to win the argument (and pay more) so you can play the trump card and say "too late!"
      Now I type it out, it sounds like an odd custom, but it is truly what we do, particularly the men of the family.
      Note it isn't some braggadocio about having money, because all the rest of the time we are competitive about good deals, but we apparently all love to win the family generosity game.

      • Pharos5 on 16/11/2016 - 00:49
        +1

        It's custom in at least most cultures I'm aware of. In fact some would actually elevate above "politely argue".

  • Master Bates on 15/11/2016 - 22:09
    +1

    Don't forget the interest you could have earned over the time he hasn't paid you back, or perhaps instead remember he financially and emotionally supported you for at least 18 years of your life and let him off the bill.

    • xoom on 15/11/2016 - 23:17
      +1

      This. If the amount is not much and its not going to send you broke. I say let it slide. This is family we are talking about.

  • jlc01 on 15/11/2016 - 22:34
    +1

    Give your old man a break

  • Donaldhump on 15/11/2016 - 23:50
    +1

    its your dad, shout the poor man a holiday… he probly blew loads raising you, but only once to make you

    • LittleKatie on 15/11/2016 - 23:51

      loads of guys?

      • Donaldhump on 15/11/2016 - 23:51

        whats confusing you

      • Almost Banned on 16/11/2016 - 00:04

        Well, you don't really 'blow' women, do you?

        • Donaldhump on 16/11/2016 - 20:55

          he probly blew loads raising you = "he spent lts of money raising said person"
          but only once to make you = "he ejaculated (blew his load) once to provide the sperm for making him"

          not sure where the mention of blowing a female is?

          if you need diagram i am willing to supply

  • Donaldhump on 15/11/2016 - 23:52
    +1

    if you goto a bar with friends, and say a mates beer might cost 5.20, but yours 4.80, do you hit him up for 40c?

    • xoom on 16/11/2016 - 06:24

      this is ozbargain. he should charge interest on that 40c if said mates dont pay up right away.

      /sarcasm

  • kawinuyo on 16/11/2016 - 00:17
    +1

    Whichever is the lower cost, it surely won't be that much different. It's family and even if it wasn't family getting back the lower amount will make you look gracious and earn goodwill.

  • Ughhh on 16/11/2016 - 00:21
    +2

    If it was me, assuming the money wasnt for gambling/drugs etc, amount given wasnt huge and I'm not desperate for money- I would let it go and not expect it to be paid back, as a gesture of respect and being grateful for taking care of me. If they insist, I would go for the lowest rate for them, even if it means $loss for me.

  • jlc01 on 16/11/2016 - 00:24
    +1

    Haha some good answers here. Did the conversion post-Brexit as majority have suggested (£1=$1.6 as opposed to £1=$2.20) - He paid about $3.2K less that he would of getting AUD out at Xmas in the UK.

    Buying me dinner tonight which is nice!

  • Brendoo on 17/11/2016 - 04:57

    By old man do you mean your Dad? I'm assuming you do.
    Pick a date, like today, convert the GBP he owes you to AUD. Agree he owes you that amount in AUD. Start working towards that amount. Easy. And lucky for you Brexit kicked in and the Pound dropped, you will get more today than last year. Just call it even for having it outstanding so long.

    Or, depending on the amount, ask your Dad to take you out and shout you a few beers and a slap up meal and call it even. That would be my choice. Your Dad would win the Oz Bargain stakes there, but hey, it's your Dad.

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