International refund

Hi All

On Saturday last I paid for an item costing £4.99 in TOYSRUS, the cashier incorrectly typed in £49.99 and I agreed the purchase before I checked the receipt.
On querying it I was informed that I would be refunded onto my credit card. I asked that I be refunded in cash as I would not get the full amount back due to the buy and sell rates applied by VISA. I was informed that, although the company accepted that it was completely their error, I would have no option but to receive the refund through my credit card as it would contravene banking laws if I was given cash.

Does anyone know if this is correct or whether in fact it compromised my statutory rights?

Thanks

What "statutory rights" do you have in mind?

I confess that I don't know what banking law might apply here, but I know it is normal (I think probably invariable) practice to cancel or correct credit card transactions by processing a reverse transaction. To do otherwise incurs a cost for the trader of about 1.5 or 2% of the value of the transaction. It's no concern of Toys'r'Us that your card was issued outside the UK, and that there is foreign exchange involved.

[Should we link this post to the shopping in NI discussion?]

I agree with Padraigb - if you use your card outside the Eurozone, you run the currency fluctuation risk, not the retailer.

It is standard practice AFAIK to apply any credit on an erroneous transaction back to the debit or credit card account used originally.

makes perfect sense to put money back on the card.

Say I stole the card, had a friend in the shop and the purchase something for 4.99 and she put in as 499 and I asked for cash refund? I have now just got 499 cash!

And don't forget you agreed the purchase without checking. Be happy that your card was refunded