Laurus Travel publishes tour prices in Canadian and US dollars to accommodation its global clientele. Since we offer trips to multiple countries, we also settle payments with our overseas partners in multiple currencies. Hedging against devastating effects of wild swings in the currency exchange market is part of our business strategy.
Based on the tour bookings processed, we predict our needs for certain currencies down the road and actively participate in currency buying and selling using our own funds to mitigate potential damages to our balance sheet due to volatility in the currency exchange market.
When we publish our tour prices, we are keenly aware of the currency exchange risk. We understand that the currency exchange rate can go either way, but we are willing to assume the risk. What we don’t accept is a customer playing the currency exchange game with us in violation of good faith.
The customer is given a chance to pick the currency of payment at the time deposit. Once they make up their mind, they must stick to their original choice as a matter of fairness. That is why we have a clause in our Terms & Conditions to prevent such abusive behaviour:
4. CURRENCY MANIPULATION
Our tours prices are published in more than one currency. Once you decide on one currency at the time of deposit, you are obligated to stick to that currency. Switching to another currency for the final balance due to fluctuation of the exchange rate constitutes abuse of good faith and is therefore disallowed under any circumstances.
