Lost money on GoDaddy auction win

[bowskie]

So I won an auction for a 6N .com on GoDaddy (expired domain).
Previous owner must have left the domain to expire to see what the final bid would be, before then renewing the domain.

No big deal so I didn't get the domain in the end.

Just checked my bank statement today to see that I ended up losing money due to exchange rate change from when I paid to when I was reimbursed the money by GoDaddy.

Has anyone else experienced this?

 

[offthehandle]

I hate to oversimply and didn't read the entire line of responses but as mentioned the paypal solution, but with these expired auctions being not being absolute: .

Why don't you keep the money in "Credit" instead on that domain?

Then no refund needed, apply credit on next bidding opportunity. Of course not some huge amount.

 

[bowskie]

I hate to oversimply and didn't read the entire line of responses but as mentioned the paypal solution, but with these expired auctions being not being absolute: .

Why don't you keep the money in "Credit" instead on that domain?

Then no refund needed, apply credit on next bidding opportunity. Of course not some huge amount.

That is also a good idea.

 

[tonyk2000]

Even though GD will issue a refund (no doubts), domainers that are losing money on such transactions (which may even be the case for non-U.S. issued but USD-denominated credit cards _with_ foreign purchase fees) should - at least in some cases - say "thank you" for this to other domainers, that are actively looking to "cheat the auctions system" by sending emails like "I would like to acquire it and also pay you the renewal fee" to previous owners of each and every expiring auctions domain with bids, using any and all available historical whois records, since GD is hiding whois by placing their contacts on expiring auctions domains, at least on GD-regged ones. I occasionally receive such emails, most notably regarding domains that had my whois at some point of time, were subsequently sold and later not renewed. After making some research I learned that these emails are more frequently /but not always/ originated from India (according to names used, real IPs, "Indian English", and some other criterias) due to reasons unknown, and that they are looking to buy a domain that cheap that in fact a small %%% of transactions actually happens, but the domains are removed from market as previous owners do in fact renew them as the result.
It appears there is no solution, except chaning the system - no renewals should be allowed after the expired domain reached GD auctions.

 

[tonyk2000]

BTW, the process I mentioned above looks to be well automated, they also send reminders in Uniregistry style ("Any further thoughts on this?") - until auction ends.... : - (

 

[offthehandle]

It appears there is no solution, except chaning the system - no renewals should be allowed after the expired domain reached GD auctions.

Absolutely and these platforms are losing money on the additional auction revenue. I have posted into several threads about the expired "fake" auction problem, expired auctions on Dynadot, Namesilo and GoDaddy are non compliant with internationally recognized industry standard procedures and best practices of an absolute english auction. Namesilo has explained in a very courteous and nice reply that it is a balancing act between person not renewing and the buyer. I respectfully disagree with this and the auto renew function is automatic by default, so certain domain owners are negligent or gaming the system.

 

[xn--v4h.com]

So I won an auction for a 6N .com on GoDaddy (expired domain).
Previous owner must have left the domain to expire to see what the final bid would be, before then renewing the domain.

No big deal so I didn't get the domain in the end.

Just checked my bank statement today to see that I ended up losing money due to exchange rate change from when I paid to when I was reimbursed the money by GoDaddy.

Has anyone else experienced this?

Next time pay in Bitcoin. It's very stable!

 

[usernamex]

Joe Styler was last seen: Wednesday at 1:26 PM
Paul Nicks was last seen: Friday at 2:29 PM

OK it is a holiday weekend, so making a reminder to myself to bump this thread Wed 5 July and tag Joe and Paul if not answered sooner with an official ruling : smile :

When the amounts are large it really does make a difference, or even if it is just a large volume of transactions, it adds up.

 

[usernamex]

@Joe Styler @Paul Nicks

Would you be so kind as to confirm the best procedure to avoid this potential conversion loss? Thanks!

 

[Paul Nicks]

I don't think there's an easy answer here. All Auction bids are placed in USD, and if we have to refund due to a canceled auction, the refund will be in USD as well.

 

[Joe Styler]

Assuming it works as GoDaddy have said, then wouldn't the following happen:
1) I contact GD to tell them that I want to bid on e.g. XXXXX.com (Expired domain), where the bid currency is set as USD
2) GD would then change the settings for that particular auction within my account so that I am actually bidding in GBP (in my case), the conversion taking place using their set exchange rate at the time
3) I win the auction and pay for the domain in GBP
4) Customer renews and I am reimbursed the same amount as originally paid in GBP

You cannot change the currency for auctions. You can for all the other products I know of that we sell. It is very possible that they were confused. It is always best to direct auction questions to [email protected] rather than general support. You can always change the currency you see on the website and it will show the auctions in that currency but when you actually bid and pay it will change to USD. This is because we want everyone's bid to count the same and forex fluctuates constantly. We don't want someone to be bidding against you with a more favorable currency exchange rate during the auction and wind up paying less than you. We want everyone bidding in the same currency. A ten day auction can allow for multiple fluctuations.

The only way to do what you are asking about prefunding an account is to use our good as gold option. https://www.godaddy.com/help/set-up-good-as-gold-7562? If you set this up and pay with this option after winning the auction then if a refund happens it will be refunded to the payment method used which would be Good As Gold which is kept in your account as USD. You can pre-fund it and add funds as well, https://www.godaddy.com/help/add-money-to-good-as-gold-727?

 

[dntaps]

I don't think there's an easy answer here. All Auction bids are placed in USD, and if we have to refund due to a canceled auction, the refund will be in USD as well.

You cannot change the currency for auctions. You can for all the other products I know of that we sell. It is very possible that they were confused. It is always best to direct auction questions to [email protected] rather than general support. You can always change the currency you see on the website and it will show the auctions in that currency but when you actually bid and pay it will change to USD. This is because we want everyone's bid to count the same and forex fluctuates constantly. We don't want someone to be bidding against you with a more favorable currency exchange rate during the auction and wind up paying less than you. We want everyone bidding in the same currency. A ten day auction can allow for multiple fluctuations.

The only way to do what you are asking about prefunding an account is to use our good as gold option. https://www.godaddy.com/help/set-up-good-as-gold-7562? If you set this up and pay with this option after winning the auction then if a refund happens it will be refunded to the payment method used which would be Good As Gold which is kept in your account as USD. You can pre-fund it and add funds as well, https://www.godaddy.com/help/add-money-to-good-as-gold-727?

Thank you for the response, I thought as much.

I will look into the Godaddy pre-fund option in the future. I already have experience of this on the Pheenix platform.

 

[MR Harrist]

I think the problems is not about loss in currency convertion! but problems is, when the domain owner trick us, and renew that domain in last minute! personally that kind of strategy are a little bit to extremes!
I won the auction yipee! but after few hours! ooops, the owner renew that domain! LMAO!