Yes you’re right of course. My bank told me that when Ryanair did the conversion at the payment stage and debited my account by 133.01 GBP, then that should have been the sum refunded to me.
And in fact they sent an email stating that that was the amount of the refund they made.
I think it’s bordering on deception and heaven knows how many people they’re doing it to.
I wonder if there is any legal redress over this and of course their failure to keep their end of the contract I made with them over the flight. I seem to recall issues with the Boeing Max aircraft wa