Global Blue VAT Refund Converted At Unfair Exchange Rate

I recently made several purchases in Madrid, Spain, for which I used Global Blue’s tax refund service and chose to receive the amounts via refund card. I am writing because the amounts I actually received in USD do not correspond fairly to the EUR values shown on the forms, and the exchange rate applied appears clearly disadvantageous. For the document with Doc-ID 110734.35575.6931.25357, the VAT refund amount is €92, but I received only $99.34. This corresponds to less than an 8% difference in favor of the euro, at a time when the euro exchange rate is approximately 18% higher than the USD. This gap cannot be explained by the normal market rate. In another case, for Doc-ID 110734.31809.6930.22344, the form shows €51, but I received only $54.56. This pattern repeats in a total of four purchases, and the only problem I can identify is the unfair exchange rate used for the conversion. I have already contacted Global Blue and I am currently waiting for a response, but I want to formally state that I consider these conversions to be incorrect and financially detrimental. I kindly request that Global Blue recalculate these refunds using a fair and transparent exchange rate and refund the resulting difference to my credit card. I also ask for a clear explanation of the exchange rate and any fees applied to these transactions, so that I can verify that the final amounts are correct. I expect this issue to be investigated promptly and the missing amounts to be reimbursed to my credit card without further delay.