| Pages in topic: < [1 2] | Crazy exchange rates Thread poster: Gillian Searl
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Igor Indruch 
Czech Republic
Local time: 19:41
English to Czech
| The Issue of Exchange rates | Nov 19, 2008 |
It is nothing new that exchange rates are changing. One day dolar goes down and euro up, the other day the situation is quite different.
With ad hoc jobs the solution si quite simple - just negotiate a rate according to current exchange rates.
More difficult it is with regular clients for whom you have fixed rate - there you are sometimes losing, sometimes "winning", but in the long run, it is usually 50:50.
| | | | Thomas Pfann
United Kingdom
Local time: 18:41
Member (2006)
English to German
+ ...
| Depends on the perspective | Nov 19, 2008 |
I actually find it surprising that this topic is brought up by a UK based translator. Being based in the UK the weak sterling doesn't really mean you earn less, does it?
The pounds you get are still the same and as you are based in the UK you will be paying most (if not all) of your expenses in pound sterling, so you shouldn't really feel any difference. (Ignoring all the other implications of a weak pound, such as the possible rise in the cost of living and so on.) But for the mom... See more I actually find it surprising that this topic is brought up by a UK based translator. Being based in the UK the weak sterling doesn't really mean you earn less, does it?
The pounds you get are still the same and as you are based in the UK you will be paying most (if not all) of your expenses in pound sterling, so you shouldn't really feel any difference. (Ignoring all the other implications of a weak pound, such as the possible rise in the cost of living and so on.) But for the moment your £100 are still £100 - they only lose value if you take them to Europe, not if you spend them at home.
And that you get a lot more for jobs invoiced in Euros can only be a good thing.
So from your UK clients you get paid the same as ever, while from your Euro clients you get paid more as before. Sure, that makes it a lot more attractive to work for European clients at the moment, but continuing to work for your UK clients at the same rate as before doesn't mean you will take a cut in your income. I work as much as I can for Euro clients at the moment, but I am not too distressed when working for UK clients.
Maybe it is some sort of "half full vs. half empty glass" situation: I don't see the weak pound as a concern (which may well be short-sighted or naiv of me), but I do see the strong Euro as an added bonus.
Of course, it's a different matter if you are based in a Euro country - then you do have reason to complain (or rather reason to reconsider whom you work for or at what rate).
[Edited at 2008-11-19 12:02 GMT] ▲ Collapse
| | | | Gillian Searl
United Kingdom
Local time: 18:41
German to English
TOPIC STARTER | I only sell my time once | Nov 19, 2008 |
so I have to decide which projects to do. So if the choice is between 7000 words being paid in pounds and 7000 words from one paying in euros, the decision isn't too hard. Of course the decisions are often more complicated than that.
Gillian
| | | | Claire Cox
United Kingdom
Local time: 18:41
French to English
+ ...
| Yes, I agree with Thomas | Nov 19, 2008 |
Thomas Pfann wrote:
So from your UK clients you get paid the same as ever, while from your Euro clients you get paid more as before. Sure, that makes it a lot more attractive to work for European clients at the moment, but continuing to work for your UK clients at the same rate as before doesn't mean you will take a cut in your income. I work as much as I can for Euro clients at the moment, but I am not too distressed when working for UK clients.
Whilst it's certainly worth accepting a job in euros rather than pounds in the present economic climate, there are other factors to take into account for UK-based translators too. No exchange conversion costs for jobs paid in Sterling, for a start! I have a number of contracts with civil service-type set-ups in the UK and whilst they don't pay particularly high rates, they do pay a sliding scale of urgency surcharges (from 35% for work required within 2 days) and the work they send is usually well within my comfort zone and can be processed extremely quickly. As usual, it's a balance - I like to keep a mix of European and UK clients. We may as well make the most of the fact that the exchange rate is working in our favour at the moment, after all.
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| Agree 100% with Thomas | Nov 19, 2008 |
That is exactly what I was thinking as I read the first page.
Current exchange rates are a bonus. In terms of my own personal calculations (household budget and suchlike) I still use £1 = €1.50 as I always have. Who knows what will happen next? Meanwhile, the extra £££ from transferring money to the UK is just a nice plus.
Obviously a different story when it comes to deadling with HMRC, of course.
Incidentally, huge numbers of UK businesses now accept... See more That is exactly what I was thinking as I read the first page.
Current exchange rates are a bonus. In terms of my own personal calculations (household budget and suchlike) I still use £1 = €1.50 as I always have. Who knows what will happen next? Meanwhile, the extra £££ from transferring money to the UK is just a nice plus.
Obviously a different story when it comes to deadling with HMRC, of course.
Incidentally, huge numbers of UK businesses now accept euros, or say they do - I'm not sure of the mechanics of the thing. Even Three Valleys Water says I can pay my water bill in euros - not sure what they would do if I just sent them a cheque from Societe Generale, and they don't take cash.... ▲ Collapse
| | | | Sonia Hill
United Kingdom
Local time: 18:41
Italian to English
| I agree with Thomas too | Nov 19, 2008 |
I am really benefitting from the current exchange rates. Most of my clients are in the eurozone and pay in euros and I find that I am earning up to 20% more per job. As my UK clients are very few and far between anyway, my earnings are going up each month at the moment for the same amount of work.
My UK clients pay the same amount as usual (generally a little more than my Italian clients), so this makes no difference to me.
| | | | Ines Burrell
United Kingdom
Local time: 18:41
Member (2004)
English to Latvian
+ ...
| Not a problem for me | Nov 19, 2008 |
My UK rates are actually quite high because of the ridiculously expensive life here. UK customers are used to higher rates and also they prefer to work with somebody in the same country so they are willing to pay the price (basically I charge what I can get away with). My euro rate has always been slightly lower (after the exchange rate was applied) and only now they are starting to get even. So I cannot complain, I still get the same amount in sterling and now I get slightly more out of my euro... See more My UK rates are actually quite high because of the ridiculously expensive life here. UK customers are used to higher rates and also they prefer to work with somebody in the same country so they are willing to pay the price (basically I charge what I can get away with). My euro rate has always been slightly lower (after the exchange rate was applied) and only now they are starting to get even. So I cannot complain, I still get the same amount in sterling and now I get slightly more out of my euro jobs.
However exchange rate is one of the reasons I do not have any US clients. When pound was stronger it meant that I basically had to double my USD rates and of course US clients were not happy.
Ines ▲ Collapse
| | | | Heinrich Pesch
Finland
Local time: 20:41
Member (2003)
Finnish to German
+ ...
I still remember the time when one pound was 12 DM. In 1975 it was at 6 DM and now at 2.4? (1,2 €). Things must be even worse in relation to the USD.
Soon US-outsourcers will be attractive again for European freelancers.
Cheers
Heinrich
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Tim Drayton
Cyprus
Local time: 20:41
Turkish to English
+ ...
| My sentiment entirely | Nov 19, 2008 |
Heinrich Pesch wrote:
on US-outsourcers will be attractive again for European freelancers.
Cheers
Heinrich [/quote]
This is my big hope nowadays.
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