How do you handle varying exchange rates...?
Thread poster: Vincent MAELSTAF
Vincent MAELSTAF
Local time: 12:56
English to French
Jan 19, 2003

... and more specifically, how did you reflect -or provide for in advance- the steady depreciation of the US dollar against the Euro over the last 18 months. (For those translators based in Euroland and working mostly with US clients of course.)



Thanks.



Vincent


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Klaus Dorn
Local time: 13:56
German to English
+ ...
Turkey is a classic! Jan 19, 2003

Talk about changing exchange rates you have to be a translator in Turkey - here the exchange rates change every day and by quite a bit.



Basically, one needs to agree on the central bank rate of a particular country (ideally the one you\'re based in) when the translation is due. Otherwise, if you agree to the rate at payment date, you might lose out. Of course, it works both ways...


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Gillian Searl  Identity Verified
United Kingdom
Local time: 11:56
Member (2004)
German to English
Exchange rates Jan 20, 2003

When I set rates I start from a GBP base - that\'s where I\'m living - and use http://www.oanda.com/converter/classic to convert to other currencies. I keep a list of current exchange rates for my bookeeping. As I do most of my work in EUR I keep a close eye on the exchange rate and make changes as necessary. When money comes in I check to see if my estimate is accurate or not. If it changes to my advantage I change it quickly if it goes the other way I\'m rather slower . I use the converted figure for bookkeeping. One thing I don\'t do is change the price I charge agencies regularly - they don\'t like it. I\'ve often wondered what the tax man would think about the various currencies but I don\'t tell him and so far he hasn\'t asked!

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How do you handle varying exchange rates...?

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