Payment in $
Thread poster: Williamson

Williamson  Identity Verified
United Kingdom
Local time: 17:56
Flemish to English
+ ...
Nov 11, 2007

I was wondering why an agency based in the U.K., pays in a weak currency such as the $ and not in £ or €?

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xxxdimitris_gre  Identity Verified
Local time: 19:56
The answer is obvious Nov 11, 2007

Because it is weak and gets weaker almost every day. They earn lots of money because of this...

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Williamson  Identity Verified
United Kingdom
Local time: 17:56
Flemish to English
+ ...
TOPIC STARTER
Not only a profit on the $/£ exchange rate .... Nov 11, 2007

Paid in £ and charge the full-rate to their customer, pay the translators' rate, calculate a discount for repetitions and matches and graciously pay the translator in $, yep, you are right. How some can be so "clever" to bid on such offers, I do not understand?

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Tim Drayton  Identity Verified
Cyprus
Local time: 19:56
Turkish to English
+ ...
speculation Nov 11, 2007

Williamson wrote:

I was wondering why an agency based in the U.K., pays in a weak currency such as the $ and not in £ or €?


I can only speculate as to the possible reasons
Could it be that they have negotiated payment with the client in USD and want to avoid any currency risk?


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The Misha
Local time: 12:56
Russian to English
+ ...
It looks like we are eating your lunch Nov 11, 2007

Yes, you are all absolutely correct, and they do use the favorable exhange rate to the max. They would be fairly dumb not to, if not outright negligent. As a result, in the past few months I have personally experienced a steady increase in the flow of jobs from London. They also pay a top rate (from my standpoint) and rarely bargain - all of it because the exchange rate makes it so ridiculously cheap. This is the back side of a stong euro, and it is all described in any Economics 101 course. Sorry, guys, but for the time being we are simply eating your lunch.

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Williamson  Identity Verified
United Kingdom
Local time: 17:56
Flemish to English
+ ...
TOPIC STARTER
Big bucks Nov 11, 2007

Big bucks are to be made hiring U.S.translators offering their "best price" i.e. the usual (?) rebates for repetitions. Due to the exchange rate the difference is about 32%. Of course (?), matches come with a discount. Payment after 30 days. And the end-customer will pay the full price (difference between the price of the agency and the translator) in £.

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xxxNMR
France
Local time: 18:56
French to Dutch
+ ...
.. Nov 11, 2007

Williamson wrote:

Big bucks are to be made hiring U.S.translators offering their "best price" i.e. the usual (?) rebates for repetitions. Due to the exchange rate the difference is about 32%. Of course (?), matches come with a discount. Payment after 30 days. And the end-customer will pay the full price (difference between the price of the agency and the translator) in £.

Subcontract in the U.S.


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Nicole Schnell  Identity Verified
United States
Local time: 09:56
English to German
+ ...
I clicked on your Paypal account Nov 12, 2007

and it states: US Dollar.

Maybe you should change that if you don't want your clients to assume that you preferably want to be paid in this particular currency.


Edit: This would be clever.

[Edited at 2007-11-12 00:16]


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The Misha
Local time: 12:56
Russian to English
+ ...
Repetitions? Nov 12, 2007

From my personal experience, substantially fewer translators in the US (at least in my pairs) use CAT tools, so repetition discounts are definitely not much of an issue. I, for one, never had to give any when dealing with my London client. Of course, some of the rookies are dumb or inexperienced enough to work for peanuts, but that's the same story everywhere. Regardless, these days it's just plain cheaper to source in the US, is all. You guys wanted a strong euro? You got it!

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Williamson  Identity Verified
United Kingdom
Local time: 17:56
Flemish to English
+ ...
TOPIC STARTER
PayPal or PayThieve Nov 12, 2007

Nicole Schnell wrote:

and it states: US Dollar.

Maybe you should change that if you don't want your clients to assume that you preferably want to be paid in this particular currency.


Edit: This would be clever.

[Edited at 2007-11-12 00:16]



Thanks for the tip. I have not used paypal in years. They forced me to upgrade my account and took a hefty %-age. which is why I prefer moneybookers or any other means of money transfer.

[Edited at 2007-11-12 14:38]


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Trinh Do  Identity Verified
Australia
Member (2007)
English to Vietnamese
+ ...
Payment in $ is cheap Nov 12, 2007

I'm in Australia, so I can accept USD, euro, CAD and preferably pound sterlings. Recently, one client offers me yen; that's ok, as Australia is not doing well and the AUD is very volatile. However, if British people pay in USD, I would class that as "stingy". I know living costs can be expensive in Europe and the US are doing badly.

The best strategy is to lower your rate a little bit (by 0.01-0.02 pound) and wait for the pound to go up. Otherwise, don't bother bidding. Internet, electricity, fatigue, health, etc. are very expensive for all translators.


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xxxwonita
China
Local time: 12:56
It is OK, Nov 12, 2007

Williamson wrote:

I was wondering why an agency based in the U.K., pays in a weak currency such as the $ and not in £ or €?


if the US clients pay us in £ or €.

[Edited at 2007-11-12 12:48]


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Samuel Murray  Identity Verified
Netherlands
Local time: 18:56
Member (2006)
English to Afrikaans
+ ...
There could be any number of reasons... Nov 12, 2007

Williamson wrote:
I was wondering why an agency based in the U.K., pays in a weak currency such as the $ and not in £ or €?


The agency doesn't keep dollars in a vault somewhere and then pays from a kitty. It converts money into dollars on the date of payment, and you convert it again on the date of receipt. So the fact that the dollar is "weak" is irrelevant (well, unless it's the Zim dollar).

Perhaps the agency started out with many US based clients and/or translators, and just didn't convert to Euro yet. Perhaps most of the agency's clientele is US based and they prefer to do all their stuff in one currency. Perhaps some of their translators/clients are from countries where the dollar is more valued (has more clout on the street). Perhaps the agency boss is married to an American guy. Perhaps their accountant is colour blind and he can't work well with multicoloured (read: monopoly) money.

How long does payment take? 90 days? By how much is the dollar likely to drop in 90 days?


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Nicole Schnell  Identity Verified
United States
Local time: 09:56
English to German
+ ...
Slightly off-topic Nov 12, 2007

Williamson wrote:

I have not used paypal in years. They forced me to upgrade my account and took a hefty %-age. which is why I prefer moneybookers or any other means of money transfer.


Same here. I couldn't agree more.

N.


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Nicole Schnell  Identity Verified
United States
Local time: 09:56
English to German
+ ...
Ouch, Trinh Do Nov 12, 2007

Trinh Do wrote:

the US are doing badly.

The best strategy is to lower your rate a little bit


No and no.

- The weak dollar allows US translators to crank up their rates tremendously.

- Never, ever lower your rates. Why?


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