| Pages in topic: < [1 2] | Implications of moving country Thread poster: Rob Grayson
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| Banks doing something for free? | Mar 17, 2009 |
Next you'll tell me bankers don't even know how to spell "bonus"
First thing, there's no actual official exchange rate - there are a few market makers who set their own rates. Other banks hedge their transactions with the market makers.
Susanna Garcia wrote:
I receive the full invoice amount with no charges.
In this case they "hide" the charge in the spread. Spread is the differences between the the rate the bank offers you if you sell a currency and the rate they offer you if you buy the same currency.
| | | | Rob Grayson 
United Kingdom
Local time: 14:13
French to English
TOPIC STARTER | Thanks.... and a question about banks | Mar 18, 2009 |
Hi,
Firstly, I just wanted to say a sincere thank you to everyone who has replied in response to my original question. I had my own thoughts about the issues that might be raised by changing countries, but there's nothing like real-life experience as a guide. All your replies are very helpful.
Clearly, the ability to accept payments in euros is key. The question is, what is the cheapest and most efficient way of doing this? Cheapest, because none of us wants to give mor... See more Hi,
Firstly, I just wanted to say a sincere thank you to everyone who has replied in response to my original question. I had my own thoughts about the issues that might be raised by changing countries, but there's nothing like real-life experience as a guide. All your replies are very helpful.
Clearly, the ability to accept payments in euros is key. The question is, what is the cheapest and most efficient way of doing this? Cheapest, because none of us wants to give more money to the banks than we have to. And most efficient, because with sometimes fairly long payment delays, cash flow is an issue and I don't think transferring money from France to the UK once a month is going to be often enough.
If it helps, my bank account in France is with Société Générale.
Thanks in advance,
Rob ▲ Collapse
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Rob Grayson wrote:
If it helps, my bank account in France is with Société Générale.
Me too. HSBC in the UK.
I used to do fairly large transfers (between 5 and 7,000 euros, typically) about 10 times a year using a Word version of their "transfert a l'etranger" form you can pick up at any branch, which I posted in a snail mail letter (along with any cheques I needed paying in, so I would be sending a mail item anyway). They charge a fee, a %age plus a fixed sum, so I'd pay about 35 euros to transfer several thousand.
Then i) the fee went up and ii) they started to allow free xfers using their internet banking service. Possibly not a coincidence.
I was happy to pay a fee for a service I knew worked and was reliable. Also, my cash flow was such that 9 or 10 xfers a year were enough... on the other hand, it was essential that each went through smoothly (whereas if you transferred 700 euros a week and it went wrong one week, well, you could recover it next week, I guess).
Anyway, the internet service seems OK, early days. You do have to "register" your recipient foreign (UK) bank account online first, and if I recall, SG then send a letter for you to physically sign and return authorising the use of the foreign bank account as a recipient for online xfers. (I don't think I needed to do this for Fr bk a/cs, but it has been a while since I registered any new ones.) The money takes about 3 days to arrive (versus about 10 with the old method, once postal delays were taken into account).
I don't know if it is the absolute cheapest. But it does work.
| | | | Rob Grayson
United Kingdom
Local time: 14:13
French to English
TOPIC STARTER
Hi Charlie,
Thanks – that sounds like an ideal solution. Something to discuss with my bank manager at Soc Gen (who will no doubt be gutted because he hasn't really managed to sell me anything in the few years we've been here!).
Rob
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| Exchange rate risk | Mar 18, 2009 |
Hi Rob
Just a quick thought, which you've probably considered anyway. (Grandmothers and eggs may well come to mind!)
If you're earning in a different currency from the one in which you're spending, you're leaving yourself open to the risk of exchange rate variations. So from a business risk management point of view it would be worth trying to get some UK clients, if you don't already have them, so that you have an income in pounds. (0.10 € a word, for example is wor... See more Hi Rob
Just a quick thought, which you've probably considered anyway. (Grandmothers and eggs may well come to mind!)
If you're earning in a different currency from the one in which you're spending, you're leaving yourself open to the risk of exchange rate variations. So from a business risk management point of view it would be worth trying to get some UK clients, if you don't already have them, so that you have an income in pounds. (0.10 € a word, for example is worth £0.094 at today's depressing exchange rate, but if we ever make it back to even a reasonable 1.30€ to the £, it would only be worth £0.076.)
For what it's worth!
Kind regards,
Caroline ▲ Collapse
| | | | | Technical side | Mar 18, 2009 |
Well, I've moved from Finland to UK and then back again, and for me by far the biggest problem was that it can take several weeks, maybe even a month or more to get internet connection installed to your new home in the new country (it did at least in the UK), and until you get it, you can't work, of course... But once you get it, smooth sailing.
Caroline Lakey wrote:
If you're earning in a different currency from the one in which you're spending, you're leaving yourself open to the risk of exchange rate variations.
Hmm, aren't most freelancers nowadays doing that...? I would assume the vast majority earns at least part of their income in currencies other than of their country of residence...?
[Edited at 2009-03-18 16:01 GMT]
| | | | | Exchange rate risk | Mar 19, 2009 |
Caroline Lakey wrote:
If you're earning in a different currency from the one in which you're spending, you're leaving yourself open to the risk of exchange rate variations.
Hmm, aren't most freelancers nowadays doing that...? I would assume the vast majority earns at least part of their income in currencies other than of their country of residence...?
[Edited at 2009-03-18 16:01 GMT]
I'm sure lots of translators are earning in various currencies. I was just thinking about the risk of earning exclusively (or almost) in euros and spending exclusively in sterling, because the exchange rate between the two currencies has varied enormously over the last year or so.
| | | | LEXpert
United States
Local time: 08:13
Member (2008)
Croatian to English
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| Prejudice against translators living outside their native language country | Mar 20, 2009 |
I assume that this wouldn't be an issue in Rob's case, but on a few occasions I have come across agencies that not only want native speakers of the target language (which is understandable, of course), but furthermore only will deal with translators who live in the country where the native target language is spoken, based on the purported theory that they cannot otherwise be fully "up to date" with linguistic developments and terminology there. Has anybody else run into this? Obviously, if ther... See more I assume that this wouldn't be an issue in Rob's case, but on a few occasions I have come across agencies that not only want native speakers of the target language (which is understandable, of course), but furthermore only will deal with translators who live in the country where the native target language is spoken, based on the purported theory that they cannot otherwise be fully "up to date" with linguistic developments and terminology there. Has anybody else run into this? Obviously, if there is a marked disparity in living standards (and thus presumably rates) between the two countries, that might also have something to do with it. ▲ Collapse
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| I've seen that too | Mar 20, 2009 |
Hi, I've come across a couple of agencies who didn't wish to work with me because I live in my source-language country. It's only happened a couple of times, not often enough to cause a problem, so as far as I'm concerned, it's their loss!
| | | | Rob Grayson
United Kingdom
Local time: 14:13
French to English
TOPIC STARTER | Argue it either way... | Mar 20, 2009 |
Hi,
I've heard the argument about it being better for translators to live in their target language country, though I've never come across it personally. So far, I've only translated in my source language country, and the issue has never even presented itself.
The argument is that you need to be living in your target language culture in order to have an up-to-date knowledge and appreciation of current language use, be it in your chosen field of specialisation or in the c... See more Hi,
I've heard the argument about it being better for translators to live in their target language country, though I've never come across it personally. So far, I've only translated in my source language country, and the issue has never even presented itself.
The argument is that you need to be living in your target language culture in order to have an up-to-date knowledge and appreciation of current language use, be it in your chosen field of specialisation or in the culture more generally. Fair point. However, I think you could also argue the reverse: you might have a fantastic grasp of the latest terminology and trends in your target language, but if you're not au fait with what's happening in your source language, it won't necessarily help you be a better translator. Living in your source country arguably gives you a deeper "feel" for your source language, and therefore enables you to better understand the documents you are translating.
As with most similar issues, there's no hard and fast argument either way. In my view, the bottom line is that if you're a good translator – i.e. if the quality of your work is self-evident – the vast majority of clients won't be too worried whether you live in your source or target country.
Rob ▲ Collapse
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