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How do you convert currency when getting paid?
Thread poster: Aleksandr Okunev
Aleksandr Okunev
Local time: 14:50
English to Russian
Jun 4, 2005

Hi everyone,
A client issued a few small POs in Euro and a larger one in USD, so we agreed that everything would be paid in USD.
For conversion they used a site I had not known about, it was not a bank or financial or Reuters, just a privately run service.
What do you think is a Web service that should be used for this purpose? Please, drop your links here, and your reasons for using it.
Thank$ a lot!
Alex
~~~~~~~~~~~~~~~~~


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Bianca Adriaensen  Identity Verified
Local time: 13:50
English to Dutch
+ ...
A great site for currency conversion Jun 4, 2005

Hi Alex,

I use http://www.xe.com on a daily basis.

Greets,
Bianca


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Vladimir Dubisskiy  Identity Verified
United States
Local time: 06:50
English to Russian
+ ...
i believe this is the best Jun 4, 2005

And, working for the bank structure and dealing with conversion on everyday basis, I can confirm it as well.


i
Bianca Adriaensen wrote:

Hi Alex,

I use http://www.xe.com on a daily basis.

Greets,
Bianca



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Marijke Singer  Identity Verified
United Kingdom
Local time: 12:50
Dutch to English
+ ...
Jun 4, 2005



[Edited at 2005-08-05 23:40]


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Derek Gill Franßen  Identity Verified
Germany
Local time: 13:50
German to English
+ ...
I third that... // Whoops - "I fourth that..." ;-) Jun 4, 2005

Vladimir Dubisskiy wrote:

And, working for the bank structure and dealing with conversion on everyday basis, I can confirm it as well.


i
Bianca Adriaensen wrote:

Hi Alex,

I use http://www.xe.com on a daily basis.

Greets,
Bianca



It is also the site that I (and everyone I know in the US and Germany) have been using for years...

[Edited at 2005-06-04 18:59]


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lien
Netherlands
Local time: 13:50
English to French
+ ...
Me 5th Jun 4, 2005

I always use this one.

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Trudy Peters  Identity Verified
United States
Local time: 07:50
German to English
+ ...
Oanda Jun 4, 2005

I use Oanda. It also provides historical data. No particular reason, except that I like it

What site does your client use, Aleksandr?


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Claudia Iglesias  Identity Verified
Chile
Local time: 07:50
Member (2002)
Spanish to French
+ ...
Just because it hasn't been said yet... Jun 5, 2005

You can access http://www.xe.com from your Proz.com menu:

Tools > Utilities > A good currency converter can be found here.

Click on "here" and that's it.

Claudia


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Benno Groeneveld  Identity Verified
United States
Local time: 07:50
English to Dutch
+ ...
Yahoo Jun 5, 2005

has a currency converter. I have it on my "My Yahoo" page, don't remember how I got it there, but it should be too difficult to find. I made My Yahoo my home page, so I can always find it easily.

I check the euro - US dollar frequently and the Yahoo price closely tracks what I see in the newspapers.

Benno
Dutch English
St. Paul, MN


[Edited at 2005-06-05 03:36]


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Aleksandr Okunev
Local time: 14:50
English to Russian
TOPIC STARTER
Thanks everyone :) Jun 5, 2005

Trudy Peters wrote: What site does your client use, Aleksandr?


It's Oanda too, I think I should not be that critical to them after all.

Thanks everyone for the feedback. I checked the sites, went to Reuters and discovered that rates are different everywhere, I guess I must create my own site, rig the rates there and force my clents to use them.

Best of luck
and
Happy translating!

Aleksandr
~~~~~~~~~~>


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Burkhard Ziegler  Identity Verified
Germany
Local time: 13:50
Russian to German
+ ...
Central bank rate + a certain percentage - Foreign currencies Jun 5, 2005

Creating your own rates of exchange is the best idea

May I suggest the following:

Take the rate of the The Central Bank of Belarus as the reference rate.

Then check which rate you'll get when the money is credited (by your bank at their internal rate, by payment platform at their internal rate). Calculate the differences and establish a conversion like "to be paid in BYR according to the rates of The Central Bank of Belarus + n % for the ROE variations".


Editing:

Sorry, you were looking for the USD/EUR conversion. You should consider as reference rate the rate of the central bank of the country where your USD account is held and then add the necessary percents you need. In fact, the exchange rate differences can become "big ones" even in our business.

They can become big ones, especially if you loose money because of a badly established rate of exchange for a lousy payment at all.

[Edited at 2005-06-05 13:15]


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Aleksandr Okunev
Local time: 14:50
English to Russian
TOPIC STARTER
Goooooood point! Jun 5, 2005

Burkhard Ziegler wrote: In fact, the exchange rate differences can become "big ones" even in our business.

I fully agree, thanks.
In this particular case the amount is just under 100 Euro and the loss (if there is some, I did not bother to check) is small, however, the fact that the client simply used the rate without consulting me makes me a bit sad.
I used to work in export/import, with the Customs too, these guys are no angels, but at least I would always know the rules (in this issue the rate would be the one set by the National Bank).
I guess it's a good lesson and you can't get a good lesson for free!
Thanks everyone once again
Happy translating!
Aleksandr
~~-~~~~~~~+~


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Rafa Lombardino
United States
Local time: 04:50
Member (2005)
English to Portuguese
+ ...
Babylon! Jun 5, 2005

I use Babylon (www.babylon.com), the dictionary/glossary that also converts currencies, measurements, and time units. You can download a free trial, but I believe that after trying it — not only for conversions, but for reference too —, you'll end up buying the program and a couple of dictionaries for the languages you work with.

As for the currency conversion, I've just typed $10 and chose "US Dollar" into "Euro". It returned "8.18", according to the rates from 06/04/2005. Babylon updates itself while it's running, so you always get the right quote.

Good luck!


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Ralf Lemster  Identity Verified
Germany
Local time: 13:50
English to German
+ ...
On exchange rates, markets and the "right" rates Jun 5, 2005

Hi all,
There have been excellent suggestions in this thread, however, allow me to contradict the notion of "right" or "accurate" exchange rates.

The foreign exchange market is probably the only market that's in operation 24 hours a day (excluding weekends - you can get quotes on a Saturday or Sunday, but these tend to be unreliable). Hence, there isn't one single exchange rate - most rates fluctuate throughout the day, particularly the more actively traded currency pairs, such as EUR/USD, USD/JPY or GBP/USD. To compare rates, you would need ot know exactly at which point in time these rates were taken.

More relevant to the issue you raised, it's advisable to agree upon a source for reference rates beforehand.

Best regards,
Ralf


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Aleksandr Okunev
Local time: 14:50
English to Russian
TOPIC STARTER
Yes, agree in advance Jun 5, 2005

Ralf Lemster wrote: More relevant to the issue you raised, it's advisable to agree upon a source for reference rates beforehand.

Exactly, this is the best solution.
I'd like to add a few words. Here in Belarus most things are priced in USD or, less frequently, in Euros, because of high inflation. Not in the shops of course, but at car markets, when folks sell furniture, flats, etc.
Quite often the payer has local cash (a sackful, probably) or Euros, when the price was set in USD, and the rule of thumb here is: if you pay in a different currency you must pay the amount to make it possible for the seller to ***freely buy*** the exact amount at the day of payment.
Again, it is the matter of how you want to build a relationship with your service providers.
Thanks again everyone %)
Aleksandr
~~~=+=~~~~~o>


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