Should I adjust my rates in Pounds Sterling?
Thread poster: Nathalie Suteau

Nathalie Suteau
United Kingdom
Local time: 06:33
English to French
Jun 4, 2010

Hello,

I moved to the UK from France 2 years ago. When the pound fall at 1.15, I switched my rates from € to £. Now that the £ is going up, I'm wondering if my rates in £ are too high. What is the average rate in £ at the moment? Thanks!

[Edited at 2010-06-04 19:02 GMT]


 

Ramon Somoza  Identity Verified
Spain
Local time: 07:33
Member (2002)
Dutch to Spanish
+ ...
Look up exchange rates in xe.com Jun 6, 2010

I use xe.com to find out about exchange rates, specially when I am requested to quote in a different currency.

Regarding your rates, it depends. Assess first where your main market is, and adjust your rates to be competitive (and earn the same money) in that particular market. Or just stick to the UK market and do not bother about external markets. Or provide prices for different currencies (remember that currency exchange costs money!). There is really not a good answer.

In my particular case, as Europe is my main market, I established by rates in Euros. When the dollar became weaker this meant that I hardly received any jobs from the US - I was far too expensive there. Now that the dollar is stronger, I suddenly are competitive again in the US, yet I have not changed my rates.

If I had changed my rates to be competitive with the weaker dollar, I would have hurt my main European business, which accounts for 80% of my work. So I did not change that and paid the price - now I reap the benefits of a stronger dollar. But perhaps the UK market is not sufficient to sustain you through harder times... if so, you will have to chose between getting more work and be paid less, or keeping your rates and have less work. Either way, a lousy alternative.


 


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