what's the best way to estimate currency conversion and exchange rates
Thread poster: veratek

veratek
Brazil
Local time: 11:44
French to English
+ ...
Jun 4, 2011

Hi,

I have been contacted by a foreign translation agency, which informed me of their rates in dollars. My bank, being French, works in euros.

What's the best way to estimate currency conversion and exchange rates? Should I contact the bank directly and ask, on a specific day, exactly how much that would be in euros, just to have an idea?

I have used xe.com in the past for estimating other international transfers (unrelated to job payments), but it's alway
... See more
Hi,

I have been contacted by a foreign translation agency, which informed me of their rates in dollars. My bank, being French, works in euros.

What's the best way to estimate currency conversion and exchange rates? Should I contact the bank directly and ask, on a specific day, exactly how much that would be in euros, just to have an idea?

I have used xe.com in the past for estimating other international transfers (unrelated to job payments), but it's always completely off from the rate the bank actually ends up using (always a lot less ).

Thanks.
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Jack Doughty  Identity Verified
United Kingdom
Local time: 15:44
Member (2000)
Russian to English
+ ...
In memoriam
Universal Currency Converter Jun 4, 2011

Try http://www.xe.com/ucc/

 

Teresa Borges
Portugal
Local time: 15:44
Member (2007)
English to Portuguese
+ ...
Hi Jun 4, 2011

I work the other way around. My rate quotes, as well as my invoices, are established in euro and it is up to my clients to make the conversion to their particular currency...

 

José Henrique Lamensdorf  Identity Verified
Brazil
Local time: 11:44
English to Portuguese
+ ...
In memoriam
Lesson from a black market operator Jun 4, 2011

Some decades ago in Brazil there were black market exchange operators. Due to our staggering inflation, the "safe" way to preserve cash value was to convert one's savings into US dollars, and sell them when needed. As this was illegal, there were many black market operators around.

One of them, incidentally a very nice neighbor who unfortunately died in his early forties from a heart attack, taught an important lesson. He told me that some people would come to his office carrying a
... See more
Some decades ago in Brazil there were black market exchange operators. Due to our staggering inflation, the "safe" way to preserve cash value was to convert one's savings into US dollars, and sell them when needed. As this was illegal, there were many black market operators around.

One of them, incidentally a very nice neighbor who unfortunately died in his early forties from a heart attack, taught an important lesson. He told me that some people would come to his office carrying a pack of dollars to sell, and would ask him what his rate was. He would answer, "Today I'm paying X cruzeiros (ancient BR currency) on the dollar." The person would gasp and rebutt, "But the newspaper says that today's exchange rate is higher, Y cruzeiros per dollar!", to which he would gently reply "So why did you waste your time coming all the way here? Go to that newspaper publisher and sell your dollars to them!"

The lesson is for you to check how much you'll be actually getting in local currency for the money you get from abroad. Don't forget to include the loss from lower exchange rates adopted by whatever payment method is used; e.g. PayPal openly admits that their exchange rates are lower (on top of deducting hefty fees from the amount received).

[Edited at 2011-06-04 11:32 GMT]
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Sheila Wilson  Identity Verified
Spain
Local time: 15:44
Member (2007)
English
+ ...
You are the LSP, the agency is your client Jun 4, 2011

veratek wrote:
I have been contacted by a foreign translation agency, which informed me of their rates in dollars. My bank, being French, works in euros.


The easiest thing to do is to tell this agency what your rates are, in euros.

If you want to meet them halfway, you'll need to quote in dollars but add a margin for safety. It's always a risky business but it can work in your favour sometimes.


 

Jenn Mercer  Identity Verified
United States
Local time: 10:44
Member (2009)
French to English
Round up! Jun 4, 2011

I do quote in Euros or Canadian Dollars on occasion, but I always round up to a) avoid bizarre rates and b) give me a bit of a cushion for fees and currency movements.

 


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