Which currency do you charge in?
Thread poster: Fan Gao

Fan Gao
Australia
Local time: 01:23
Member (2006)
English to Chinese
+ ...
Dec 17, 2006

Hi,

This could have been a poll but there are a few ifs and buts that go with it so I thought I'd post it here instead:

Do you charge for your services in the same currency that the country you live in uses?

I'm assuming that everyone who lives in the US would charge in US$ and everyone who lives in Europe (the countries that use the Euro) charge in Eur. Is that a safe assumption to make?

For people who don't live in countries that use the US$, Eur or GBP, which currency do you charge in?

Do you ever ask to be paid in your country's currency? i.e. if you live in the US and you do a job for a German client, do you just accept that they will pay you in Euros or do you make a special point of requesting payment in US$?

The reason I'm asking these questions is because I'm British, I live in China and I work with a Chinese colleague. We have never quoted or charged in RMB outside of China because it's obviously not a major trading currency that everyone is familiar with so in the beginning we set our rates in US$. We didn't choose GBP because the UK is the only country that uses it. Now we charge in Euros. For us, we have bank accounts in China and the UK so all foreign currencies apart from RMB go through the UK.

I guess the question is...which is the best currency to work with if you don't live in a country that uses the US$, Eur or GBP?...or do you simply just trade in the currency of the country where your client resides?

When you are asked for a quote from a foreign country do you quote in your own country's currency or do you convert it to the client's native currency?

I know a lot of people will probably say, "I'm providing the service, I call the shots.", which is great, but it just doesn't always work out that way.

Thanks for reading and I look forward to any replies.

Best wishes,
Mark


 

Tim Drayton  Identity Verified
Cyprus
Local time: 18:23
Turkish to English
+ ...
Currency in the client's country Dec 17, 2006

I live in Cyprus and work almost entirely for clients abroad. They would find it very odd if I charged in Cyprus pounds! I always work in the currency of the client's country unless requested to do otherwise (which is very rare).
PS Check out the site http://www.xe.com - this enables you to convert instantly from any currency into any currency at current market rates. I find this very useful if I need to quote in a currency I am unfamiliar with.

[Edited at 2006-12-17 12:14]


 

xxxLatin_Hellas
United States
Local time: 17:23
Italian to English
+ ...
US Still Dominant Currency Internationally, But Euro Gaining Dec 17, 2006

Chinese Concept wrote:


I guess the question is...which is the best currency to work with if you don't live in a country that uses the US$, Eur or GBP?...or do you simply just trade in the currency of the country where your client resides?


Generally speaking, the US is still the dominant reserve and trade currency, but this is slowly changing. Certainly the GBP has not been dominant for some decades now, but in certain circumstance there is no reason to discard it, and it has proven its long-term value as an alternative reserve currency (consistently high interest rates and value versus the dollar).

Of course the euro has gained ground as a major international currency, especially in eastern Europe and spreading.

The real answer is the currency in which the parties involved have an acceptable balance of competitive interests in terms of revenues and expenses.

For example, a translator does not live in the eurozone, but has eurozone customers: if he can arrange for low-cost incoming wires, deposit account, and foreign exchange transactions, then it makes good sense to make it easier for the customer to effect payment, while at the same time having the possibility, at least to some extent, of deciding when to convert.

In short, among the three currencies mentioned, the "best" one to use depends on the circumstances, given that all three are readily converted throughout most of the world. The decision, then, depends on which of the three is the most convenient for both parties involved.


 

Hipyan Nopri  Identity Verified
Indonesia
Local time: 22:23
Member (2005)
English to Indonesian
+ ...
Hi Mark, Dec 17, 2006

I always charge my clients, whether they are from Europe, North America, or Australia, in US$ regardless of its fluctuations recently.

Best Regards

Hipyan Nopri


 

Ritu Bhanot  Identity Verified
Member (2006)
French to Hindi
+ ...
Euro or Indian Rupee Dec 17, 2006

Hi Mark,

I usually charge Indian clients in Indian rupees (makes sense). As far as International clients are concerned, I favour Euro though I do accept payments in USD or Pounds from time to time (depends on client request).

Regards,

Ritu


 

Denyce Seow  Identity Verified
Singapore
Local time: 23:23
Member (2004)
Chinese to English
Prefer Euro Dec 17, 2006

Hi Mark,

Most of my US clients ask to pay in USD. I can understand that this makes life easier for them when it comes to accounting. However, if I am given a choice, I prefer to charge in Euro. First, it is because I live in Germany where Euro is used. I also want to make my life easier with the accounting. I just sorted out my accounts for 2006, and the most irritating part of the process was to convert USD, HKD, RMB, SGD and GBP into Euro. The second reason is the exchange rate between USD and Euro. I cannot bear to look at the exchange rate anymore. Every time I have to quote in USD, the rate almost always seems to look higher than if I were to charge in Euro. This is noooooot good. If I can, I try to charge in Euro because EUR 0.09 definitely looks better than US$0.11.icon_wink.gif Well, as if my clients were too stupid to know what is going on out there with the exchange rate...icon_frown.gif

Denyce



[Edited at 2006-12-17 19:52]


 

M. Anna Kańduła  Identity Verified
United Kingdom
Local time: 16:23
English to Polish
Euro & USD Dec 17, 2006

For European clients it's Euro, for non-European it's USD, unless they ask me specifically for rate in Euro. That way or another currency is always changed to mine on it's way (in my bank, or on MB or PP), so in the end it's no difference (but I prefer my own currency to be weak while I get paid, and strong every time I buy somethingicon_wink.gif).

Anni


 

Uldis Liepkalns  Identity Verified
Latvia
Local time: 18:23
Member (2003)
English to Latvian
+ ...
Only EUR Dec 17, 2006

I mainly have customers only in USD and EUR zones, but I also charge my US customers in EUR- and they pay in EUR. My reason for the latter is to keep my accountancy clear- we are an Agency and pay all of our translators in EUR or the local ones in the local currency- lats. If we would employ many different currencies, that would make our accountancy a total mess...

It already was this way once- (not so far back- only some 4 years ago) when on local market we counted target text in characters with spaces, for foreign clients and contributors - source or target characters for page length defined by them (anything between 1300 and 1900 characters as a page with or without spaces, or either source or target words and even lines... (thank you, only source words now), just add different currencies and you'll have your dream accountancyicon_biggrin.gif

Uldis

[Rediģēts plkst. 2006-12-17 22:58]


 

Philippe Etienne  Identity Verified
Spain
Local time: 17:23
Member
English to French
Whatever the customer prefers Dec 18, 2006

But my reference currency is EUR and I convert to other currencies from the current exchange rate. However, if I were asked to invoice in a currency that bears a 300% monthly inflation rate, I would probably revise my policy.
So far I have no exotic currency record in my ledgers, and I have only ever invoiced in USD, GBP, MAD (Moroccan Dirhams) and EUR.
Anyway, at the end of the chain, any currency is converted to the local currency when credited to my business account.

Philippe

Edit: To be accurate, I also invoiced in late French Francs, which may sound exotic now!

[Edited at 2006-12-18 10:35]


 

Fan Gao
Australia
Local time: 01:23
Member (2006)
English to Chinese
+ ...
TOPIC STARTER
Thanks Dec 18, 2006

Thanks for all your feedback everyone. I think with the way the USD rate is at the moment it's best to stick with the Euro and use that as a base for conversion to other currencies.

I noticed recently that you can only change your rates on Proz once every three months so it's definitely got to be a currency that doesn't fluctuate too much otherwise you'll have clients saying, "...but your profile says your rate is US$ 0......!":)

Best wishes to all,
Mark


 

Samuel Murray  Identity Verified
Netherlands
Local time: 17:23
Member (2006)
English to Afrikaans
+ ...
Local and non-local Dec 18, 2006

Chinese Concept wrote:
Do you charge for your services in the same currency that the country you live in uses?


For local clients I charge the local currency. For non-local clients I quote in Euro, but I generally accept any currency that my bank is able to convert.


 

Iffat Chowdhury  Identity Verified
Bangladesh
Local time: 21:23
Member (2009)
English to Bengali
+ ...
Is it possible for my Indian clients to pay me in Rupee? Dec 18, 2006

I charge in Taka (local currency) in local market and in USD for foreign clients.

Some of my Indian clients want to pay in Indian currency but I do not know whether it is possible, as whatever the currency I charge in, it reaches my bank account as Taka. So I would like to know whether it is possible for my Indian clients to pay me in Rupee when they send payment through bank transfer or through check or moneygram?

I have no problem in accepting any currency of the world, but is it possible and what is the benefits or problems of it?


 


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