Are you happy to quote in the client's currency? Thread poster: Sheila Wilson
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Sheila Wilson 
Spain
Local time: 09:33
Member (2007)
English
+ ...
Hello all,
I'd like others' views on whether it's a good idea to accept agencies' requests for quotes in their local currency. My currencies are Euros and Sterling, as I have bank accounts in both. Anything else is going to cause minor short-term aggravation in terms of extra bank commission charges, but perhaps more problems in the longer term if an agency takes my quote as a "fixed" rate. That could result in ill-feeling when I insist on changing my rate in line with exchange rate... See more Hello all,
I'd like others' views on whether it's a good idea to accept agencies' requests for quotes in their local currency. My currencies are Euros and Sterling, as I have bank accounts in both. Anything else is going to cause minor short-term aggravation in terms of extra bank commission charges, but perhaps more problems in the longer term if an agency takes my quote as a "fixed" rate. That could result in ill-feeling when I insist on changing my rate in line with exchange rate fluctuations.
What to you do? Insist on quoting in your currency (maybe giving today's equivalent rate for their information), or quote in theirs and accept the consequences?
TIA ▲ Collapse
| | | | Tim Drayton
Cyprus
Local time: 11:33
Turkish to English
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I am prepared to quote in any currency the client wishes.
| | | | Jan Willem van Dormolen (X)
Netherlands
Local time: 10:33
English to Dutch
+ ...
For this I always include the following line in my first contact details:
"My usual rates are 0.10 EUR per source word (or the equivalent in your preferred currency, as per the exchange rate of date of invoice)"
If they insist on a fixed rate, I tell them I accept, but will renegociate if the rate changes considerably in the direction which is unfavourable to me, and will accept if they do the same in the reverse situation.
Had no problem with this arrangem... See more For this I always include the following line in my first contact details:
"My usual rates are 0.10 EUR per source word (or the equivalent in your preferred currency, as per the exchange rate of date of invoice)"
If they insist on a fixed rate, I tell them I accept, but will renegociate if the rate changes considerably in the direction which is unfavourable to me, and will accept if they do the same in the reverse situation.
Had no problem with this arrangement so far. ▲ Collapse
| | | | Williamson
United Kingdom
Local time: 09:33
Flemish to English
+ ...
No. Even some agencies in the Eurozone request us to give our best rate and quote in $. and some low-end agencies offers rates from 0.02$ for revision and 0.05$ for translation. If you convert that in Euro and Sterling it means that you have to revise texts for free or even pay to review texts(if you include bank-costs) and that you translate at a rate of about 0.0325 or 0.03 p.w. depending on the exchange-rate of Euro and Sterling.
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Sheila Wilson
Spain
Local time: 09:33
Member (2007)
English
+ ...
TOPIC STARTER | Good solution, IMO | Mar 29, 2010 |
Jan Willem van Dormolen wrote:
"My usual rates are 0.10 EUR per source word (or the equivalent in your preferred currency, as per the exchange rate of date of invoice)"
Thanks for that, Jan Willem. It's about what I was thinking of doing so it's nice to learn that everyone you deal with finds it acceptable.
| | | | Sheila Wilson
Spain
Local time: 09:33
Member (2007)
English
+ ...
TOPIC STARTER | Some rates are too low, whatever currency thay're in | Mar 29, 2010 |
Williamson wrote:
No. Even some agencies in the Eurozone request us to give our best rate and quote in $.
Good point. Yes, I would certainly refuse to quote in USD for a client in the Eurozone - that would be ridiculous.
and some low-end agencies offers rates from 0.02$ for revision and 0.05$ for translation. If you convert that in Euro and Sterling it means that you have to revise texts for free or even pay to review texts(if you include bank-costs) and that you translate at a rate of about 0.0325 or 0.03 p.w. depending on the exchange-rate of Euro and Sterling.
I see that as part of another problem, discussed rather frequently here on ProZ - that of agencies expecting us to work for nothing. I wouldn't accept those quotes, whatever currency they were in, even if it was in pure gold!
[Edited at 2010-03-29 10:37 GMT]
| | | | | Chinese saying | Mar 29, 2010 |
If a person cannot smile he better not open his own shop.
[Edited at 2010-03-29 11:25 GMT]
| | | | | I always quote (and invoice) in euros | Mar 29, 2010 |
Had no problem so far...
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Samuel Murray
Netherlands
Local time: 10:33
Member (2006)
English to Afrikaans
+ ...
| I have no objection | Mar 29, 2010 |
Sheila Wilson wrote:
I'd like others' views on whether it's a good idea to accept agencies' requests for quotes in their local currency.
It makes it easy for the client. If you're concerned about currency exchange fluctuations, build it into your rate, and shorten the payment terms. One can also view historical exchange rates on the web, so it's easy to see whether a client's currency is unstable or not.
| | | | Williamson
United Kingdom
Local time: 09:33
Flemish to English
+ ...
If you built the exchange rate into your rate, you risk losing your competitiveness.
Despite the plunge of the Euro, it is still worth 1.348 dollars. If an outsourcers wants to give 0.10$, he actually wants to pay you 0.065$.
-*-*-
A Chinese proverb or a proverb out of the mouth of one of my Chinese aquaintances: "If you give me money, you make me happy" .
| | | | | Helping a client to do the math | Mar 30, 2010 |
I usually offer my average rate in GBP and provide a link to a good currency converter (www.xe.com) so that they could do the math if (and when) they want to. I quote as follows:
XXX GBP = YYY [their currency] (www.xe.com)
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