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quoting in foreign currency
Thread poster: Heather Fremont
Heather Fremont
Heather Fremont  Identity Verified
United States
Local time: 05:11
Portuguese to English
+ ...
Mar 15, 2023

I am a US-based translator. I was recently asked to provide my rates in BRL for an company based in Argentina. I am concerned about this as the current exchange rate is is 1 USD to 5.31 BRL so my rates may seem exhorbitant in BRL. How should I approach this? Thanks!
 
John Fossey
John Fossey  Identity Verified
Canada
Local time: 05:11
Member (2008)
French to English
+ ...
Exchange rates Mar 15, 2023

I always quote in the client's currency, after checking exchange rates. If you quote in your own currency the client has to make that calculation, which is just another hurdle to overcome to get the order.

When providing services from a high cost-of-living country (such as USA) to a lower cost-of-living country it is normal for your rate to seem high, but it's not because of the exchange rate.

Baran Keki
Marijke Singer
Thayenga
 
Philippe Etienne
Philippe Etienne  Identity Verified
Spain
Local time: 11:11
Member
English to French
Argentina? Mar 15, 2023

They surely don't want an invoice in dollars. The country had an inflation rate of 100% last year. https://www.barrons.com/news/argentina-ended-2022-with-94-8-inflation-highest-in-32-years-official-01673551508

Even though they bet on a moderate 60% increase in 2023, what you quote now will be worth much less in dol... See more
They surely don't want an invoice in dollars. The country had an inflation rate of 100% last year. https://www.barrons.com/news/argentina-ended-2022-with-94-8-inflation-highest-in-32-years-official-01673551508

Even though they bet on a moderate 60% increase in 2023, what you quote now will be worth much less in dollars if you offer them long payment terms. It's the difference between expectations and actual earnings that will be exorbitant!

Philippe

EDIT: my post is irrelevant because you will quote in Brazilian currency! I don't know about inflation in Brazil, but it may be worth a look.

[Edited at 2023-03-15 19:30 GMT] ▲ Collapse
 
Samuel Murray
Samuel Murray  Identity Verified
Netherlands
Local time: 11:11
Member (2006)
English to Afrikaans
+ ...
Quote in her currency Mar 15, 2023

Heather Fremont wrote:
...so my rates may seem exhorbitant in BRL.

People who regularly buy stuff in BRL are used to the higher numbers. The fact that a burger costs 6 money units in the USA and 30 money units in Argentina doesn't mean the burger is 5 times more expensive in Argentina. They both cost the same. Burgers aren't 5 times cheaper in the USA just because it's USD 6.00 instead of BRL 30.00.

[Edited at 2023-03-15 19:35 GMT]

Heather Fremont
Sebastian Witte
philgoddard
 
Heather Fremont
Heather Fremont  Identity Verified
United States
Local time: 05:11
Portuguese to English
+ ...
TOPIC STARTER
Company is based in Argentina but she asked me to give my rates in BRL Mar 15, 2023

The company is based in Argentina but I was asked to give my rates in Brazilian reais despite being a U.S. citizen based in the U.S. I have asked for further clarification.

Sebastian Witte
 
ATIL KAYHAN
ATIL KAYHAN  Identity Verified
Türkiye
Local time: 12:11
Member (2007)
Turkish to English
+ ...
Conversions Mar 15, 2023

Converting one currency into another is pretty similar to converting one unit of measure into another. For example, to convert inches into centimeters, you multiply by 2.54 period. The only difference in currency conversion is that it may be subject to inflation whereas unit conversion is always an exact science.

That means you may have to change your multiplier from time to time. We do that all the time in Turkey due to three-digit inflation rate. My usual rate is in USD, and d... See more
Converting one currency into another is pretty similar to converting one unit of measure into another. For example, to convert inches into centimeters, you multiply by 2.54 period. The only difference in currency conversion is that it may be subject to inflation whereas unit conversion is always an exact science.

That means you may have to change your multiplier from time to time. We do that all the time in Turkey due to three-digit inflation rate. My usual rate is in USD, and does not change. However, my rate in Turkish lira changes all the time due to high inflation.

Inflation is definitely not a translator's fault. So, we have to keep on adjusting for inflation. Otherwise, it may mean that we translators pay for the high rate of inflation, which obviously does not make any sense nor it is fair for both parties. ▲ Collapse
 


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quoting in foreign currency







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