How Much Should You Budget for Korean Translation Services?

Are you looking into hiring an English to Korean translator but not sure how much you should budget for Korean translators? Korean translation services can vary widely, based on a large number of pricing factors. Here are some of the most common pricing factors for Korean translation:

  • Size of the project. One of the most common pricing factors is the size of the project. If you are hiring a Korean translation service for a large project, you will probably get a discount for volume, but if it is a fairly small project, you will probably get charged a minimum fee, since the translator needs to charge at least a certain amount to cover administrative and management costs.
  • Translation direction. The direction of the translation also impacts the pricing. For example, translating from English to Korean is usually less expensive than translating from Korean to English, which tends to be more difficult and therefore more expensive.
  • Type of content. The type of content or the subject matter also tends to affect the pricing of the project. Some subjects are simply more difficult to translate than others. The difficulty of the project tends to depend on the vocabulary as well as the level and complexity of the writing. For example, survey responses are typically much easier and quicker to translate than court judgments on intellectual property litigation or scientific research reports.
  • Internal repetition and ongoing work. This depends on the format of the source files, but translators are usually able to reduce the costs of the translation services if they are able to leverage internal repetition or similar content from previous translation jobs.
  • Timetable. The timetable of the project also certainly affects pricing. For example, if you need something to be turned around fairly quickly or even urgently, translators will likely charge rush job fees.
  • Condition of the original document. The condition of the original document also often affects the pricing of the project. If the source document is not in a clean, editable format, it will probably take much longer to translate the content, and the translation service will most likely charge more. But if you send a clean, editable source file, you will probably save some money.
  • Formatting or typesetting requirements. The formatting or typesetting requirements of the project will also affect the pricing of the project. Working in certain desktop publishing packages requires the assistance of an expert graphic designer who specializes in Asian languages. And hiring a graphic designer will certainly result in additional fees.
  • Location of work performance. The location of the work performance can also affect the pricing of the project. For example, some projects can be done from the office or home, whereas other projects need to be translated on-site. On-site work tends to cost more than work that translators can do from the comfort of their own office or home.
  • Target use of the documents. The target users of the documents also tend to affect the cost of the project. For example, translators tend to charge less money for the translation of documents merely needed for information purposes than for the translation of documents that are going to be published. The significance and target use of the document affects the amount of effort as well as the cost.
  • Whether you are hiring on a retainer basis. Whether or not you are hiring the translator or translation service on a retainer basis also impacts the pricing of the project. Translators who are hired on a retainer basis tend to offer a discount on their services because they know that they will get ongoing work from the client, while translators that are hired for one-time projects tend to charge more because they are not guaranteed ongoing work.
  • Currency. Many translators bill their services in a specific currency. This may cost you additional fees sometimes and may affect the pricing of the project.
  • Billing unit. The billing unit of the project is another common factor that impacts pricing. For example, many translators or translation services provide rates on a per-character, per-word, per-page or per-project basis, depending on what the translator or client prefer.
  • Payment terms. The payment terms also impact the pricing of the project. The payment terms refer to the turnaround time on payment, and shorter payment terms usually get better rates. For example, if a translator expects payment within a week, they will typically charge a lower rate than if they expect payment within a month.

Rush services. Need help right away? You better budget in a little extra for “rush” fees, as some services charge a bit more for projects that demand a quick   turnaround.

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