When it comes to handling your financial affairs on the global scene, professional translation services specialising in finances will help keep your business running smoothly.
Who needs financial translation services?
From large multinationals to small independents, globalisation has completely changed the way that businesses trade. With more opportunities available to all, the demands for financial translation services have greatly increased over the past decade.
There are endless reasons why small and medium-sized companies might find themselves in need of professional language services. From outsourcing, partnerships and hiring foreign employees, to supplying documents to non-native clients or investors.
Why does a business need financial translation services?
Financial translation is all part and parcel of international business. Financial institutions such as banks and insurance companies are not the only ones in need of these services. Any company looking to trade abroad will need to develop financial relations, and long-term engagement in local and global markets depends on high quality translations.
Contrary to popular belief, many different fields need professional translation services. The most common include commercial banking and investment banking, as well as marketing campaigns for reaching out to international clients and potential investors. There are also asset management documents for foreign investors in the global market, and even account information for internal use.
A professional language service provider will ensure that your translations are produced by a team of professional translators specialising in finance. Your translators will be native speakers who fully understand the nuances of your target language and any specialist terminology.
Whether you need to draw up a contract, perform cross border transactions or create documents relating to mergers and acquisitions, choose a professional translation service for best results. A precise, accurate and high-quality translation of your financial documents will reflect the reliability of your company and help you stand apart from your competitors.
How to obtain a high-quality translation in the financial industry?
In order to present your company as professional and reliable, it is crucial that you choose the right translator for the job.
At Intertranslations, we provide accurate translations by turning to our extensive network and carefully selecting the translators best suited to your project. We only work with professional translators who are native speakers in your target language, and who have extensive experience in your sector.
Before we start your translation, we will create a bespoke translation glossary. This will help us make sure that your translation uses your preferred terminology. Once the project is complete, we will create a translation memory that we can the reference for future projects. By taking these steps, we can guarantee consistency across all your translated documents.
Translation services tailored to you
All of our services are tailored to our clients’ needs. For documents that will only be shared internally or for personal information, we can offer our advanced machine translation services. This is the fastest and most cost-effective option for our clients, and ideal for informal use.
For more official documents, we offer professional human translations. Native speakers of your target language, our translators are also experienced within the finance industry. Familiar with a wide range financial documents, they understand the norms and customs of your sector.
If you have a high-volume or urgent project, then we will create teams of linguists. By drawing on the expertise of several different experts, we can meet your deadlines while still delivering quality results. They will then use your glossary and translation memory during the translation process, ensuring consistency across all documents.
When it comes to official translations, you might also need assurance that the translation is accurate and true. Depending on your needs, we can offer translation services by certified and sworn translators. Since we are an ISO 17100:2015 certified language service provider, we can also provide you with a Certification of Accuracy.
At Intertranslations, we offer expert financial translation services that will help guide you towards success. If your company needs help crossing linguistic barriers, then click here to get a free consultation with one of our experts.
From specialist terminology to the overall format, documents within the financial sector pose several challenges for translation companies.
The financial industry handles a number of different types of financial documents, from annual reports, income statements and account information, to contracts, insurance policies and transactions.
Different documents involve different terms, regulations and layouts. All of these elements need to be carefully considered during the translation process, as one minor error could have significant consequences.
When it comes to translation, the translator needs a detailed understanding of both the source and target languages. This will allow them to accurately translate the text, as well as the nuances of the language.
However, the financial industry is all the more challenging, as it also involves specialist jargon. Mastering financial terminology across two languages requires extensive experience, and not just anyone can translate a financial document. When translating your financial documents, make sure to choose a translator who specialises in finance and has the expert knowledge needed for accurate results.
Another key element to remember is that a high quality translation needs to be consistent, paying close attention to even the tiniest of details. Any deviation could have harmful consequences for your company, from financial losses and legal issues to damaging your company’s reputation.
The financial world is constantly evolving, with rules and regulations changing at a fast pace. As such, subject matter experts must keep themselves up to date with current financial terms.
A financial translator must also be fluent in the target language and have excellent language skills. When it comes to financial documents, there is no room for ambiguity and they must be as legally binding as the originals. This also requires close attention to detail, since the same term used in two languages might be referring to two completely different concepts.
Financial translation services
Professional translators need an expert understanding of both the industry and target language. This way, they will be able to produce translations that are suitable for the target audience.
As well as knowledge of the financial industry, translators also need to understand the regulations and systems in place within the target country. For example, although Germany, Switzerland and Austria are all German-speaking countries, they each have different customs and regulations. A subject matter expert must know about these differences and deliver a translation adapted to the client’s target audience.
Confidentiality is also crucial when working with financial translations. Linguists and project managers often manage files containing sensitive data. That is why translation companies must guarantee that their clients’ data and information will be protected. This can be done through a range of different means, including non-disclosure agreements (NDAs).
Our client-focused approach
Depending on your goals, we can offer two possible solutions to meet your needs.
1. Advanced machine translation
If you need a translation for internal use or personal reference, then our advanced machine translation services could save you time and money. This solution is different to Google Translate, using our own neural engines that we have trained to produce impressive results. The professional tools we use help us deliver your translations at a reduced cost within just a few hours.
2. Human translation
On the other hand, if your translation will be used for official purposes, then our human translation services will deliver high-quality results. We will create a customised team of subject matter experts and linguists who will be dedicated to your project.
If needed, we also offer several types of official translations, including sworn, legalised and notarised translations, as well as apostille translations. These help guarantee the accuracy of your translation, and are often required by foreign administrations.
Our commitment to quality
We also strive for quality throughout every stage of the translation process. That is why we only work with native speakers in your target language. We will also create translation glossaries featuring your preferred terminology, as well as using your previous translation projects to create personalised translation memories. This use of technology helps us ensure consistency throughout your texts and check for any discrepancies.
Drawing on our network of experts, we specialise in a range of financial documents. Whether you need to translate a contract, banking documentation, financial reports, or insurance policies, we have a financial specialist who can help. We also offer a range of translation services, including document translation, proofreading, desktop publishing and localisation.
If you would like a quote or have a question, then get in touch with one of our specialists today. They are on hand to offer expert advice on all our services, and will guide you through every step of our translation process.
Globalisation has impacted every aspect of trade. Although English is one of the major global trade languages, many companies require professional translations, especially within the financial sector.
Why is financial translation tricky?
The financial industry is especially intricate. Rules, regulations and terminology are constantly changing at a fast pace, and this is one of the biggest challenges that translators face.
Financial documents can have a big impact on your relations. High-quality translations can help you gain or keep clients and investors, while also protecting your company’s reputation. From annual reports to bank statements and everything in between, there are several things to consider when translating your financial documents.
Terminology and format
The financial industry has specialist terminology that differs between countries. In some languages, the same term might be used but with a completely different meaning. The format can also be different in the source language compared to the target language.
A layout adapted to the norms and customs of your targeted audience will give your company a professional image that inspires trust. In some instances, it can also influence the very validity of your documents in the foreign country.
Financial operations differ between countries, and sometimes even between regions, especially in federal countries like the United States, Russia or Belgium. Although the federal state provides a level of national cohesion, practices and systems can still vary and have a big impact on the validity of your documents.
As such, translators need to make sure that your financial translation will be suitable for your target country, as well as the specific region.
Although institutions like the World Trade Organisation have set out international regulations, there are still differences and subtle nuances between various countries.
Regulations change quickly and often, which is why translators need to keep up to date with any changes. This way, they can make sure your translation complies with current regulations, removing all doubt and ambiguity to help protect the future of your company.
The 4 best practices in financial translation
- Professional knowledge
Above all, translating financial documents requires professional and current knowledge of the industry. Your translator should be experienced in handling financial matters, and must be a subject matter expert. This will make sure they have a clear understanding of the financial language used in the source text, and how to convey this correctly in the target language.
- Linguistic knowledge
Regulations and terminology are not universal. As such, a professional translator must have detailed knowledge of both the source and target languages in order to understand the differences. At Intertranslations, we prevent errors in translation by only working with native speakers. We also make sure to choose translators who have proven professional experience in the financial industry.
- Cultural aspects
There are also cultural aspects to take into consideration when translating financial documents. Financial institutions have different requirements depending on the country, and for federal countries like the United States, sometimes even the region. As well as linguistic differences, there may also be differences in format. For example, two different countries might write different parts of a balance sheet in a different order.
- Consistency and attention to detail
It is important that the translator stays consistent throughout the translation process. A translation memory can be created to remind the translator of previous choices and guarantee consistency. Specialised translation management tools will also verify any discrepancies in terminology.
When it comes to the financial industry, these finer details are extremely important. The smallest mistake or discrepancy could have disastrous legal or economic consequences for your company.
In order to deliver the best translation services possible, we take a tailored approach to every translation project.
During your consultation, our project managers will first discuss your needs. Based on your goals and how you will use your translation, they will then be able to recommend the right type of translation for your project.
Our translators are carefully selected by our vendor department. We only choose native speakers in your target language who have proven experience within the financial industry. They are familiar with the norms and customs of the source and target languages, ensuring accurate translations suitable for your target audience.
For less formal use, we can offer our advanced machine translation solution. This will help you gain a general understanding of the text, while also saving time and money. This is especially useful for clients who only need a translation for internal use or information purposes.
We stay in close contact with our clients throughout the translation process, ready to answer any questions and fulfil all your needs. If you would like more information about the services we offer, then contact one of our specialists for advice on your project.
The expansion of the global marketplace has opened up numerous doors for economic activity and exchanging goods and funds. In order to make sure that any international business exchange goes smoothly, translated documents in the banking and finance industries must be accurate.
One small mistake could lead to a loss of millions of dollars, whether in penalties or rebranding costs. Therefore, it is essential that you choose a professional translator who understands the importance of delivering accurate and true translations.
What are the most common mistakes in financial translation?
In order to avoid mistakes, it is first necessary to know what they are so that you can put the appropriate measures in place to prevent them. Here are five of the most common mistakes that translation agencies need to avoid.
1. Number systems and punctuation
Surprisingly, numbers and punctuation are one of the easiest things to get wrong. Numbers are written differently across various languages, and one careless mistake could have big consequences in a financial document.
For example, the number ‘one thousand’ would be written as ‘1,000’ in English speaking countries, while in France it would be ‘1 000’. Decimals are also written differently. In English, they are written after a point, while in France they are written after a comma.
One option to prevent any misinterpretation of numbers and punctuation would be to write out the numbers using words, such as ‘one thousand’. However, this could soon become impractical if the document contains large sums of money.
While numbers are easily overlooked, it is always best to double check that they have been appropriately localised to suit the target language norms.
2. Accuracy and consistency
Another common mistake when translating different types of financial documents is the lack of accuracy and consistency. The best way to overcome this is through the use of specialist translation glossaries and term bases. Using these tools will help guarantee consistency across multiple documents, even when using different translators.
3. Simplifying or misinterpreting nuances
Each country has its own unique systems and regulations, and this context impacts the nuances of the language used. This means that a financial translator needs to be able to interpret the context correctly. With a detailed understanding of the target market’s systems and regulations, they can understand and accurately translate the nuances of text.
Any slight mistranslation of a nuance can have severe repercussions for businesses. It could create a legal loophole, or in extreme cases, a regulatory vacuum.
4. Cultural aspects
Translating into another language is a challenge in itself, but linguistic knowledge is not enough to deliver an accurate translation. Culture is deeply embedded within the language itself, so it must also be taken into consideration during the translation process.
As well as affecting language and context, culture can also lead to differences between document layouts. For instance, the order of information presented in a balance sheet will differ between English and French. As such, a translator must have both linguistic and cultural knowledge of both countries involved in your translation.
Regulations are an important part of financial translation. As such, the translator must be a subject matter expert in order to understand the strict industry standards and procedures involved.
Since regulations are different from one country to the next, your translations must leave no room for doubt or ambiguity. Otherwise, this could lead to serious financial and legal consequences for your company.
How can you avoid these mistakes?
At Intertranslations, we have implemented two solutions to help avoid the five most common mistakes mentioned above.
1. Choice of linguists
We have developed a rigorous selection process to make sure we carefully choose the right translators for your project. We only work with professional native speakers who specialise in financial translation. Understanding the nuances of both languages involved, they also know all the habits and customs of the financial industry in your target market.
2. Glossaries and term bases
ISO 9001:2015 certified for quality and accuracy, we have a number of processes in place to ensure your translation is completed to the highest standards.
In order to guarantee accuracy and consistency throughout your project, we create glossaries and term bases for you to approve. This way, we can make sure that our translators use your preferred terminology in your translations.
Once your translation is complete, we also use translation management tools that highlight any discrepancies in the terminology used. This helps us identify any inconsistencies so that we can make certain your translation is consistent throughout.
When you work with Intertranslations, you are entrusting your projects to translation professionals. If you have any questions about our services, then our specialists are on hand to help.
The financial industry is at the very heart of globalisation. Translation services have become a necessary requirement for any business looking to enter the global marketplace, as well as those looking to support non-native people in their home countries.
Why do you need professional translation services for your financial documents?
Finances are an integral part of every business. That means financial translation might be necessary for a whole range of financial documents, including:
- Audit reports
- Financial statements
- Balance sheets
- Insurance policies
- Company accounts
- Agreements and contracts
- Tax and fiscal documentation
- Annual reports
Why should you use a professional translation service?
It is important to understand why translation services are important in the financial industry. Here are three reasons why professional translation services are necessary for any business.
1. Part of the international business process
Financial documents reveal the financial situation of a business, and so an accurate translation of a high quality is necessary in order to develop financial relations. These relations will help build up your company’s reputation with foreign companies and investors, leading to potential international partnerships.
2. Brand image
High-quality translations create a positive brand image. They show that your business is reliable and trustworthy through clear and accurate communication.
By choosing a translation company that can deliver high-quality translations, you can prevent any misunderstandings that could otherwise lead to dire consequences. This accuracy will ultimately have a positive impact on your business’ brand image.
3. Legal protection
The financial industry has a close relationship with the legal industry. A translation that leaves room for doubt, misunderstanding or a regulatory vacuum could have legal consequences for your company.
By entrusting your documents to a professional translation agency, you can make sure that your translations will be as legally binding as the originals. This will in turn give you peace of mind knowing that you have the same legal protection in all of your target markets.
Selecting the right translators for your project
We want to make sure your translations contribute to the success of your company. As such, we have a strict set of criteria for choosing our translators, and we only work with those who tick every box.
- Language and culture
We only work with translators who are native speakers of the client’s target language, and who demonstrate expert knowledge of the source language. These high standards mean we can guarantee an accurate translation.
Culture also plays an important role, as this influences the regulations and context within the financial industry. For example, the official language of France, Belgium and Switzerland is French. However, they all have different regulations resulting from culture and context that are important to consider when translating your financial documents.
As such, we also make sure to work with translators specialising in the financial industry of your specific target market.
- Expertise, accuracy and consistency
Accuracy and consistency are one of the biggest challenges when translating financial documents, and are among the most common mistakes made.
In order to deliver the best translation possible, your translator needs to be a subject matter expert. Experienced with financial terminology and documents, they must also stay up to date with any changes that take place within the financial industry.
As for consistency, glossaries and term bases are great tools when it comes to translation. Cross checking the translated content against these tools can help prevent discrepancies, ensuring consistent translations across all of your documents.
At Intertranslations, we offer the best possible translation services by respecting these criteria.
Our specialists have years of experience in the financial industry, and are available to guide you through our translation process. If you would like to find out more, please click here.