What is Financial Translation Service?
Financial translation is the process of translating documents related to finances, economy, and banking. This financial translation service involves a wide range of topics and types of reports and documents. Financial translators require good knowledge in a subject matter expert, who is highly skilled as a translator and has years of experience in the field.
There are thousands of financial translation agencies serving in the United States. All of the reputed and know translation brands hire experienced professionals who are experts in performing financial translation services. These people understand how important it is for a financial document to be accurate. Any mistranslation in business financial translation can lead to major issues and damage the brand’s value.
But there is a very long procedure and a lot of effort required by these professionals to achieve high accuracy and great quality. The procedure of financial statement translation is not easy and demands patience, focus and a great level of effort to pull it out.
English has been accepted as the global language by most of the industries, finance is one of them. Most of the financial markets indeed work with English being their prominent language, but it is not the case everywhere. Spanish is the current favorite language of the investors, even for the ones working in the United States. For other large stock exchanges like Tokyo, Shanghai, and Toronto, the current prominent finance languages are Japanese, Mandarin, German and French.
All these languages are becoming an important part of the financial sector and have started influencing the markets. This has increased the need for financial translation services as businesses are going global and need to deal with various financial markets.
The work of a financial translator doesn’t allow them to do any errors and this is not the only problem they have to face, the list of difficulties is long and needs to be handled with proper focus and attention.
A few of challenges in financial translation services are
- Punctuation – The very first mistake which anyone can easily make with numbers is punctuation. The proper placement of punctuation is very vital concerning numbers. One thousand is not the same in numeric form in all the languages. It can be written as 1000, or 1’000, or 1,000 or 1 000 in different languages.
- Number Confusion – While performing a financial translation, if you are converting a number into letters or text form, you have to be very particular about the language you are translating content to. 1’000’000’000’000 is not termed as the same in every language. It is one trillion in the US English, as per UK English it is billion, Mille milliards in the French language and in Spanish it is called millon de millones.
- Terminology – Its easy to translate a straight translation where one document needs to be converted into another language. But when it comes to industries like finances, the involvement of industry-specific words will increase. These are the technical words that are self-explanatory and used in the financial content regardless of the language. Most of such words are untranslatable or needs a long translation for a single word.
- Misinterpretation – No matter how much a translator tries putting his/her efforts in translating the numbers, it is also important to place them in the correct context. Any miscommunication in the context can panic the entire financial market.
- Overseas Regulations – If a business is collaborating with other overseas businesses and requires financial business translation services, then the translation of the content, as well as the numbers, should be as per the rules, regulations, standards, and guidelines of that foreign country. The translated documents should follow the foreign country’s compliances and terminology as well.
- Privacy – Privacy of financial matters is highly important for both individuals and businesses. The risk of losing some financial details is the main threat that people or companies fear off. While translating financial documents, either for businesses or for individuals, it is super vital for the professionals to keep the document safe and private, should not share any information with any other individual and should not share data with third-party vendors.
Vanan Translation is a translation agency, known worldwide for offering accurate, quality, and affordable financial translation services. Our team of professionals is experts with in-depth knowledge of the finance industry. The team is experienced in performing financial translation services and knows the ways to overcome all the above-mentioned challenges.