Financial translations have become a top-rated service. We believe this popularity is because more and more large corporations are no longer limited to activities in their domestic market, but are expanding their operations on an international level, for example, establishing branches, or representative offices, in foreign countries.
Financial translations: demand
Financial translations are usually required when a company has a reporting obligation to their foreign investors or their head office. Financial translations are also needed when companies who wish to attract the attention of foreign investors must translate well-prepared market research for various presentations into the language of the potential investor.
There are also companies who want to attract foreign banks as investors. For a foreign bank to start considering a company’s application for a loan, it is necessary to provide them with an extensive portfolio of translated financial documentation beforehand. There are many other cases in which a legal entity may need financial translation services. These services may also be necessary for individuals, for example, translating bank statements into another language, or querying a problem on a bank account or loan.
Financial translations: what kinds of translation do we perform?
- translations of commercial offers;
- translations of annual reports;
- translations of profit and loss statements;
- translations of balance sheets;
- translations of audited reports;
- translations of business plans;
- translations of statutes;
- translations of insurance companies’ policy documents, etc.;
- translations of bank documents such as credit applications, cash flow statements, account balance statements, negative balance reports;
- translations of loan agreements, sureties, mortgage contracts, bank account contracts and other documents.
Financial translations: other particular features
Financial translating is a job that carries great responsibility because, as a result of the translated text, foreign business partners will gain an overall impression of the reliability of the person, or persons, who have provided them. Financial translations feature a particular style and specific market terminology. To ensure a good quality translation, the translator must have not only an excellent knowledge of the foreign language in question but also knowledge of economics and finance. Translators need to know and understand financial terms. They must also be familiar with the specifics of a particular written economic style – as well as having some knowledge of the laws and requirements that apply to the financial documents concerned.
Financial translations require careful and meticulous work. Such translations must be reliable, accurate and easily understandable; these translations should be executed precisely by translators specialising in the financial field, who are familiar with the relevant economic terminology and standards. It is a considerable advantage when a translator of financial texts has a good background knowledge of economics and has specialist knowledge of the financial markets – this guarantees the quality of work and helps to avoid inaccuracies in the industry-specific terminology.
Translators who are contracted to carry out financial translations have to overcome many interpretive problems. For example, it is often difficult to find the equivalent of a given term in a foreign language. However, highly skilled professionals can successfully deal with this dilemma by finding the best and most accurate option. In general, the translation of financial texts, due to their complexity, is not dissimilar to translations of legal, or medical documents.
It is also worth remembering that translators of financial texts must execute their work promptly, following the deadlines agreed, and the omission of any particularly relevant terms may adversely affect the customer and their relationship with their foreign partners. Therefore, translators must work quickly while still ensuring that the quality of work is not compromised in any way.
Financial translation: how much do they cost?
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