What Makes Financial Translation Services Special?

Translation services are a large and vital industry in today’s society, where we increasingly interact with people who speak languages ​​other than ours. Most people are familiar with translation – the act of transforming writing or speech from one language, known as the source language, into another language, known as the target language. It comes up in some parts of most people’s lives, whether it’s trying to understand a foreign language part of the TV show or reading foreign food wrappers. However, there are parts of the translations that go way beyond these basic uses. There are many specialized industries, and all of them use translation services in order to present their documents to a wider audience or to overseas clients – financial services need specialized financial translation services. So let’s see what makes these services special.

What do financial translation services translate?

Financial translation services translate all documents related to financial companies. These could be bank statements, financial projections, insurance documents or shareholder reports. While these vary widely in length and amount of text, it is still extremely important to translate all of them accurately. That is why many companies that process this type of document turn to professional translation services.

Who are the most common clients of financial translation services?

So who uses these services most often? Who benefits the most from finding a good financial translation agency? Some of the more common clients are;

Insurance companies

Far from simply needing to translate policy documents, it can include regulatory documents, auditor’s reports, and retirement plans.

Real estate companies

Many real estate companies help people find properties in a new country and need to translate documents including tax returns and financial documents to help close the sale.

Investment companies

Investing in foreign companies is very common these days, so companies may need to translate documents such as stocks, bonds, and most importantly, reports for the Securities and Exchange Commission.

Is it safe to use financial translation services?

Financial matters are important and many people worry about safety and security risks when showing these documents to anyone. However, this is not a problem with professionally trained financial translation services. Properly trained professionals understand the confidentiality of these documents and pose no risk to the security of your business.

Can I use a computer to translate my financial documents?

Technology has advanced by leaps and bounds. Translation software is very common these days. Almost everyone has heard of Google Translate, but machine translation software goes much further than that and can be much more in-depth than that. Such software is often cheap and fast too. However, this is far from the ideal solution that people can imagine. While machine translation can be quick and convenient, it does come with some drawbacks. Machines cannot “read” or understand the words they translate. Their translations can be clunky and seem unnatural and confusing to native speakers of the target language. This is a particularly important problem in financial translations – if you present a client or shareholder with documents that have been poorly translated, they will start to wonder where you saved your money and if you really know what you are talking about. . Confidence and confidence are very important in any industry related to finance and money. Not to mention that financial documents contain many specialized terms that computer translation software can have a hard time with.

So why are human translation services ideal for financial documents?

Human translators are professional linguists who have been trained and studied to translate documents. They will be fluent in both relevant languages ​​as a minimum, although ideally they should be a native speaker of the target language. This means that they will have already seen various financial documents in the target language of their own bank, insurance and their own business relationships, which will help them better translate your documents and reports.

Final thoughts

Finance is what makes the world go round. It is arguably the most important industry in the world right now. So it’s no surprise that financial translation services need to be something special in order to support them properly. Financial paperwork is a specialized kind of technical document and should be handled with great care. With a properly trained financial translator, you will get a perfectly translated document – terminology will be precise, words will flow correctly, and the document will be correctly laid out for the target language. Even a simple mistake – for example, mislabeling a column in a financial report – could cause huge problems for a business, so financial translation is one of the most accurate and important types of translation. Fortunately, there are experts who can help.

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Connie A. Bailey