Business Translation Center

Financial translation – what you need to know

by OFER TIROSH 14/03/2018

Financial translation is one of the most interesting and complex specialist areas of professional translation. Attention to detail is incredibly important when undertaking financial translation projects. 

In our increasingly connected world, more and more companies are seeking to operate across international borders. Doing so often involves translating financial documents, from annual accounts to product factsheets. Banks, insurance companies, audit companies, financial consultancies and many more organisations require professional translation services in order to operate efficiently and effectively around the world. 

If your organisation is new to financial translation, there are a few factors that you need to consider. We’ve detailed these below in order to get you started. 

Firstly, think about currencies. Will you need to convert these as part of the translation? The answer will likely depend on the document in question. However, bear in mind that fluctuating exchange rates mean that if figures are converted to a different currency (for example, as part of a sales/product factsheet) they could rapidly become out of date. As such, it might be worth either sticking with the original currency, or else including both currencies. Your financial translator will need to know how you would like him/her to address this. 

Your financial translation company can be a great source of information on points like this. They can advise how to deal with specialist financial terms such as “Value Added Tax,” which don’t directly or meaningfully translate into the target language. 

Financial translators are also well placed to ensure adherence to financial codes and regulations. They can ensure that your translation work doesn’t inadvertently introduce any form of non-compliance. 

Data security will also be a key part of your financial translation. Financial data is often commercially sensitive, so ensuring it is processed securely as part of a translation is essential. Be sure to grill your chosen translation company on their credentials so far as data security is concerned. 

Of course, financial translation is often about more than just documents. Financial software and apps require specialist translation expertise to ensure that the translated versions function just as well as the original language editions. 

Professional financial translators pull together all of these skills and more in order to ensure that businesses can operate smoothly across international borders. If your company needs financial translation, speak to Tomedes today.

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