While working at a translation agency, I had the privilege of working with a wide range of clients and clients, all with different needs and requirements. During an average day, it would be fair to say that no two tasks coincide. One area where we receive a significant number of requests is in the area of financial translation. Financial transfer refers to a broad area that includes the translation of financial documents. This can vary from translation of financial statements, technical conditions set forth in financial documents, in order to succeed in spreadsheets, which describe in detail the data on the profits and losses of the company. This is a service that may be required by both individuals and organizations. Large organizations that want to have representation in the external market may need to translate financial reports on a potential acquisition; similarly to an individual, you may need to transfer your financial data if they want to move or make a significant purchase in a non-native country.
As in all areas of translation, the accuracy of financial translation is greatly enhanced through the use of a native language linguist with skills and experience in the financial industry. As a rule, a good financial translator will have a certain financial / business qualification, for example, an MBA degree, an accountancy qualification, or a consultant qualification. Before choosing a financial services provider, as in all areas of translation, a number of factors need to be considered. This article discusses issues that may affect the choice of supplier and things that must be considered before working with them.
Often, financial transfers include private and confidential material. The material may be published within the prescribed period, but the preliminary release is prohibited. Therefore, when determining who should use as a translation provider, it is important that your chosen provider can fulfill any requirements that you have regarding confidentiality and non-disclosure. It may be useful to use the agency, rather than a separate translator. Agencies usually have access to a number of suppliers and can process several documents. They are likely to have already established agreements with all their suppliers that regulate the disclosure of work, and there, before you need to provide only one confidentiality agreement for the entire project - between you and the agency. Another obvious benefit of use is the agency, which allows the agency to process multiple documents in multiple languages.
If there are a lot of duplicate texts in your documents, or you have provisions (for example, in terms and conditions) that you need to repeat at certain intervals within your financial documents, you should find out if your offer provider is able to handle the translation memory. Translation Memory (TM) is an application software process that will look for duplication in your document and will invite the translator to reuse this duplicate text when and where it is needed. One of the great advantages of using TM is that it helps in the consistency of your document, and also potentially reduces the overall cost of the project.
In addition to using translation memories, it is also worth exploring whether your proposed providers have access to the appropriate financial dictionaries. The financial industry uses many complex terms, anachronisms, and phrases that are not widely used outside the industry. It is therefore vital that translators who underestimate your assignment not only know this terminology, but also have access to resources that explain what they mean. Simply googling for certain conditions is often not enough to get the required definition, and a good translator will have access to a wide range of dictionaries specifically for their areas of knowledge.
Another key consideration, already mentioned at the beginning of this article, is the use of qualified translators. Professional translators often specialize in one particular area, and an experienced translator will not only have language qualifications, but also qualifications in their field of study. As described, typical qualifications for a financial translator may include an MBA or accounting qualification. Before choosing a translation provider, you should consult with them to find out what typical qualifications they have.
As mentioned above, if your assignment is long enough, it is worthwhile to consider using the agency as a preference for an individual translator. Your project may need to be in multiple languages or may require output in a specific file type, such as being ready to print or XML. Here, the agency is likely to have an advantage in terms of access to resources, usually having the ability to manage multiple languages in several file types. It would be advisable to confirm that your chosen language provider can handle certain types of files and has the resources in the house to be able to output the required format.
For individuals who need financial documentation translated for legal / conciliatory reasons, I always recommend confirming the scope of the claims with the body that requested the translations. For example, if you want to emigrate to a foreign country, and part of the application process entails that you need to transfer bank statements, you should confirm how many of the applications are necessary (for example, all the numbers in the document or only the text). Perhaps, as well as the translation of your documents, re-activation and certification are required, which can add to the total cost of the task.
Financial translation is a broad field in the translation industry, and, when done well, is done by a professional financial language expert. Finding the right supplier that can meet your requirements is key and, as shown above, before you get the right supplier, it’s worth confirming the scope of your requirements and the suitability of the proposed supplier to meet these requirements.
