Overcoming Translation Challenges in Financial Transactions

Financial transactions take place in every facet of our lives.  From daily banking transactions to international contracts, our world revolves around money.  Accuracy and clarity are essential for building trust and successful results in all of these dealings.  People will not keep or invest money in financial institutions that are not accurate, honest, and reliable.  Overcoming translation challenges in financial transactions is a common problem many international financial institutions face.

Financial institutions with businesses in multiple countries encounter language translation challenges daily. Not only do they need to ensure the documentation they produce in their home country is correct, but they also need to make sure everything is translated correctly for all the other countries they work in.  These documents include administrative forms, income statements, balance sheets, quarterly and annual reports, customer statements, disclosures, and advertising materials.  For a financial institution, there is no room for error.

One of the best tactics for overcoming translation challenges in financial transactions is to use a professional translation company.

Developing a relationship with a professional translation company will remove many challenges in financial translations because they have the skills and experience to do it right the first time.  Here are some of the ways professional translators at The Perfect Translation ensure accurate legal translations in their work:

1. Maintain confidentiality.  Financial disclosures, documents, and statements all contain confidential and proprietary information.  Sometimes this can even include “insider information.”  Any person who has access to these documents for translation purposes must understand the importance of confidentiality and be willing to agree to any non-disclosure agreements you have in place.   
2. Adhere to local financial regulations.  Every country has its own specific rules, laws, and codes governing financial transactions and disclosure requirements.  At The Perfect Translation, we assign a translator for your project with financial expertise in both countries to ensure your translation meets all legal requirements in the source and target countries.
3. Use terminology appropriate for the country.  Localization includes cultural differences that impact how people understand words and phrases.  For financial translations, the terms must be more than just accurate.  The words must also make sense to the target country’s customers.  A professional translator understands these nuances to ensure there will be no miscommunication or confusion.
4. Translate financial figures correctly.  A professional translator must know more than verbal language.  For financial translations, he must also understand differences in formatting numbers or conversions from one monetary currency to another.  Putting a decimal in the wrong place or placing numbers in the wrong column can create significant problems for the business.  
5. Meeting deadlines.  Often, financial statements must be produced and published according to stringent regulatory deadlines.  Your translator needs to understand the critical nature of meeting deadlines and guarantee he will finish the project on time.

If your financial institution needs professional translation, start with a call to The Perfect Translation.

The Perfect Translation understands what’s required to achieve accurate translations for international business.  Our team of linguistic experts is proficient in the target language and experienced in the type of work you’re doing.  Using our service, your translator will know the language and be experienced with the specifics of financial documents for the U.S. and foreign countries.  You won’t find that level of expertise in automated translation software programs.  Contact us today to discuss your project and receive a free quote.