Translation of Financial Documents: Do’s and Don’ts

Translation of Financial Documents: Do’s and Don’ts

Financial documents are not to be messed with! Whether we’re talking about filling in the correct data or translating them, these are documents that require specialised assistance in any scenario.

The number one reason why people and companies hire our financial translation services is accuracy. Since financial documents are often used for official purposes (such as applying for a visa or to a school abroad), it is crucial to make sure the data and information they contain are correct. As such, while numbers don’t need to be translated, the description, explanations, and other written details must respect the original meaning.

After all, you don’t want to submit a mistaken translation of your documents when you are applying for an Indefinite Leave to Remain (ILR)! Furthermore, even students who apply for schools abroad may need to provide proof of their current financial situation. These usually include bank statements, tax returns, tax history, and so on.

Can Anyone Translate Financial Documents?

Just like with medical translations or even literary works, this is not a job for anyone who knows more than one language.

To make sure the translation is accurate and respects the structure and tone of a financial document, you must find an experienced linguist with training in the financial field. This person knows how to approach such a sensitive project and knows how to translate specific terms that are usually out of the grasp of a layman’s understanding.

Furthermore, most institutions require a certified translation, which only a certified translator or agency can provide.

But it’s not just individuals who need the translation of financial documents; companies need this service as well. Due to fast globalisation and the spread of online companies that activate in several countries, taxes and financial statements must be filled in other languages than English. And this is where specialised agencies like Translations123 can offer their help and guidance.

In summary, financial translation is quite tricky because mistakes can creep up easily, even if you are an expert in the field. That’s why we only work with trained financial translators, and we have a solid proofreading system in place.

Financial Translation Techniques

As we mentioned, even trained linguists can make mistakes, so to make sure the translation we deliver to the customer is 100% accurate, we use a series of techniques as listed below:

  • Document analysis – Before anything gets translated, we analyse the content of each document and highlight any ambiguities. The purpose of this step is to understand the context and make sure we have all the necessary information.
  • Identify the best translators for the job – we have the advantage of collaborating with a network of specialists, which allows us to select the best people for each project. Some financial translations will require extended knowledge in international finance and banking, while others are more focused on organisational documents. As such, it is the job of the project manager to identify the best person for the task.
  • Check every detail – Attention to details is vital whether we’re working for an international company or a bank. After all, even the smallest mistake can have drastic repercussions in the financial sector! So, it is our job to put every financial translation through a series of checkpoints, that will help identify any mistakes.

Wrap Up

In summary, we can only repeat that financial document translation should nor be taken lightly! Whether you need the translation for personal use or you need it for official purposes, you should never entrust such a project to someone who doesn’t have experience in the field.