Financial translation is one of the lesser known specializations of the sector because of its unique characteristics. Below, we’ll explain everything you need to know about the matter.
When is financial translation needed?
It is important to distinguish between a text about the economy and a financial text. Texts about the economy are texts that speak in general terms and have a merely informational value.
Financial texts have are meant to make an more specific argument, listing, for example, the details of a financial product like profitability, the price of commissions to be paid, and interest generated. The financial translation sphere is, thus, limited to banking entities or companies that manage capital, like those specialized in stock market investment.
The internationalization of a good number of banks means that this type of translation is necessary as it is not common for you to be able to find identical services in other countries and all terms must be fully understood.
What are this type of translation’s characteristics?
Agencies that offer financial translation services realize that the translator must have specific training. His or her work must be exact to avoid misunderstandings. In addition, the following is important:
· The professional must have mastered financial vocabulary in the source and target languages.
· The results must be able to be understood easily because, as we already mentioned, the contracting of one product or another is determined by the results of the translation.
· The text must have an information part that clearly lists the terms of each product. It is important to take into account semantic, cultural, and intratextual aspects, as well as anything else necessary to provide all the information that the customer could need.
· The style of the translation must have a perfect balance between technical terms and the use of linkers and connectors to provide a certain reading pace to the resulting text.
What are the most common documents for financial translation?
The most common thing is to translate all documents promoting new banking products, those related with buying stock, insurance policies that are linked to a financial product, company accounting reports, company accounting statements, and in general, any texts through which a client or investor risks his/her capital or needs a detailed explanation of what has happened with the capital invested already.
Experts in this type of work note that there are many different types of documents and needs required by banking clients. The more clients there are, the greater the number of possibilities for new text formats. Likewise, this does not mean that all texts follow the same structure. Thus, the translator must adapt to each individual job taking all of the aforementioned aspects into account.
Financial translation is, therefore, a discipline that needs an experienced professional to get the best possible results. Accuracy and a mastering of concepts are basic. Remember that when you need this type of service because you want to perfectly understand the details of a financial product that you are going to purchase.