Finance is defined as banking, investment and money method activities carried out by persons or institutions to obtain physical resources. The financial sector, which includes a great variety of financial risks and opportunities, is global in nature. This has created a need for banking and financial translation for many institutions and organizations.
In particular, companies that want to expand overseas or to increase their market share may want to receive help from a translator respected as an expert in the field in their business processes. For example, the balance sheets, trial balance, annual reports, trading operations, financial reports, import and export operations, insurance policies, business correspondence, and income statements of a company operating in a global field should be translated into other languages. The process of transferring such documents from the source language to the target language can be summarized as banking and financial translation.
Characteristics of Banking and Financial Translation
- Banking and financial translations should be complete, accurate and error-free.
- It is extremely important for the translator to stick to the source text and translate technical and financial terms literally.
- It is not sufficient for the translator to only have proficiency in a language. He/she should also master the terminology of the relevant field.
- The translator does not add his/her own interpretation when translating commercial documents into the target language. He/she preserves the style and terminology of the source language.
- The translator’s extensive knowledge in fields such as business, economy, stock exchange market, business, etc. increases the quality and accuracy of the translation.
- Mastering the legal system of both the source language and the target language is one of the factors that improve the quality of the translation.
- Inaccurate business translations may result in huge financial losses. Translation errors, especially in commercial contracts, can create major problems for both contracting parties.
In Which Fields are Banking and Financial Translations Preferred?
- Banking: Includes translating statements of account, balance sheets, trial balances, letters of guarantee, loan agreements, bank receipts, bank statements, bank reports and correspondence into the target text.
- Joint Venture: Companies that have a presence in the global arena seek to join forces from time to time. It is crucial that the contracts drawn up in such cases are translated completely and without errors.
- Tenders and International Contracts: Contracts with regard to offering products or services may need to be translated to acquire an international qualification.
- Accounting transactions: Includes the translation of income-expense statements and annual balance sheet reports into the target language.
- Investment and Capital Transactions
- Documentation on Asset Management
- Documentation on Real Estate Management
If you would like to make use of the banking and financial translation services offered by Mirora, which has been providing professional solutions for its corporate customers’ translation, localization and language consultancy needs since it was established in August 1997, you may conveniently contact us to get information.