The world seems to have become a very small place over the last few decades – global businesses, international workforces and worldwide financial transactions appear, at first glance, to be oblivious of country borders, language barriers and geographical distance, but without accurate communication and precise information this level of globalisation would become increasingly difficult.
Conveying information that requires a high degree of accuracy, such as, in the financial sector, relies heavily on precise, professional translations in order to ensure that translations are legally sound, correctly translated and culturally appropriate.
• Types of Financial Translations
There are many types of financial translations required by global businesses and they can range from financial reports to marketing content. The following list gives a glimpse into some of the financial translations which are used every day in different business transactions around the world:
Financial Data – many businesses are required to translate financial information so use of a professional translation is a necessity. Mistranslation can have legal implications or can negatively impact the business.
Business Communications – global businesses often translate minutes from meetings, contracts, emails, staff training courses, customer facing information, and so on, to enable the smooth translation from one language to another for employees, customers and stakeholders.
Website Localisation – for financial companies, or those who deal with highly technical content, an accurate and culturally appropriate localisation of their website is vital in order to impress investors and clients, and to improve brand awareness and trust in overseas markets.
There are obvious financial implications for errors made in translation but there is also the cost to brand image. This can be costly to rectify and can even put off foreign investors completely.
Getting your financial translations right first time is easier with a professional translation services provider who can partner your firm over the long-term, ensuring your brand voice is consistent, accurate and appealing.
• Common Mistakes in Financial Translations
Mistranslations are (unfortunately) a common occurrence in today’s international marketplace, however, there are a few common mistakes that are often made in financial translations, especially when the translation has been completed by an individual or translation company that is underqualified, inexperienced or unfamiliar with the language and country of either the source or target language,
The following mistakes are common in financial translation:
1. Punctuation – you’d be forgiven for assuming that the translation of numbers is an easy process, but punctuation can vary from one language to another, so, three thousand might be written as 3000, 3,000, 3’000 or 3 000. Getting the punctuation correct for the cultural expectations takes knowledge of the language and the cultural norms.
2. Writing Numbers – from the example above you may be inclined to think that it would be better to write the number instead, however, this comes with its own issues. For starters, there is a lengthening of text (writing out large numbers takes far more time and space than the actual numbers), and there is also the difference of amounts. For instance, in the UK one billion is 1 000 000 000 000, but this is a trillion in the US, millon de millones in Spanish and mille millards in French, so it is essential that whoever completes a financial translation understands the difference and can accurately portray the correct amount.
3. Nuance – with most financial translations there are also words which portray nuance, tone and attitude. For example, when dealing with a translation of a business meeting that discusses possible outcomes for financial incentives the difference between “possibility” and “definitive” may be clear in the source language but to convey this another language takes linguistic knowledge of both the source and target language. Stakeholders need to know if something is purely speculation or if it is certain – there is no room for ambiguity!
Using a reliable, professional translation services provider for all your financial translations is vital if you require accuracy and precision.
At Creative Word we have experienced translators who are also qualified in fields such as, finance, law, religion and marketing so we can help with financial translations for many different sectors.
Contact us here, if you’d like more information on how we can assist you.
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