What is a financial translation?
Financial translation is one of the most complex specialisations within the field of technical translation.
This is because a quality financial translation requires the translator to be specialised in the subject matter and to have a very specific knowledge of financial terminology.
Difficulties of financial translation
As mentioned above, this type of translation presents great difficulties:
- Use of foreign expressions. The financial world is probably one of the sectors with the highest volume of borrowed English vocabulary. The use of so many foreign words can lead to serious difficulties as translators must decide whether to maintain the English terms or adapt them to the target language.
- Terminology and format. There is a general problem with the format in which companies deliver financial documents depending on the country of origin. Company accounts are recorded and presented in different ways depending on the country, so it is vital that the translator adapts to the terminology and presentation format of the country in question.
Ambiguities. The lexicon and terminology used in financial documents have many connotations depending on the context in which they are used. The translator’s experience and knowledge will make sense of this ambiguity in the translation.
Is it the same as an economic translation??
La traducción de textos económicos consiste en la traducción de documentos meramente informativos de forma objetiva. Por ejemplo, los resultados económicos de una empresa, análisis microeconómicos o macroeconómicos.
Financial translation resources and glossaries
- CNMV investment funds dictionary
- CNMV financial glossary
- Glossary of the Spanish Tax Agency
- Rankia’s financial dictionary
- Duke University
- Investopedia
- Fiscal Agents
- Mapfre Insurance Dictionary
- Glossary of Insurance and Risk Management Terms
- Real Estate Glossary
- Glossary of common mistakes
What are the requirements for this type of translation?
- Experienced translators. Whatever the specialisation of the translation, the translators must be sufficiently experienced to know how to use the appropriate vocabulary.
- Native translators. It must be ensured that translators are trained in translation and interpreting in the source and target language. In addition to the translation, the translated documentation must be proofread by a second translator to verify and ensure quality standards.
- Fast and adapted service. Only companies that have a management department dedicated solely and exclusively to coordinating the entire translation process can offer an agile and adapted service. What are the advantages of having translation managers?
- The client always works with his/her own manager.
- Working with multilingual projects made easy.
- Ensure compliance with the translation and review processes.
- Taking into consideration the particularities of each client, glossaries and specific terminology to provide the end translation with the coherence that the client desires.
- Simpler administrative management, purchasing and invoicing processes.