Due to increasing globalization, there is a growing need for translation of documents across a wide range of industries. For instance, translation is one essential aspect of the financial sector that is becoming more popular by the day. It involves rendering financial documents from one language to another. Thus, financial translation services are in charge of performing this activity, and many of them exist across the world.
These translation services work with financial statements, income statements, balance sheets, and annual reports. These translation companies mostly work with accounting firms, insurance companies, and other financial institutions to help them reach diverse customers. Besides that, independent individuals also need these translation services in certain cases. So, this article discusses them in great length.
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What Are Financial Translation Services, and Are They Different From Others?
While many people are familiar with translation services, many do not understand the concept of financial translation. This class of translation providers deals specifically with financial documents across different areas. They offer translations that mostly span insurance, banking, cryptocurrency, economics, and gaming. But why are these services important?
Thousands of companies operate in multiple countries that sometimes speak and use different languages. Now, because these companies also operate in these different languages, it becomes critical to translate and unify specific documents. These translations, critical for reporting on operations, must be accurate to avoid miscommunication and miscalculations.
Such companies help their executives and stakeholders keep up with the occurrences and financial statuses. Besides, such translations are sometimes important for individuals when applying for Visas to some countries. Many countries request people’s financial information before issuing Visas to them. In cases like these, you must hire a financial translator to help you out.
Usually, many regular translation services also offer financial translations on the side. However, companies that specifically deal with financial translations also exist. These companies usually comprise financial translators with double qualifications. First, these translators possess strong language skills to understand and translate from the source to the language target. Then, they must also possess enough financial expertise to understand the documents they deal with.
Generally, people consider financial documents as sensitive. Because of their utmost importance, even the slightest errors or mistranslations could be very problematic. This is why translators must have a hold of financial concepts and ideas in both of the languages involved. When choosing a translation agency for your financial translation task, consider their performance from past reviews and certifications. Also, translators who speak the native language may create better results.
What Documents Do Financial Translators Work With?
Due to the versatility of regular translation companies, they usually translate a wide range of documents, including financial materials. Despite this, it is always better to hire certified financial translators to work on your projects. As opposed to popular opinion, financial documents emanate from many different sectors and not only from financial institutions.
Besides banking and insurance, companies and individuals in manufacturing and real estate often need financial translations. All these sectors work in multiple diverse geographic and linguistic regions. Hiring a translator to render these documents to other languages is usually only a matter of time. But what documents fall within this category?
They include:
- Tax returns
- Income statements
- Loan agreements
- Bank statements
- Balance sheets
- Compliance reports
- Invoices
- Prospectuses
- Audit reports
- Retirement plans
- Nondisclosure agreements
- Regulatory records
- Insurance policies
- Credit receipts
- Business plans
- Market analyses
- Purchase orders
In many cases, regular business translations may also need a hand from experienced financial translators. For example, translating documents for business requirements and fund prospectuses mostly requires inputs from legal and financial translators. Also, financial translators come in handy for major research projects that span multiple regions or countries.
What Are the Top Financial Translation Companies? 5 Options To Consider
There has been a splurge of translation companies emerging due to the high demand for translation services. This factor has created many options for individuals and organizations that need the service. However, choosing a specific option for your translation needs could be problematic, especially if that’s your first time. So, what are the top financial translation companies to consider?
Stepes Offers Excellent Financial Translations
Stepes, a relatively young translation agency, offers financial translations in over 100 languages. This company works with insurance companies, accounting firms, banking institutions, stock brokers, and investment firms to reach their global players. This way, the translation service uses accurate translations to reach clients’ international customers and stakeholders across diverse lingual divides.
The company employs top-level financial translators and specific subject experts who factor in the critical nature of accuracy and precision. The company also prioritizes compliance with international regulations when offering translations of financial documents. Stepes’ edge in the financial sector has made it the go-to option whenever there’s a need for such services.
The translation service also offers services to new-generation FinTech companies, finance corporations, venture capital firms, mergers, and acquisitions. But while the company provides an unmatched quality around financial translations, there is a downside. Stepes offers its services at a relatively high price. While it flaunts its prices to align with the quality of service, many people cannot afford them.
DayTranslations Is Another Player To Note
Although DayTranslations only offers translations in a limited number of languages, its translation quality makes it a top company. Because it covers only a few languages compared to its counterparts, you must inquire about your target language beforehand. This agency offers financial and banking translations covering various documents.
This translation company, which understands the critical nature of these translations, also offers swift turnarounds on tasks. Its customers reiterated its high quality and excellent timing in the subsequent reviews they rendered. Having worked with over 29,000 clients, DayTranslations has developed an excellent working system of operation.
Besides banking translations, the company renders financial content for E-commerce, manufacturing, retail, gaming, and E-learning companies. Due to its importance, the agency provides high-quality translations from speakers of the native languages to maximize accuracy. DayTranslations also issues translation certifications for its financial translations, attaching free certificates of accuracy to each completed task.
GTS Translation Services Is Also a Top-Tier Option
Global Translation Services, GTS, is another company that renders financial content into other languages for individuals smaller, and larger organizations. This agency has been working on the international front for over two decades. It has worked with some of the largest companies in the world. Many different metrics have consistently listed this translation company among the top translation providers in the world.
This translation service translates a wide range of financial documents for institutions in different industries. GTS offers financial translations in over 80 different languages across the world. It works with many large international corporations and financial institutions like investment firms, banks, and insurance companies. It also provides translations for stock brokerage companies and accounting firms.
Before employing financial translators, the company vets and tests to ensure it picks the most qualified individuals. Not only that, Global Translation Services takes documents through translators, editors, and reviewers to ensure absolute accuracy. But again, most of the company’s financial translators are economists and accountants with experience and training in the financial sector.
In addition, GTS offers translations with one of the fastest delivery periods in the industry. The company does not charge excessively for its services. Therefore, it is actively cementing its spot as one of the most efficient financial translation agencies one can work with.
Click for Translation Is Another Option
Click for Translation offers professional and certified financial translations in over 100 languages across the globe. This company comprises experts and native language speakers with knowledge about financial operations and the source and target languages. The company works with multiple top organizations, including accounting firms, banks, insurance companies, stock brokerage firms, and investment companies.
This translation service’s financial translation operations allow individuals and companies to expand business activities into other countries. It renders income statements, balance sheets, and other financial reports. This agency factors all the requirements for creating professional financial documents and records during translations.
Click for Translation charges $0.10 per word and above for its translations. However, the exact fee depends on the volume and complexity of the task. Well, customer reviews have indicated overall satisfaction with the company’s services.
Acolad Is a Reputable Financial Translation Agency
For over 30 years, Acolad has worked with over 25,000 clients, providing them with top-level financial translations. This company provides banking and insurance companies with content solutions globally. It recognizes the growing need for language flexibility in the financial sector due to global involvement.
Acolad has received several awards, enjoying multiple notable acknowledgments for its services in the financial translation sector. For one, the company won the global in-house content team of the year at the Global Content Awards in 2021. It also ranked number five in the Slator language service provider index.
The company comprises people from all around the world with different language capabilities. This way, the company only hires native language translators with excellent financial knowledge to work on their financial rendering jobs.
How Do You Get a Financial Document Translation?
Despite thousands of companies offering financial translations, people find it challenging to employ these companies for their translation needs. However, they function similarly because most companies and agencies work strictly online through their websites. How can you get a financial document translation from any of these companies?
Here are five steps to use these translation services:
- First, identify a suitable financial translation company. You can find one from personal research or ask for recommendations from friends and family.
- Next, do your due diligence by hunting for online reviews from past customers. These reviews help you understand their accuracy and efficiency and help you decide on which option to choose.
- After you’ve chosen, visit the preferred translation agency’s website and make inquiries using the contact information you’ll find.
- If you’re satisfied, generate a quote from the translation service’s website, make the payment, and request the translation. Wait for the turnaround of the task.
- Once you receive the financial document’s translated copy, scan it for errors or mistakes. If you find errors, you can request for revisions from the translation agency until you’re satisfied with the results.
Most translation agencies provide concise order options on their websites. But while they do not charge definite fees for services, fees appear as users input their order details on the website. Therefore, it depends on your specific needs.
Does Rapid Translate Offer Financial Translations?
Rapid Translate, one of the fastest-growing translation companies, offers a wide range of services across multiple sectors. Due to its versatility and integrity, customers often wonder if the company offers financial translations in addition to other services.
This company does not offer extensive services around financial translation. Instead, its services span around regular document translations and translations for the United States Citizenship and Immigration Services, USCIS. Here, the documents of interest usually include:
- Passports
- Birth certificates
- Background checks
- Criminal records
- Medical records
- Adoption records
- Affidavits
- Marriage certificates
- Academic transcripts
Nonetheless, the company also accepts a few financial documents such as tax records, financial statements, and bank statements. So, when needing extensive financial translation services outside these areas, consider other alternative translation companies.
Rapid Translate helps people take their global communication activities to greater levels. So, if you intend on growing your business, studying abroad, or building international connections, this agency provides all you need. It offers accurate, affordable, and effective translations to help overcome language hurdles and widen your world. Make an order to enjoy the strengths of limitless communication!
