The language used in these fields is constantly evolving, neologisms are continuously being coined and the use of foreign words is often preferred. The translator must have an in-depth knowledge of the subject and the source language in order to translate correctly, using an appropriate language, and choosing the terms most widely used in the target country.
The technical language of every sector is very different from everyday language. The terms are more incisive and inclusive, and often a single term is sufficient to describe what may be a complex operation in the source language, requiring a highly specialized translator. A professional translator knows how to make a financial translation understandable for both insiders and outsiders, choosing the most appropriate and comprehensible terms.
To find out more, continue reading this article in which ALG Language Consulting explains how financial translating works
A good translation in the financial field requires a detailed knowledge of financial mechanisms and operations.
This is one of the most complex translating fields due to the huge number of words and terms having specific meanings completely different from what they usually mean, with translation equivalents distinct from those used in less specific language. Take, for example, the term “bonifico” which in the banking field indicates the transfer of money from one account to another, and has nothing to do with the action of reclaiming land (“bonificare”); it is translated into English by wire transfer which has no connection with the action of wiring.
Even professional translators who are not expert in this sector are at risk of errors and misunderstandings.
This is why professional translators must also be familiar with the world of finance and economics and have a good knowledge of financial texts. Due to the high probability of errors, every text must go through a quality control system that includes an expert in finance, banking and economics.
Lastly, in this field absolute confidentiality regarding the economic data of any document is essential.
Types of economic-financial translation
Translations in this sector can be:
- Income tax returns
- Financial reports of companies, banks and financial institutes
- Bank statements, investment proposals
- Reports on stock exchange trends etc.
- Private offers
- Mortgages
- Accounting procedures
- Financial projects
- Annual reports
- Financial statements