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5 Best Tips For Thai Financial Translation

Posted by Anne Quach on January 23, 2022.

It is important for a bank, insurance company or other financial institutions to translate their financial documents into Thai when conducting a business in Thailand. Thai financial translation, unlike general content, requires the highest level of accuracy, specialized financial terminologies, and a short turnaround time. Getting a high-quality Thai financial translation, therefore, is not easy to achieve.

In today’s post, we will share some useful practices that will make it easier for you to obtain high accuracy Thai financial translation.

What Financial Documents Should Be Translated?

First, let’s start with the types of financial content you should translate into the Thai language. Even if you have a large budget for your Thai financial translation project, it is not highly recommended that you translate all financial documents into the Thai language. Not all documents will be of use and sometimes, just small parts of the documents are needed. If you translate everything, it will be a waste of resources.

You should carefully consider which financial documents should be translated, which can be translated later, and which does not need to be translated.

Tips for Thai financial translation - financial documents

We mention some of the most commonly translated financial content as follows for your reference:

  • Income Statements
  • Financial Paperwork
  • Annual Reports
  • Cash Flow Statements
  • Insurance Documents
  • Commodities
  • Equities
  • Regulatory Documents
  • Prospectuses
  • Websites
  • Business Plans
  • Balance Sheets
  • Auditor’s Reports
  • Public and Private Offerings
  • Tax Reports

 

5 Best Tips For Thai Financial Translation 

The following are five practices we highly recommend you apply to get accurate and cost-effective Thai financial translations.

#1. Have A Thai Financial Translation Glossary

As financial translation is considered one of the most difficult types of content to translate, you should always carefully prepare a Thai financial translation glossary to increase your chance of obtaining great quality Thai financial translation.

A Thai financial translation glossary contains key financial terms and their approved translations in Thai. Because a term in a foreign language may have several equivalences in the Thai language, this glossary will serve as a dictionary for your Thai translators. Even if you have two or three translators work on your content at the same time, you can be confident that their translations will be consistent and in line with your brand voice.

Furthermore, new financial instruments and innovative concepts are introduced into the market on a daily basis, leading to the emergence of new financial terms. As a result, you should keep your Thai translation glossary up to date.

 

#2. Make Use of Technology

CAT tools are now widely used by professional translators and translation agencies to increase translation quality and time. Translation memory is an excellent and practical feature of CAT Tools. It allows you to save and reuse all of your previous translation project data in future projects. Thus, it aids you in ensuring the consistency and accuracy of your Thai translated content.

Furthermore, you are not required to pay the full price for segments stored in the translation memory. You will only be charged 50% to 75% for duplicated segments depending on the repetitive rate.

 

#3. Acknowledge Thai Regulations

Precision is one of the most important requirements and goals of a Thai financial translation. Because financial documents contain a lot of numbers, just a small variation caused by the differences in the source and target markets’ regulations can become a million-dollar mistake. Therefore, you must understand and adapt your content to Thai regulations.

Tips for Thai financial translation - number format

For example, number formats can completely alter the meaning of your translation. Commas are used as decimal separators in some countries, while the point is used in others. There is a chance that your Thai audience will misinterpret your documents if you don’t use the right number format. Some errors are simple to correct, while others will cost you a fortune to correct.

 

#4. Keep Confidentiality in Mind

Financial documents, ranging from personal income statements to company balance sheets, contain sensitive information that you do not want to be published without your permission. As a result, you should inquire about the procedures your Thai financial translation providers used to ensure the confidentiality of your documents.

Before beginning work on the project, both parties should sign a non-disclosure agreement (NDA). Furthermore, using unencrypted email attachments is a good way to protect your documents while sending them back and forth via emails.

 

#5. Work With Professional Thai Financial Translation Providers

Due to the complex nature of financial documents, you cannot assign your Thai financial translation project to just any translators who can speak the Thai language. The translators or translation agencies you work with should meet the following qualifications and requirements:

    • Be native speakers of the Thai language.
    • At least 3 years working as professional financial translators.
    • Have a formal degree in finance, accounting, or business.
    • Have work experience in a financial firm (a plus).

You should carefully select and test the translators in order to accurately assess their ability to handle your project. You can prepare a test for your translation partners by following our instructions.

Look no further than GTE localize if you require a professional Thai financial translation partner. With years of experience handling financial translation and localization projects, we are confident that we can provide you with the best-in-class financial translation services at the most competitive prices. Our team of translators, who can handle all major languages in the world, is well-versed in the target markets’ financial regulations and rules.

Financial Translation Services

Contact our team for a free consultancy with our Thai financial localization experts today!