Top 6 Tips To Choose The Best Financial Translation Agency
Do you want to seek a professional financial translation agency for your next projects? If you nod your head, then you have come to the right location. In today’s post, we will guide you through all the key steps you need to do to search for a high-quality and professional financial translation agency.
1. Native translators & Financial experts
Financial translation is a complex sector that requires both deep financial knowledge and expert language ability. Thus, when choosing a financial translation agency, it is crucial to get your files translated by native translators who have subject-matter expertise in the field.
Native translators in the target language have an outstanding understanding of the target language, number format, local rules, etc. Thus, they can give better translation quality in comparison to non-native translators. With financial background knowledge, linguists can understand the source file clearly which contains specific information, terms, and complex language. Translators who don’t have any financial backgrounds cannot deal with financial translation projects effectively.
Financial translation and localization errors don’t only ruin the credibility of the institution, but can also invite penalties and legal issues for financial businesses. Even professional economists end up focusing on a narrow niche, so they can lack the latest knowledge in a lot of other industries. For instance, linguists specializing in foreign trade may have a challenging time translating tax reports and income statements since each specific area will have its unique terms and terminologies. Having financial experts in financial translations ensures the term and terminology are used accurately in the target language.
Terminology must also adhere to the International Financial Reporting Standards (IFRS). All financial translations are considered to be official versions, only financial linguists can acknowledge and follow all the latest IFRS modifications.
A comprehensive financial translation agency often hires financial experts for its financial translation projects, leading to your communication will be well received by the target markets. To make sure that you are working with skilled native financial linguists, it is needed to carefully review their CVs and portfolios. Even if you choose to work with a financial translation agency, you need to ask for blind CVs from the linguist who will translate and localize your financial translation and localization projects. (Financial translation agencies cannot disclose the personal details of their linguists such as name, phone number, email address, social media sites, etc. to protect the benefits of both translation agencies and their linguists. However, essential details about their education and work experience are still listed.)
Here are some key aspects you need to check out when reviewing your linguist’s CV:
- Education: Did they graduate from language and/or translation schools? If they didn’t, then did they take other training courses in financial translation to gain the necessary knowledge for the job? Do they have any financial qualifications for the financial industry that they have they specialize in? Since being fluent in the target language does not necessarily make a good native translator, you need to make sure that they have the proper financial qualifications or degrees.
- Experience: It is essential that you should choose translators who have relevant real-life financial translation experience. When it comes to choosing linguists, it is no doubt that you should pick translators who had handled similar financial translation projects like yours.
After reviewing the CVs and references, it’s time to make a short list of the most suitable candidates to test their abilities.
2. Localization ability
The financial industry requires localization, not only translation for the project as any financial project contains international numbers, dates and times, currencies, punctuations, etc that need to be adapted and fit for the target markets. In addition, each country has its own rules and regulations for financial documents and files. Thus, only text-translated documents will never be enough, it is undoubtedly to adapt and localize your financial documents to get the best outcomes and be ready for publication.
How to find a financial translation agency that has localization ability? It is needed to check out their website carefully, then you can ask them these questions:
- Will you support financial localization services?
- Can you give us related portfolios or case studies about previous financial localization projects for reference?
- Do you have qualified resources to support us with financial localization?
No matter what types of financial files or companies are, it is essential to keep financial documents confidential. In case of financial translations and localizations are exposed, the business may fall into a dangerous situation, even bankruptcy. To ensure your information will be kept confidential, you need to ask translators and financial translation agency sign non-disclosure agreements (NDAs). NDAs is a legally binding agreement that is signed at least between two organizations or people to create a confidential relationship and protect any type of financial translation and localization files. Two parties agree that files or data in financial translation and localization will not be provided for any others. With NDAs, you can ensure that all data will not be leaked from competitors or any other parties.
Another element is data security. You should not work and communicate regarding financial translations via email. To secure your sensitive financial information, you can ask your financial translation agency to work on Translation Management system. By doing this, only your team can access all the related financial data.
4. Fast turnaround times
Quick delivery has never been more crucial in international companies than they are now. Since the financial industry often requires fast turnaround time as industry news will be updated every minute, and turnaround time is limited to ensure perfect performance ahead of competitors.
To ensure to choose the right financial translation agency that offers fast turnaround time for your global financial projects, it is essential to ask if they provide you with CAT tools as CAT tools will help you to reduce a great deal of translation time and money. With CAT tools, your financial translations and localizations will get high-quality, consistent, and fast delivery. CAT tools can detect repeated words, phrases, and statements that were translated and localized before and bring the translations stored in the translation memory. By doing so, you don’t need to translate or pay more for these replete elements anymore.
5. The financial translation agency’s reviews
It is time to see what people have said and comment about your target financial translation agency. You need to check out all related comments on the company’s website as well as read all client reviews, financial case studies, completed financial projects, or financial portfolios to understand its services and quality, and working style.
Looking for popular review sites in the translation industry such as GoodFirms or Clutch.co is another smart approach. You can read to see if the previous clients are glad about your financial translation agency.
6. Financial translation test
Most financial translation agencies and freelance linguists are willing to do a free 300-word test. When it comes to financial translation tests, it is necessary to choose a file that has terms from actual financial projects to ensure that your financial translation company can translate your financial project accurately and effectively.
A test format of sample financial translation often contains three columns:
- Source text (Your team will provide this part)
- The financial translations (Your financial translation agency will handle this column)
- Linguist’s notes.
Your linguists use the notes column to explain why they use particular terms or references. It is vital to see an overview of your financial translation agency’s ability in some aspects such as translation quality, abilities, mindset, responsibility, and turnaround time instead of depending on only financial translation quality.
You need to focus on these elements on the financial translation test:
- Financial translation quality: You need to ensure financial translations are accurate and fully adapted to the target markets. All financial translations are followed your translation guides and met your needs.
- Financial translation agency’s attitude: Here are several aspects to review: communication style, translation deadline, response time, etc.
The right financial translation agency should be the one to go with high-quality translation and be easy to communicate and work with.
For more details, check out: How To Test Your Translation Partners?
Work with the top-rated financial translation agency
Finding the right financial translation agency has never been an easy task. To make a final choice, it is essential to leave out a great deal of time and effort from your team in process of finding, testing and hiring financial translation services, say using an applicant tracking system. However, we hope the above guide can help you in achieving your needs effectively.
If you are searching for professional financial translation services that are quick, high-quality, and cost-effective, choose GTE Localize’s services. As a recommended translation company on GoodFirms, we have provided financial translation services for many well-known brands around the world. We work with a large pool of native translators who have over 5 years of experience in financial translation services and can cover all financial translation and localization effectively. Get in touch with our team now for a free quote and consultation!
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