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Are you looking for the best financial translation services for your business?
In today’s global economy, businesses operate across borders which makes financial translation of business content more important than ever.
Financial translation doesn’t just help maintain financial transparency and compliance with local and international regulations, it also helps foster trust, facilitates global expansion, and mitigates risks associated with language barriers.
In this article, we will discuss the many benefits and challenges of translating financial information and how to select the right translation services for your business.
Then we will cover the best financial translation services out there and how to translate your business website using our tool, TranslatePress.
Let’s get started.
Benefits of Translating Financial Information
Global Expansion: By translating financial information into multiple languages, businesses can communicate better with customers from different countries which facilitates global expansion of the business.
Trust Enhancement: Translating financial information into the target audience’s native language promotes trust by demonstrating a commitment to clear communication and transparency.
Improved Risk Management: With a clear understanding of financial data, reports, and statements, third-party stakeholders, such as investors, partners, and regulatory bodies can make well-informed decisions regarding investments, and business strategies.
Competitive Advantage: By translating financial information and promoting proper communication and transparency, businesses can attract more customers and establish themselves as market leaders, especially if their main competitors aren’t prioritizing cross-cultural communication.
Challenges of Translating Financial Information
Technical Terminologies: Financial documents often contain complex technical terms, abbreviations, and industry-specific jargon that can be challenging to translate accurately and consistently across languages.
Cultural Nuances: Financial concepts and terminology have cultural connotations that can be hard to translate accurately and failure in translation could lead to miscommunication and distrust.
Quality Assurance: Ensuring the quality and accuracy of financial translations consistently requires multiple review processes and specialized expertise. This is both time-consuming and expensive.
Adherence to Legal Requirements: Financial information is subject to strict local legal regulations, and translations must adhere to these guidelines while maintaining accuracy and consistency across different languages.
Secure Translation Service: Needless to say, financial information is highly sensitive, and the translation service must ensure confidentiality and security to protect sensitive client data during and after the translation process.
Criteria For Selecting Financial Translation Service Providers
Finding a competent financial translation service provider is a crucial step. To ensure that you are choosing a service provider who meets your business requirements, you need to consider the following criterias:
- Look for transition services that specialize in financial domains like accounting, banking, investment, insurance, and more.
- Consider employing translators with relevant educational backgrounds and industry certifications.
- Experienced translators with a proven track record in financial translations should be preferred. Request for a client portfolio of previous financial translation projects for businesses similar to yours.
- Review workflow and look for processes related to proofreading, editing, and quality control checks to ensure that the service provider offers high-quality translations.
- Choose a provider that has robust data security measures in place such as secure file transfer, limited data access, etc.
- Evaluate the provider’s ability to meet tight deadlines and handle large-volume projects by checking their resources and scalability.
- If you require multiple language translations, then evaluate the provider’s language offerings and check whether they have native speakers of the target languages on their translation teams.
- It might be useful to examine translation technologies used by the provider to ensure that they are using the best tools and implementing the latest technology in the business.
- It’s important to assess the provider’s communication channels, responsiveness, willingness to address any concerns, and overall customer service approach.
5 Best Financial Translation Service Providers
1. Stepes
Stepes is an ISO-certified translation service that caters to financial sectors like banking, insurance, and investment. The translators use tools and professional translators to translate documents such as policies, forms, reports, statements, websites, marketing collaterals, and more.
They support 100+ languages, use proprietary agile translation technology to deliver accurate translations, and have ISO certification that ensures the highest quality translations.
A major con is that it’s an expensive service where difficult projects are involved.
The standard cost of translation ranges between $0.09 – $0.20 per word but the exact cost depends on language pairing, type, and complexity of content.
2. Blend
With support for over 120 languages, Blend offers the broadest language coverage for financial translations.
Blend easily integrates with design tools like Figma, Indesign, and translation management tools like Crowdin, and Smartling, and even content management systems like WordPress, Drupal, Wix, Shopify, Webflow, and more.
They also offer scripts, voice-over, audio, and video translation services for financial content.
Translated content is SEO optimized and takes 1-2 business days to complete. Projects in a rush can be delivered quickly.
The biggest downside of this service is that it’s on the expensive side. Financial translations cost $0.14 per word.
3. DayTranslations
DayTranslations is a professional language service provider that offers translation services in various domains, including finance.
Pros include a multi-step quality assurance process that involves proofreading, comparison of original and translated documents, and the manager’s review of the final copy. They offer translation services in over 100 languages and audio-visual translation that involves transcription, subtitling, voice-over, and closed captioning.
The biggest con is that there isn’t any clarity on whether they use tools or rely solely on human translators. Also, they offer zero information about the cost of translations. You need to contact them for a quote.
4. TheWordPoint
TheWordPoint is a certified translation service provider. They have worked with companies in the finance, banking, accounting, and investment sectors.
Major pros include certified language specialists who ensure high-quality translations, revision options within 3 days of delivery, refund of money if translated documents contain crucial mistakes, and fast delivery as their translators can write 2 to 8 thousand words per day.
Compared to other translation providers, TheWordPoint supports a low number of translation languages (only 50+).
Translation cost ranges between $0.09 to $0.17 per word and factors such as language pairing and client requirements, dictate the overall cost of the service.
5. TranslationShop
TranslationShop offers two main types of financial translation services: Standard and Certified.
The former is suitable for general financial documents such as internal reports, presentations, and correspondence, and the latter, for important documents like financial statements, tax returns, and legal contracts.
TranslationShop promises a quick turnaround of translated work. Depending on factors like workload and costs, they can deliver orders as quickly as 24 hours. Other pros include bulk translation discounts and original documents excepted in any file type.
One major con is that they support 80+ languages while some of the other translation services offer 100+ languages.
Standard and certified translations cost $0.10 per word and $23.99 per page respectively.
Implementing Financial Translations on a Website (Quick Guide)
One of the biggest drawbacks of hiring a financial service provider is that they are expensive and may require a lot of time to deliver the desired result.
Automated translation tools like TranslatePress offer relatively inexpensive and quick results.
TranslatePress is built to help translate content on a WordPress website. With its very useful Ai translator, TranslatePress AI, it helps you turn your financial website multilingual in less than 30 seconds.
Besides offering automated translation machines, it also allows manual translations of text with the help of a visual translation editor.
You can choose to skip automated translations altogether and get your translation service providers to use the tool to translate your financial content manually. But we strongly recommend taking a hybrid approach instead.
In this section, we will show you how to implement a hybrid approach and enable the automated translation machine, then proceed to modify translated paragraphs in the TranslatePress Translation Editor manually.
Let’s get started.
Step 1: List What to Translate
Make a list of all the elements that need translation on your website.
It could be anything from blog content, to landing pages, images, glossaries, FAQs, support docs, reports, statements, products, checkout pages, payment gateways, invoices, receipts, privacy policies, disclaimers, legal documents, calculators, and other tools, etc.
Step 2: Install & Activate TranslatePress Plugin
There’s a free and a premium version of the TranslatePress plugin.
TranslatePress Multilingual
We recommend using the premium plugin as it allows you to translate your financial content into multiple languages, create multiple translator accounts, and allow translation service providers access to your site without making them admins.
The premium plugin also allows the translation of SEO content and offers priority support, among other things. Check premium features.
That said, you can implement financial translation on your website with the free plugin as well.
Install and activate the TranslatePress plugin on your WordPress site before proceeding with the next step. Premium plugin users need to add their license key to activate the premium features.
Step 3: Select a Second Language
To choose the language in which you want to translate your website’s financial content, go to Settings → TranslatePress → General and choose a language from the dropdown menu adjacent to All Languages.
Scroll down and hit the Save Changes button to save your settings.
Step 4.1: Enable TranslatePress AI
Go to the Automatic Translation tab and from the dropdown menu adjacent to the Enable Automatic Translation option, select Yes.
If you have an active TranslatePress license, you will see that TranslatePress AI is now active and ready to go.
With each TranslatePress license you get a set number of AI-translated words, so when you enable automatic translation, TranslatePress AI will start using those words.
If you have a bigger website and find yourself needing more words you can always purchase extra words from your TranslatePress Account.
Step 4.2: Use a Translation Engine Instead
If you prefer using a translation engine instead (or if you want to use Google Translate for free), you can do that as well.
After enabling the automatic translation, select your Translation Engine: Google Translate or DeepL. DeepL can be accessed only by premium TranslatePress users, while Google Translate is included in the free version on the plugin.
Next, add a Google Translate or DeepL API key to connect your website with the translation engine. We have separate guides on how to generate API keys:
After adding the API key be sure to hit the Save Changes button.
IMPORTANT: Your website content will be automatically translated from now on. If you want to make manual modifications to translate text or simply manually add translated text, then use the Visual Translation Editor. Learn how in the next step.
Step 5: Access Translation Editor
To access the Translation Editor, open any page of your website in a new tab while you are logged into the site.
Select the Translate Page option from the toolbar located at the top of the page.
The Translation Editor will slide out from the left side of the screen.
Next, hover your cursor over any text on the page, and a pen will appear, and the text will be automatically imported into the editor.
The editor will provide you with a separate space to insert the translated content for the text that you selected from your page.
When you are done, hit the Save button on top of the editor to the translated text.
Step 7: Add Translator Accounts
With the translator account, you can allow financial translation service providers to access your website and use the Translation Editor to make manual modifications to automatically translated text.
The ability to create translator accounts is only limited to premium TranslatePress users with the Developer or Business license.
First, you need to activate the translator accounts add-on by going to the Addons tab, scrolling down to the Translator Accounts, and hitting the Activate button.
Next, add financial translators by going to WordPress → Users → Add New User, then adding Username, Email and assigning the Role of the user as Translator.
Be sure to save your settings before exiting the page.
Step 8: Configure Other TranslatePress Settings
We strongly recommend that you take a look at all other settings in the General, Automatic Translation, and Advanced tabs and make modifications based on your specific needs. Refer to this comprehensive help documentation for assistance.
Conclusion
Implementing financial translation ensures accurate communication of financial information across different languages, compliance with local regulations, and help with building trust with customers and stakeholders.
Finding translation service providers best suited for your business requires time and careful consideration.
There are several providers to choose from. We found the following providers to be the best in the business:
- Stepes
- Blend
- DayTranslations
- TheWordPoint
- TranslationShop
And if you need financial translations for your website, TranslatePress AI is the easiest solution you can find.
TranslatePress Multilingual
If you have any questions about the best financial translation services, let us know in the comments below.
