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Bank documents represent the business official documentation confirming implementation of bank financial transactions. Bank documents translation has to meet the requirements of economic and legal standards of both countries.
The Cases when Bank Documents Translation is required
For individuals financial documents translation (the bank reference, the account statement, etc.) can be required for embassy at visa processing or confirmations of solvency at trip abroad.
For legal entities need of bank documents translation is caused by cooperation with foreign partners and branches of multinational corporations. The existence of the certified translation confirms the legitimacy of documentation in case of financial and other disagreements.
Bank payment documents (accounts, acts, etc.) translation is required by the Currency Control Department at transactions, money transfers, the opening of accounts abroad, providing data to the customs service, etc.
The most widespread option is the notarial translation when, besides usual assurance, it is necessary to carry out the procedure of a notarization confirming the translator’s data, the legitimacy of translation performance and accuracy of the information.
Features of Bank Financial and Legal Documentation Translation
The main features of the economic translation (including banking) are:
- Literal, authentic and accurate translation of the original, taking into account formatting and punctuation; lack of typos, mistakes, personal and ambiguous treatments at translating of both text and digital components.
- Uniformity of terms; use of economic, legal and financial lexis according to translation standards and the legislation of the target country.
- The qualified translation of tables, schedules, calculations, conventional signs, footnotes, symbols, etc.
- The qualified translation of the stamps, speech cliches, abbreviations, reductions, archaisms inherent in the field of the translation, etc.
- Confidentiality of the translation is provided in coordination with the customer.
The translation of bank references, contracts, accounts and other financial statements has to be carried out only by certified specialists with broad experience in a field of customer’s business as the incorrect treatment or the inaccuracy can entail financial losses.
Types of Bank Documents Translation
Due to a wide variety of bank documentation types (payment orders, details; credit, leasing and other bank agreements; references and notices; bills, checks, SWIFT, invoices, etc.), the following types of the financial translation can be sorted out:
- Accounting reports translation includes competence of drawing up annual and other financial statements, acts, balance sheets, etc.
- Bank accounts translation is necessary for confirmation of the financial transactions made by the organization.
- Audit reports translation is the notarial translation for justification of solvency of the firms applying for the credit.
- Other types of the translation, including the interpretation (in coordination with the customer).
Requirements to the Translator
Bank documents translation has to be made only by the certified linguists with knowledge of general economic, financial, legal and other related standards and requirements. The translation has to be guided by standards for professional translators ISO 17100, ISO 9001-2015 and European standard EN 15038.
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