A bank statement serves as a summary of financial dealings that occurred at a certain financial institution (specifically a bank) during a specific time period. A typical bank statement may show your deposits and withdrawals for a certain period of time. Bank statements allow you to watch for suspicious activity, check for blunders, and to track your expenditure – helping to better manage your expenses.
A translation of bank statements can come in handy during bank loan applications and visa applications. It especially is mandated during a de facto partnership visa or dependent visa for the spouse, as part of the evidence of a relationship. The bank statement also becomes a must if you are planning to apply for a tourist visa. Also, Students going abroad to study need to furnish their bank statements and have them submitted to the responsible authorities to prove their fiscal standing. This provides evidence that the student will be able to study in the country without any financial problems or interruptions. At other times, bank statements are also necessary while applying for loans or mortgages, or to start a business venture in a foreign country.
Some Difficulties in Bank Statement Translation
There are numerous difficulties that can arise during the process of translation. Certain questions like which foreign currency to be used in the translation (depends on the country you are applying for) etc. should be specified by the client. Usually, the currency exchange rate is to be mentioned with the exchange rate, source, date, and time. Besides, there are certain things that should be maintained during bank statement translations – like the formatting, and uniformity of languages. This can be very difficult during the process of translation. These specification and difficulties in translation can be avoided by hiring quality transcription services.
Bank Statement and Financial Translation Agency
Quality bank statement translation services are difficult to find, but with good translation services to back you up during the process, obtaining a translation of complex bank statements is an attainable task. Thus it is essential to have the support of dependable and professional translation services to help you with the translation of bank statements into various languages.
Here are some things to keep in mind while hiring an online bank statement translation services :
Machine Translation is Never the Answer
Sure machine translations are cheap (practically free), however, the issue lies in accuracy – machine translation falters in terms of accuracy. For example, a study had graded Google translate 4.3/6 (that is 70%) accurate when translating from Mandarin to English.
So what is the answer? Human translators. Translators with years of experience, excellent translation skills, creativity, knowledge, and international exposure are the necessity for accurate bank statement translations.
Native Users with Subject Expertise
The finest translations are provided by native experts. Native users (of language) have studied, lived, existed, and substantiated with a specific language – essentially making them the language virtuoso. It goes without saying – translations for business should be provided by native experts.
Bank Statement and Financial Translation
Differences exist in the banking statement translation and financial practices of even linguistically similar countries – just consider the immense dissimilarities in financial practices between the English-speaking countries, say, United States, Canada, and England. Thus a translation service that can provide you with “localized†services during the translation phase will help you in getting the best translations for your bank statement.
Use of Banking and Financial Translation Services
The picture provided before serves as a global picture of conducting banking statements. The above-mentioned points also serve as guidance towards choosing bank statement translation services. The complications mentioned above is further convoluted by translations that may be required for hundreds of global languages. Bank statement translation services help you in this regard.
Besides supporting hundreds of global languages, financial document translation services are scalable – can provide a timely, and cost-effective translation.
