Everything you need to know about sworn translations for bank documents

Accuracy is key in bank documents. This is all the more true when translating documents for foreign authorities.

For this type of important documents, it is essential to obtain a sworn or official translation. This specific type of translation, done by sworn translators, makes your documents legally valid and gives them official recognition, a crucial element for financial translations and legal procedures.

Here is everything you need to know about the sworn translation of bank documents.

What bank documents may require a sworn translation?

Bank documents include a variety of official documents issued by financial institutions or which involve bank transactions.

Account statements

An account statement contains detailed information on transactions, balances and activities in an account over a given period of time.

Account statements thus index all translations done in the corresponding account, namely:

Deposits
Withdrawals
Transfers
Direct debits
Check payments

The displayed statement also shows the account balance at the beginning of the period covered (opening balance) and the balance at the end of the period (closing balance). These balances let you see how funds in an account change value over time and better understand someone’s financial activity.

In particular, financial institutions may require an account statement when someone is applying for a loan. This lets them verify the applicant’s financial history, evaluate their ability to pay back the loan and take more informed decisions. If the involved financial institution is located abroad, a sworn translation of the account statement may be necessary.

Account opening contracts

These contracts establish the general terms and conditions for bank account opening and management, including the rights and responsibilities of bank account holders.

An account opening contract specifies the type of account being opened (checking account, savings account, business account, etc.). It can also include information on associated account services such as online access or credit cards.

The contract also specifies the conditions required for opening the account as well as conditions for account termination. To make this type of contract easier to understand abroad, a sworn translation is required.

Loan applications and contracts

Loan applications include forms and documents submitted to a banking establishment to request financing. This can include personal information, financial statements and proof of income.

On the other hand, loan contracts establish the terms and conditions of a loan granted by a financial institution, especially the interest rate, deadline and collateral. It is thus important to obtain a sworn translation for this type of documents if applying for a loan abroad.

When might bank documents be requested by a foreign authority?

Apart from opening a bank account abroad or applying for a loan, bank documents can also be requested in different cases, both for personal or professional reasons.

Providing bank documents when applying for a job abroad

First, an employer may request certain financial documents from a job applicant.

In particular, this can be the case when filling a vacancy involving financial responsibility. The employer may request bank documents to verify the candidate’s financial history.

Applying for a visa or a residency permit

When applying for a visa or a residency permit in a foreign country, the authorities can request bank documents to evaluate the ability of someone to cover their expenses during their stay.

To demonstrate financial solvency when applying for a visa or residency permit, it is possible to provide specific financial documents which must be officially translated to improve understanding.

Carrying out business transactions

When carrying out business activities, bank documents may be required for transactions such as obtaining a business loan, proof of solvency for business partners, or financial compliance verifications.

Certain professionals who work with companies abroad can thus require translated financial documents to conclude new contracts or find new partners. Sworn translations are recommended to guarantee improved understanding between all parties involved in a business transaction.

Justify financial transactions in the event of a dispute

In the event of disputes or legal procedures, bank documents may be requested to prove financial transactions, movement of funds or frozen assets.

It is thus very important to possess bank documents to find solutions fast. Of course, the accuracy of both the original document and its translation is essential.

How are sworn transactions of bank documents done?

The sworn translation of bank documents follows a specific process to guarantee accuracy, legal validity and the official recognition of a translation.

The first stop consists of selecting a sworn translator who is able to translate your bank documents. This translator must master both the original language of the document and the foreign language it will be translated to. A sworn translator must also master all specific banking terminology in both languages.

It is recommended to ensure that the translator is indeed sworn and that he or she has the appropriate qualifications. To do this, you can research his or her certification, membership in recognized professional translation organizations, translation studies and years of experience in the field.

It is also possible to request that the sworn translator provide translation samples or examples of prior work to get a better idea of his or her skills.

Once the translator has been chosen, you need to gather the original banking documents to be translated. It is essential to provide certified true copies because sworn translators cannot directly translate apart from original copies.

Sworn translators then translate the contents of the bank documents all the while respecting the terminology and the original document structure. He or she then places his seal, signature and a sworn statement confirming the accuracy of the translation.