To begin, let's get some definitions out of the way right away.
The process of converting text from one language into another in such a way that the meaning is comparable across both languages is referred to as "translation."
While localization is different…
When modifying a product or service for use in a different nation or region, the process known as "localization" is a more in-depth one that takes into account cultural and non-textual aspects in addition to linguistic concerns.
Now, transcreation is much different…
"Transcreation" refers to the process of re-engineering your brand promise in order to make it resonate on an emotional level with consumers in a different country's market.