As someone who majored in English (non-native) and is a native speaker of a Slavic language and knows several other languages to varying levels...

VERY far off. Currently available translation tools make mistakes in basic texts, even when translating to/from English which has the largest corpus (="body of linguistic data") of all languages. Trying to translate to or from any of the inflectional languages (like Estonian or many Slavic languages) will only result in laughs.

However, I see two niches for AI to step up. One is wordbooks/dictionaries for foreign scripts, esp. CJK (Chinese/Japanese/Korean) - heck, I know electronic dictionaries already exist for Japanese AND are in use by native speakers since outside of joyo kanji, there are hundreds of rare/almost obsolete characters even a native speaker won't know. Second niche is some helper apps, e.g. annotating the text you are reading, or remembering how you translated this phrase (NOT word!).