The megamenu display names can be localized. I just tested this. (Unfortunately the links cannot.)
Prerequisites:
- you actually have the megamenu available (currently in Targeted Release)
- you already added some menu entries and see the megamenu working
Now for the translation. Let's say you want to translate to German:
- switch your "SharePoint language" to German (which https://docs.microsoft.com/en-us/SharePoint/sites/plan-for-the-multilingual-user-interface#bkmkHowMUIWorks by itself...); the SharePoint UI should now display everything in German
- edit the megamenu (click the edit link)
- translate the menu entries (just overwrite them)
- save
Now when somebody opens the site with a German language setting the megamenu will display the German entries. Repeat this for every language you want the megamenu to be localized for.
(This also works for external users by the way. For external users SharePoint uses the preferred language of the user's browser. In Chrome you can configure this in the Languages section of the settings.)