If you only have Transcript you just don't. Transcript uses "enscript" to convert a "text" file to a PostScript file and "enscript" is not able to deal with 8-bit characters.
You have to use one of the many programs that convert text to PostScript, like a2ps, which not only handles the 8-bit characters in a very nice way using the standard ISO Latin 1 character encoding, but it also produces outputs in a series of very well set, nice an paper saving formats, much nicer than the ones produced by enscript.