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Correspondent banking relationships are a useful means for banks to extend their services beyond the jurisdictions they operate in, by using a foreign bank as a proxy. But this indirectness can aid concealment perhaps concealment of money laundering…
Correspondent bank là gì? Tất tần tật về Ngân hàng đại lý
Correspondent Bank là gì? Điều gì làm Correspondent Bank trở nên khác biệt? hay các khái niệm, chức năng của Correspondent Bank vẫn là một dấu chấm hỏi lớn của nhiều khách hàng hiện nay. Chính vì vậy, để giúp khách hàng giải đáp tất cả những thắc mắc trên, hãy cùng chúng tôi tìm hiểu mọi thứ về Correspondent Bank thông qua bài viết chia sẻ dưới đây nhé!\r
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A CorrespondentBank is a financial institution that provides services on behalf of another, equal or unequal, financial institution. It can facilitate wire transfers, conduct business transactions, accept deposits and gather documents on behalf of another financial institution. Correspondent banks are most likely to be used by domestic banks to service transactions that either originate or are completed in foreign countries, acting as a domestic bank’s agent abroad.
BREAKING DOWN ‘Correspondent Bank’
Generally speaking, the reasons domestic banks employ correspondent banks include limited access to foreign financial markets and the inability to service client accounts without opening branches abroad. Correspondent banks can act as intermediaries between banks in different countries or as an agent to process local transactions for clients when they are traveling abroad. At the local level, correspondent banks can accept deposits, process documentation and serve as transfer agents for funds. The capability to execute these services relieves domestic banks of the need to establish a physical presence in foreign countries.
Nostro and Vostro Accounts:
The accounts held between correspondent banks and the banks to which they are providing services are referred to as nostro and vostro accounts. An account held by one bank for another is referred to by the holding bank as a nostro account. The same account is referred as a vostro account by the counterparty bank. Generally speaking, both banks in a correspondent relationship hold accounts for one another for the purpose of tracking debits and credits between the parties.
Transferring Money Using a Correspondent Bank:
International wire transfers often occur between banks that do not have an established financial relationship. When agreements are not in place between the bank sending a wire and the one receiving it, a correspondent bank must act as an intermediary. For example, a bank in San Francisco that has received instructions to wire funds to a bank in Japan cannot wire funds directly without a working relationship with the receiving bank.
Most international wire transfers are executed through the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network. Knowing there is not a working relationship with the destination bank, the originating bank can search the SWIFT network for a correspondent bank that has arrangements with both banks.
Upon finding a correspondent bank having arrangements with both sides of the transfer, the originating bank sends the transferred funds to its nostro account held at the correspondent bank. The correspondent bank deducts its transfer fee, usually $25 to $75, and transfers the funds to the receiving bank in Japan. In transactions such as this, the correspondent bank adds value in two ways. It alleviates the need for the domestic bank to establish a physical presence abroad and saves the work of setting up direct arrangements with other financial institutions around the world.
What is CORRESPONDENT ACCOUNT? What does CORRESPONDENT ACCOUNT mean?
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What is CORRESPONDENT ACCOUNT? What does CORRESPONDENT ACCOUNT mean? CORRESPONDENT ACCOUNT meaning CORRESPONDENT ACCOUNT definition CORRESPONDENT ACCOUNT explanation.
Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/bysa/3.0/ license.
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A correspondent account is an account (often called a nostro or vostro account) established by a banking institution to receive deposits from, make payments on behalf of, or handle other financial transactions for another financial institution. Correspondent accounts are established through bilateral agreements between the two banks.
Commonly, correspondent accounts are the accounts of foreign banks that require the ability to pay and receive the domestic currency. The accounts allow them to pay others from the account or receive money from others into the account. This allows the bank to offer various services to their customers such as foreign exchange and foreign currency denominated loans and deposits, despite their not having a bank licence for the foreign country in that country’s currency.
Such accounts are necessary for international trade that requires people and businesses to pay for things in a currency other than their own. It is impractical to transport large amounts of currency around the world and physically exchange domestic currency for the currency that a customer/supplier demands. Instead, money is taken out of an account at a local bank (which is in local currency) and an equivalent amount of money is put in the customer’s or supplier’s account at their local bank (in a foreign currency). The money from the buyer’s account goes to an internal account of your bank. The money to the customer or supplier comes from an account the buyer’s local bank holds with a bank in the supplier’s country—the buyer’s bank’s correspondent account, at their correspondent bank.
A customer of Wells Fargo Bank in Minneapolis might wish to pay a German firm €1,000,000 for machinery the customer has purchased. Wells Fargo has a correspondent banking relationship with Deutsche Bank in Frankfurt and the banks agree that, at an exchange rate of $1.30 to one euro, this is equivalent to US$1,300,000 and Wells Fargo’s balance or credit with Deutsche Bank is at least US$1,300,000 / €1,000,000. Wells Fargo takes the $1,300,000 out of the customer’s bank account, and instructs Deutsche Bank to take US$1,300,000 / €1,000,000 out of Wells Fargo’s correspondent account at Deutsche Bank and pay the euros to the German firm’s account.
The customer receives its machinery and the supplier has its money (in euros). Wells Fargo’s account is balanced, having fewer euros and a correspondingly greater amount of U.S. dollars.
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