Correspondent bank

Correspondent bank,

Definition of Correspondent bank:

  1. A bank that handles the local leg of a business transaction and the associated documents, as an agent of a bank in another city or country. Also called agent bank.

  2. Correspondent banks are third-party banks. They act as middlemen between different financial institutions. As such, they provide Treasury services between sending and receiving banks, especially those in different countries—such as:.

  3. The term correspondent bank refers to a financial institution that provides services to another one—usually in another country. It acts as an intermediary or agent, facilitating wire transfers, conducting business transactions, accepting deposits, and gathering documents on behalf of another bank. Correspondent banks are most likely to be used by domestic banks to service transactions that either originate or are completed in foreign countries. Domestic banks generally use correspondent banks to gain access to foreign financial markets and to serve international clients without having to open branches abroad.

How to use Correspondent bank in a sentence?

  1. The accounts held between correspondent banks and the banks to which they are providing services are referred to as Nostro and Vostro accounts.
  2. A correspondent bank is an authorized financial institution that provides services on behalf of another financial institution. .
  3. The correspondent bank was extremely quick to respond, the bank manager I spoke to was more than willing to help.
  4. Domestic banks can serve their international clients and gain access to foreign financial markets by using correspondent banks rather than setting up branches overseas.
  5. You may have to get involved with a correspondent bank and you should try to do right by them so that you can do business again in the future.
  6. Correspondent bank services may include funds transfer, settlement, check clearing, and wire transfers.
  7. While Dinero Bank had its headquarters in the heart of Mexico City, it did have a correspondent bank in Tijuana so that it could provide personalized service and data analysis in that part of the country.

Meaning of Correspondent bank & Correspondent bank Definition

Correspondent Bank,

Correspondent Bank Definition:

  1. A simple definition of Correspondent Bank is: The term representative bank refers to financial institutions that provide services to other people, usually in another country. Acting as a mediator or agent that facilitates electronic transfers, conducts business transactions, collects and collects documents from other banks The use of banks among domestic banks is most likely to deal with matters starting or ending abroad. Domestic banks often use representative banks to gain access to foreign financial markets and to serve international customers without opening branches abroad.

    • Representative Bank is a licensed financial institution that provides services to other financial institutions.
    • Applicable banking services may include money transfer, settlement, check cashing and wire transfer.
    • Accounts between representative banks and the banks they serve are known as Nostro and Vostro accounts.
    • National banks can serve their international customers instead of opening overseas branches and representatives can access foreign financial markets through banks.

Literal Meanings of Correspondent Bank

Correspondent:

Meanings of Correspondent:
  1. Someone who regularly writes letters to someone or to the newspapers.

  2. Accordingly

Sentences of Correspondent
  1. He is not really a friend of mail order

Synonyms of Correspondent

letter writer, pen pal, corresponding, equivalent, comparable, parallel, matching, related, similar, analogous, commensurate

Bank:

Meanings of Bank:
  1. With Disembark or by a river or lake.

  2. Slope of a substance, massive or hilly.

  3. Seats or rows of similar elements, especially electrical equipment, are divided into rows.

  4. Pool table cushions

  5. Stack in flour or pile (a substance).

  6. Turn backwards when turning (by plane or car).

  7. (From locomotive) (train) provides extra energy when going to the hills.

  8. (In billiards and other sports) you play (the ball) so that it bounces on the surface like a table or pillow.

  9. Financial institutions that spend the money saved by consumers pay as needed, lend at interest and exchange currency.

  10. Bank deposit (cash or valuables)

Sentences of Bank
  1. Line up at Willow Banks

  2. Snow shore

  3. On each side of the console is a large collection of DJ lights and speakers

  4. Bankruptcy

  5. The rain has collected dust behind the door

  6. The plane turned as if it were going back to the airport

  7. I put eight balls on two pillows

Synonyms of Bank

edge, side, embankment, levee, border, verge, boundary, margin, rim, fringe, fringes, flank, brink, perimeter, circumference, extremity, periphery, limit, outer limit, limits, bound, bounds, slope, rise, incline, gradient