Vostro Account
A vostro account is an account a foreign bank holds with a local bank, usually in the local currency, often at a correspondent bank. It enables the foreign bank to settle payments and manage funds in that market.
From the local bank's perspective, it is a vostro account; from the foreign bank's perspective, it is a nostro account. These accounts underpin correspondent banking relationships.
Related Terms
Nostro Account
A nostro account is an account a bank holds in a foreign currency at another bank. It is used to set...
Correspondent Bank
A correspondent bank provides banking services on behalf of another bank, often in a different count...
Cross-Border Payment
A cross-border payment is a transfer where the payer and payee are in different countries or currenc...
SWIFT
Society for Worldwide Interbank Financial Telecommunication
SWIFT is a global messaging network that financial institutions use to securely transmit information...
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