One of them is a correspondent account

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Each region has its own, so it is better to contact local authorities for all the latest information. Sometimes it is more profitable to combine different typ What is a correspondent account, who needs it and why We examined the main differences between correspondent, current and personal accounts. Image of the article What is a correspondent account, who needs it and why When filling out payment documents, for example, to pay off a loan or pay business expenses, you need to enter the numbers of several accounts.


In the article, we explain in detail who needs it and why, and how it differs from a current and personal account. What is a bank correspondent account? Correspondent, current and personal accounts: what is the australia telegram data difference and how to distinguish one from the other What is the difference between a correspondent account and a corresponding account? Types of correspondent accounts How to find out the number of the correspondent account How to open a correspondent account What is a bank correspondent account? A correspondent account is a bank account with the Central Bank or another financial and credit organization.


It is mainly used for interbank transfers. The cooperation that occurs between banks when opening a correspondent account is called correspondent relations. A correspondent account is necessary for a bank to: Contribute funds to the authorized capital. Maintain a mandatory reserve - money that allows the bank to fulfill its obligations to clients. The bank also transfers interest from client deposits to this account.