One of them is a correspondent account. 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 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 russia telegram mobile phone number list 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.
Pay your budget and other payments. Buy foreign currency. To explain how this works, let's imagine that bank A has opened a correspondent account with bank B. Bank A always keeps a certain amount in its account – a mandatory reserve. When a person transfers money from bank A to bank B, bank B writes off the required amount from the correspondent account of bank A and credits it to the recipient's personal account.