nostro account

nostro account
/'nɒstrəυ əˌkaυnt/ noun
an account which a bank has with a correspondent bank in another country.

Dictionary of banking and finance. 2015.

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  • nostro account — ➔ account1 * * * nostro account UK US noun [C] ► BANKING an account that a bank keeps for itself in a bank in another country, usually in that country s currency: »Nostro accounts are maintained by Indian banks in foreign countries where they… …   Financial and business terms

  • Nostro Account — A bank account held in a foreign country by a domestic bank, denominated in the currency of that country. Nostro accounts are used to facilitate settlement of foreign exchange and trade transactions. The term is derived from the Latin word for… …   Investment dictionary

  • nostro account — /ˈnɒstroʊ əkaʊnt/ (say nostroh uhkownt) noun an account conducted by a bank in one country with a bank in a foreign country and recorded in the currency of the foreign country. Compare vostro account. {Italian nostro our + account} …  

  • Nostro account —   An ISO term. A record kept by an account owner bank of an account serviced on its behalf by an account servicing bank.   Also known as the Due from account …   International financial encyclopaedia

  • nostro account — A bank account conducted by a UK bank with a bank in another country, usually in the currency of that country. Compare vostro account …   Big dictionary of business and management

  • Nostro and Vostro Account — Nostro and Vostro (Middle Italian, from Latin, noster and voster ; English, ours and yours ) are accounting terms used to distinguish an account you hold for another entity from an account another entity holds for you. The entities in question… …   Wikipedia

  • Nostro and vostro accounts — Nostro and vostro (Italian, from Latin, noster and voster; English, ours and yours ) are accounting terms used to distinguish an account held for another entity from an account another entity holds. The entities in question are almost always, but …   Wikipedia

  • Reconciliation of nostro account —   Reconciliation of nostro accounts is the process of matching the statements received from the NOSTRO banks with the postings kept by the automated system …   International financial encyclopaedia

  • account — a record of a business transaction. When you buy something on credit, the company you are dealing with sets up an account . This means it sets up a record of what you buy and what you pay. You will do the same thing with any customers to whom you …   Financial and business terms

  • Nostro reconciliation statement —   A statement which lists the transactions relating to a nostro account …   International financial encyclopaedia

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