Nostro Account vs Vostro Account: Understanding the Difference
Money sent by U.S. customers and businesses to GTBank account holders in Nigeria will be deposited in GTBank’s account with Citibank. For these accounts, the domestic bank is acting like a custodian or managing the accounts of a foreign counterpart. These accounts are utilized for facilitating the settlements of forex and foreign trades. The money deposited is transferred by Citibank via SWIFT to GTBank’s U.S.… Read More »Nostro Account vs Vostro Account: Understanding the Difference