Deposit

What are correspondent banks for? How should I choose a correspondent bank?

Correspondent bank is a bank effecting payments, settlements, currency transactions and other by order of another bank on the basis of correspondent agreement. Correspondent banks open special correspondent accounts to effect the orders. In order to make international bank transfers according to international banking rules correspondent bank must be used in the country of transferable currency.

For example, if you want to transfer US dollars from Russia to Latvia the best is to use a correspondent bank in USA.