Nostro account: Difference between revisions
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Nostro seems to be a fun word to say. It sounds technical, and you should expect people in ops to throw it around carelessly, often in connection with a [[client money]] offering. To be clear, a “client nostro” account is like a “Tall Dwarf”. It is a contradiction in terms. | Nostro seems to be a fun word to say. It sounds technical, and you should expect people in ops to throw it around carelessly, often in connection with a [[client money]] offering. To be clear, a “client nostro” account is like a “Tall Dwarf”. It is a contradiction in terms. | ||
Odd spot: The | Odd spot: The “[[Tall Dwarfs]]” were an alternative pop band in New Zealand in the 1980s. | ||
{{seealso}} | {{seealso}} | ||
Revision as of 12:29, 20 March 2019
A nostro account is a bank account one bank opens at another bank, usually to facilitate foreign currency transactions and so on. It is necessarily a cash account, and necessarily a proprietary asset of the depositing bank. It is not a client money account.
Nostro seems to be a fun word to say. It sounds technical, and you should expect people in ops to throw it around carelessly, often in connection with a client money offering. To be clear, a “client nostro” account is like a “Tall Dwarf”. It is a contradiction in terms.
Odd spot: The “Tall Dwarfs” were an alternative pop band in New Zealand in the 1980s.