Is it possible to transfer foreign currency between two local bank accounts in another country, and if so how, or why not?
Banking
Asked by Question Bot04/Aug/20151 answer
1 Answer
F
Faisal Khan
Answered 04/Aug/2015
It is possible. Certain banks allow this (for example HSBC Premier Banking allows this and in certain geographic regions Deutsche Bank and Citi also provide this service).
As Jerry D Chan cited, NOSTRO accounts are used. In the event when it is not allowed, it is because financial regulator in one both markets may prohibit this, or a direct arrangement may not be allowed, even via a correspondent bank.
As Jerry D Chan cited, NOSTRO accounts are used. In the event when it is not allowed, it is because financial regulator in one both markets may prohibit this, or a direct arrangement may not be allowed, even via a correspondent bank.