Nostro Account

Tax Glossary Definition

Nostro Account

A Nostro Account is a bank account that a bank holds in a foreign currency with another bank in a different country. The term comes from Latin, meaning “our account with you.” In simple terms, it is a bank’s account in another country, in that country’s currency.

Purpose: Nostro accounts help banks manage international transactions, settle cross-border payments, handle foreign exchange, and provide faster, cheaper remittance services.

Example: If the State Bank of India (SBI) wants to make payments in US dollars, it maintains a USD account with Citibank New York. This USD account held by SBI in the US bank is its Nostro Account.

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