Negotiation of Correspondent Accounts for Offshore Banks – US, European and Asian options available

A correspondent account is an account (often called a nostro or vostro account) opened by an offshore bank or international bank at a domestic bank to send and receive wires and hold cash. The correspondent account is the lifeblood of any offshore bank.  

For example, when a bank in the Cayman Islands wants to hold US dollars, it must open a US correspondent account. Only a bank with a US license can provide a US dollar account or provide US correspondent services. 

The only exception to this rule are international banks in Puerto Rico. As a US territory, these banks can open accounts at the US Federal Reserve and thereby gain access to the FedWire system. However, because they do not hold a US license, they are not required to offer FDIC insured accounts. 

We can assist you to open correspondent accounts for your offshore bank and international bank licensed in a quality jurisdiction. Examples of quality jurisdictions are Puerto Rico and the Cayman Islands. Examples of jurisdictions we will not work with include Comoros, Gambia, and Vanuatu.

For more information, please contact us at EMAIL or PHONE for a consultation.