Definition of vostro account in English:
A bank account held by a foreign bank with a UK bank, usually in sterling.
- For the sake of completeness it is as well to note the banker's jargon that the account which Bank X maintains with its correspondent Bank Y is called a nostro account; that which Bank Y maintains with Bank X is called a vostro account.
- The system of nostro and vostro accounts facilitates foreign exchange dealings and settlements and allows the settlement of currency transactions between Australian and foreign banks.
- Scales can be calculated both on debit and on credit sides for both nostro and vostro accounts and may be set up according to tiered balances.
Vostro from Italian, 'your, yours'.
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