What is a Correspondent Bank? | Ask Banky

Editor-in-Chief Mohamed Salah

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Editor-in-Chief Mohamed Salah

What is a Correspondent Bank?

Asked by Banky team 2 months ago
Banky team Reviewed editorial answer

A correspondent bank is an intermediary bank your bank uses to reach the beneficiary's bank in a particular country or currency when there is no direct relationship.

Using a correspondent bank may add time and fees.

If your transfer arrives incomplete or late, ask your bank if it went through a correspondent bank and what charges were incurred.

The figures, fees and limits in this answer vary by bank and change over time — confirm them with your bank or the official source before acting.

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