Learning a bank procedure gets difficult especially when you are dealing with foreign exchanges. It has been 4 years my cousin is in America and precious month only I learnt the Loro account meaning. However if you too want to know what it is, be sure that you have understood the meaning of Nostro and Vostro as well. I will be glad to help you understand since it seemed a bit tricky to me as well and I would appreciate others adding up to this to enlighten us all.
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What is a Nostro?A Nostro Account is nothing but a bank account that a commercial bank creates in some other foreigh country with the currency of a foreign country only.
What is a Vostro Account?A Vostro Account is just like an ordinary bank account and gets denoted by the same domestic currency of a country. Eg: Suppose a USA based bank opens an account in India based bank with the currency INR then that account is a Vostro account.
Now to cite an example, let's consider that a domestic bank like SBI opens a foreign account with Citigroup in currency $ USD. In this case SBI is the Nostro and the Citigroup with foreign currency is Vostro.
What is Loro account full form and meaning?
Loro account is the current account that gets maintained by one domestic bank for another domestic bank and acts as a third party account where Nostro and Vostro acts as bilateral correspondence.
I hope the Loro account meaning is clear to you now.
Read More:What is Nostro?
What is Vostro account?
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What is Loro Account?
Harsh Patel
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2 Year
2022-10-20T09:25:19+00:00 2022-10-31T10:20:37+00:00Comment
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