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  • Nostro / Vostro Entries

    Hi,

    Anyone familiar with Nostro/Vostro accounting/entries?
    I need to get the gist of them because i'm going for a job interview and besides derivatives, the job scope also include nostro/vostro accounting. I only know it is some internal bank accounting thing, but not sure in detail what it is and how it actually works.

    Can anyone help me please? or is there some website i can read up on it? cos i tried searching for it on yahoo and google but all i found are just a mention of them, nothing on it's definition and how it works...

    Will be greatly appreciated!! TIA.

    :wave:

  • #2
    Um, it's for transfer of funds, from what I read on these sites ..

    http://austlii.edu.au/~alan/ift-obligations.html

    http://www.eestipank.info/pub/en/dok...l?objId=374281
    Last edited by 101mynxes; 11-09-2004, 02:55 PM.

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    • #3
      IIRC, Nostro & Vostro accounts are the bank accounts that are held with other banks. 'Nostro' accounts are used to describe your bank accounts with other banks, and 'Vostro' accounts are used for other bank accounts with your banks.

      In a non-bank environment, a very 'simple' way to look at nostro accounts is to think of them being similar to 'cash at bank'.

      You can try to search for a online dictionary for 'financial terms' for a better & probably more detailed explanation.

      Good luck with your interview.

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      • #4
        Thanks girls!

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