I have no idea what a correspondent account is. But going by my existence with bank accounts, you only need the account number and other details for national transactions.
does any one here know anything regarding banking? my question is if a person is paying money to a bank account present in the same country is it required to use a correspondent account or you simply use the account number of the bank in your country? or correspondent bank accounts are used when transferring money internationally?
Hey Ahmed. From what I know, you simply need to know the account number and some unique number for the bank (routing number, ABA, etc.). Only when you get to international transactions with currency exchanges do things seem to get more complicated (and expensive) here.
I have no idea what a correspondent account is. But going by my existence with bank accounts, you only need the account number and other details for national transactions.
Hey Ahmed. From what I know, you simply need to know the account number and some unique number for the bank (routing number, ABA, etc.). Only when you get to international transactions with currency exchanges do things seem to get more complicated (and expensive) here.