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Korrespondenzkonto

English translation: correspondent account

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
German term or phrase:Korrespondenzkonto
English translation:correspondent account
Entered by: EdithK
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18:17 Aug 12, 2004
German to English translations [PRO]
Bus/Financial - Finance (general) / a type of bank account
German term or phrase: Korrespondenzkonto
Is this literally a "correspondence account"? If so, what is that? And if it isn't, is anybody the wiser? Deutsche Bank offers them, apparently
Alexandra Cox
Germany
Local time: 16:17
correspondent account
Explanation:
with a bank i.e. foreign bank with which a domestic bank is doing business on a continuous basis
Selected response from:

EdithK
Switzerland
Local time: 16:17
Grading comment
Hello, yes, thanks, "correspondent account" is certainly best in the context.
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +5correspondent account
EdithK
5 -2current account or giro account
Isabel Hohneck


Discussion entries: 1





  

Answers


9 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +5
correspondent account


Explanation:
with a bank i.e. foreign bank with which a domestic bank is doing business on a continuous basis

EdithK
Switzerland
Local time: 16:17
Specializes in field
Native speaker of: Native in GermanGerman, Native in EnglishEnglish
PRO pts in category: 180
Grading comment
Hello, yes, thanks, "correspondent account" is certainly best in the context.

Peer comments on this answer (and responses from the answerer)
agree  RobinB: Normally as part of a formal or informal network of banks in different countries; allows easier, faster and generally cheaper movement of funds across borders.
1 hr
  -> Thanks Roberg

agree  Ingrid Blank
8 hrs
  -> Thanks.

agree  Gisela Greenlee: but it doesn't mean that the banks are in different countries, they can even be in the same city. A lot of times the accounts are used for settlement purposes.
9 hrs
  -> Thanks, that's true.

agree  Steffen Walter
14 hrs

agree  Terry Moran: Spot on.
2 days16 hrs
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12 mins   confidence: Answerer confidence 5/5 peer agreement (net): -2
current account or giro account


Explanation:
Korrespondenzkonto is another term for Verrechnungkonto or Girokonto. It is used to settle the cash side of securities transactions. Securities and cash cannot be held in the same account.

Isabel Hohneck
Germany
Local time: 16:17
Specializes in field
Native speaker of: German
PRO pts in category: 20

Peer comments on this answer (and responses from the answerer)
disagree  RobinB: No it isn't, see Edith's answer and my comment.
1 hr

disagree  Terry Moran: I've certainly never come across it in that sense, but there are more things in heaven and earth ..
2 days16 hrs
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