International Translation Day 2017

Join ProZ.com/TV for a FREE event on September 26-27th celebrating International Translation Day! 50+ hours of content, Chat, Live Q&A & more. Join 1,000's of linguists from around the globe as ProZ.com/TV celebrates International Translation Day.

Click for Full Participation
KudoZ home » Russian to English » Law: Contract(s)

К/с

English translation: correspondent bank's account (корреспондентский счет)

Advertisement

Login or register (free and only takes a few minutes) to participate in this question.

You will also have access to many other tools and opportunities designed for those who have language-related jobs
(or are passionate about them). Participation is free and the site has a strict confidentiality policy.
17:30 Jun 30, 2004
Russian to English translations [PRO]
Bus/Financial - Law: Contract(s)
Russian term or phrase: К/с
К/с followed by a long number

It's in a list of numbers such as Swift code, currency account etc
Kajuco
United Kingdom
Local time: 14:54
English translation:correspondent bank's account (корреспондентский счет)
Explanation:
.

--------------------------------------------------
Note added at 4 mins (2004-06-30 17:34:49 GMT)
--------------------------------------------------

When Offshore (Overseas) Banks are Involved:

YOUR BANK > FEDERAL RESERVE > CORRESPONDENT BANK > RECEIVING BANK

When foreign banks are involved, funds are credited to the foreign bank\'s account in it\'s U.S. correspondent bank before being sent on to the overseas bank itself.

For example: Funds being transferred from Dallas to Nassau in the Bahamas will first be transferred to say, Chase Manhattan in New York. This means that the Nassau bank maintains an account at Chase in New York.

The funds are debited from the sender\'s account in the Dallas bank.

The Dallas bank forwards the funds to its Fed account with instructions to credit Chase\'s Fed account with the transfer amount.

The Federal Reserve notifies Chase of the credit to it\'s Fed account.

Chase debits it\'s Fed account for the transfer amount and credits the Nassau bank\'s reserve account at Chase.

Chase notifies the Nassau bank of the credit to its Chase reserve account.

The Nassau bank debits its Chase reserve account and credits the account of the receiving account holder.

This can take a couple of days, depending on the time the transfer was initiated, the difference in time zones, and bank holidays. However, once the funds have been credited to the correspondent bank\'s account at the Federal Reserve, there is no calling back the transaction. You will have to apply to the account holder to whom the funds were transferred in Nassau in order to have them sent back.

http://www.fraudaid.com/How-To-Deal-With-Having-Been-Conned/...

--------------------------------------------------
Note added at 7 mins (2004-06-30 17:38:18 GMT)
--------------------------------------------------

Можно также:

CORRESPONDENT ACCOUNT

This Certification should be completed by any foreign bank that maintains a correspondent account with any US bank or US broker-dealer in securities (a covered ...
www.ustreas.gov/press/releases/docs/appa.pdf
Selected response from:

Vladimir Pochinov
Russian Federation
Local time: 15:54
Grading comment
Thank you very much.
4 KudoZ points were awarded for this answer

Advertisement


Summary of answers provided
4 +3correspondent bank's account (корреспондентский счет)
Vladimir Pochinov


Discussion entries: 1





  

Answers


1 min   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +3
К/с
correspondent bank's account (корреспондентский счет)


Explanation:
.

--------------------------------------------------
Note added at 4 mins (2004-06-30 17:34:49 GMT)
--------------------------------------------------

When Offshore (Overseas) Banks are Involved:

YOUR BANK > FEDERAL RESERVE > CORRESPONDENT BANK > RECEIVING BANK

When foreign banks are involved, funds are credited to the foreign bank\'s account in it\'s U.S. correspondent bank before being sent on to the overseas bank itself.

For example: Funds being transferred from Dallas to Nassau in the Bahamas will first be transferred to say, Chase Manhattan in New York. This means that the Nassau bank maintains an account at Chase in New York.

The funds are debited from the sender\'s account in the Dallas bank.

The Dallas bank forwards the funds to its Fed account with instructions to credit Chase\'s Fed account with the transfer amount.

The Federal Reserve notifies Chase of the credit to it\'s Fed account.

Chase debits it\'s Fed account for the transfer amount and credits the Nassau bank\'s reserve account at Chase.

Chase notifies the Nassau bank of the credit to its Chase reserve account.

The Nassau bank debits its Chase reserve account and credits the account of the receiving account holder.

This can take a couple of days, depending on the time the transfer was initiated, the difference in time zones, and bank holidays. However, once the funds have been credited to the correspondent bank\'s account at the Federal Reserve, there is no calling back the transaction. You will have to apply to the account holder to whom the funds were transferred in Nassau in order to have them sent back.

http://www.fraudaid.com/How-To-Deal-With-Having-Been-Conned/...

--------------------------------------------------
Note added at 7 mins (2004-06-30 17:38:18 GMT)
--------------------------------------------------

Можно также:

CORRESPONDENT ACCOUNT

This Certification should be completed by any foreign bank that maintains a correspondent account with any US bank or US broker-dealer in securities (a covered ...
www.ustreas.gov/press/releases/docs/appa.pdf

Vladimir Pochinov
Russian Federation
Local time: 15:54
Specializes in field
Native speaker of: Native in RussianRussian
PRO pts in category: 135
Grading comment
Thank you very much.

Peer comments on this answer (and responses from the answerer)
agree  Andrey Belousov: No market!
2 mins

agree  nrabate
53 mins

agree  2rush
11 hrs
Login to enter a peer comment (or grade)




Return to KudoZ list


KudoZ™ translation help
The KudoZ network provides a framework for translators and others to assist each other with translations or explanations of terms and short phrases.



See also:



Term search
  • All of ProZ.com
  • Term search
  • Jobs
  • Forums
  • Multiple search