Guide to using Correspondent Bank's Nostro/Vostro account details with International Remittances to India

Aditya Shrivastava

If you're planning to send an international transfer to a bank account in India, you would have invariably come across remittance instructions involving a foreign correspondent bank. Most banks in India (and abroad as well) would advise you to use a "Nostro" or "Vostro" account details when setting up your transfer.

Let's go over what it means, what you need to know about making the transfer, and how to save when sending money to India using Wise.

Demystifying Nostro & Vostro accounts

First, let's understand the terms:

  • A correspondent bank is a foreign partner bank that assists with international transfers.
  • A nostro account is an account held by a domestic bank at a foreign correspondent bank.
  • A vostro account is an account held by a foreign correspondent bank at a domestic bank.

The banks establish these specialized accounts to maintain a pool of funds in each other's currencies, enabling them to execute international transfers efficiently.

💡 For a deeper understanding of the concepts, check out our overview of Nostro/Vostro accounts and Correspondent banking with international transfers. 👉

Sending International Transfers to India Using Nostro/Vostro Accounts

Before sending an international transfer from your bank account abroad to an account in India, you will need to check the inward remittance instructions for the receiving bank in India.

Some banks directly accept international wire transfers, but most will advise you to use the nostro/vostro details at their correspondent bank account abroad. These details depend on the country you are sending the money from.

When you receive the nostro/vostro account details, you will find the SWIFT Code and account number to which you should send the international transfer. Additionally, you will need all the recipient's details to set up the transfer:

  • Full name that should match the name on the receiver's bank account.
  • Receiver's bank account number.
  • Receiver's address and contact number
  • SWIFT code for the international transfer.

Make a note of any additional instructions as advised by the receiving bank to avoid any issues with the transfers. With international transfers to India, you will need to explicitly mention the RBI Purpose Code for inward remittance to India.

Additional Tips for Smooth Transfers:

  • Verify Recipient Details: Double-check the recipient's information to avoid errors that could delay or complicate the transfer.

  • Consider Transfer Fees: Inquire about applicable transfer fees and factor them into your budget.

  • Understand Exchange Rates: Understand Exchange Rates: Be aware of the prevailing exchange rates and consider potential fluctuations during the transfer process. Currency conversion rates during international bank transfers are generally much higher than the mid-market rate you see on Google.

Meet Wise: a convenient alternative for sending money to India

Make international remittances to India easier with Wise, which uses smart tech to make international transfers safe, secure - and cheap. Wise can help you save with a transparent, low transfer fee and the mid-market exchange rate, which is the same as the one you see on Google.

avoid-big-transfer-costs

And if you're living abroad, check out the Wise multi-currency account available for residents living in supported countries. Enjoy an account as worldly as you are and spend just like a local when you travel abroad with a linked debit card, while also paying less in fees.

Business and Freelancers in India: Meet Wise Business

Wise Business Account provides businesses and freelancers in India with a convenient alternative to get paid from abroad. When you sign up for Wise Business Account, you get local account details in 8 foreign currencies. This means your international customers can pay you with a local transfer in those currencies.

Wise converts the received amount to INR at the mid-market rate and transfers it to your bank account in India - plus, you get the FIRC in your inbox. All this convenience comes with a transparent upfront fee without any hidden markups.

Get Started with Wise Business account 🚀


Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.

Cover photo by rupixen.com on Unsplash.


Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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