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What are correspondent banks? How do I choose a correspondent bank?

Correspondent banks are banks that conduct transfers, calculations, and currency conversions on the basis of a correspondent agreement with another bank. Correspondent banks open special correspondent accounts to help them fulfill orders given to them by other banks. International banking law requires a correspondent bank (in the country of the transfer currency) to be used in international wire transfers.

For example, if you wish to transfer US dollars from Canada to Australia, a correspondent bank in the United States must be used.

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