First, they have been customer's of ours for years (prior to me coming on board and that has been almost 10 years). They frequently have incoming/outgoing international wires. I am not sure how they came to bank with us, I am not sure anyone knows that answer now due to staff turnover on our end and their end. But...anyway...
I have been given limited information (and trying to obtain more), but from what I can understand right now is that when the customer wants to purchase the Euros, we will wire the funds to the correspondent bank, the coorespondent bank will make the purchase and put the euros into an account that supports foreign dollars, in the customer's name. Again, I am trying to get more information but no one has really been forthcoming.
My concern is that while we aren't using a foreign correspondent bank, our coorespondent must be obtaining the Euros from a foreign bank. Should I be concerned with that?
Randy- I agree a red flag is that they are banking with us and asking for this service and not banking elsewhere where they can obtain this service more freely. But, like I said they have been customers for a long time. I am not sure I want to upset that apple cart, if you know what I mean.
_________________________
My opinion is mine only- not my employer's!