Correspondent banks are used to facilitate cross-border international funds transfers with respect to your iSTOX account.
For USD deposit requests, a correspondent bank for DBS is provided as part of the banking details (also known as a remitting bank). The correspondent bank may convert your funds into USD at an exchange rate determined by the correspondent bank and then transfers the funds to your iSTOX account.
Please note that the final USD amount you receive may be different from your deposit request due to correspondent bank charges.
For USD withdrawal requests, a correspondent bank may be involved in the transfer of the USD funds out of your iSTOX account.