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What is NOSTRO Reconciliation?

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Question added by Humair Sayeed , Relationship Manager for Doha Bank, Home Remittances. , Allied Bank Limited
Date Posted: 2016/10/17
FURQAN MALIK
by FURQAN MALIK , General Accountant , Al Falah University

 NOSTRO Reconciliation is the reconciliation of foreign currency accounts held in another bank.

MUAZAM ALI
by MUAZAM ALI , AUDIT MANAGER , DOST MOHAMMAD STEEL

Reconciliation means to settle the internal account with external account

Zia Ullah Khan
by Zia Ullah Khan , AVP-Manager Card Operation (Settlement & Reconciliation unit) , United Bank Limited – UBL

A bank account other than local currency maintained by domestic bank in foreign country called NOSTRO account, this type of account normally used to facilitate international trade or transactions, generally in banking industry banks used this types of account for Visa & MasterCard settlements etc. whereas reconciliation is the process to verify or ensure that two set of account balances are matched and are as per agreement.  

Muhammad Jamil Khan
by Muhammad Jamil Khan , Junior Auditor (Part Time) , G.A Naqvi & Co.

To deal in the Foreign Exchange Market and transact in foreign currencies, banks maintain accounts with other banks globally. This is known as a Nostro Account.

Chirag Thakkar
by Chirag Thakkar , ASS.ACCOUNT MANAGER , M.RAVJI & CO//GUNJAN PAINTS LTD//UTI WORLDWIDE (INDIA) PVT LTD//NIPPON EXPRESS (INDIA) PVT LTD

Definition of reconciliation an accounting process used to compare two sets of records to ensure the figures are in agreement and are accurate reconciliation is the key process used to determine whether is money leaving an account matches the amount spent,ensuring the two are balance at the end of the recording period.

Joby Joshy Choondapurakkal
by Joby Joshy Choondapurakkal , Senior Fund Accountant , Notions Global Trading Co LLC

Bank has an account in other bank in out side country, we can call intermediate bank. these bank reconciliation we can call Nostro Reconciliation

Sandeep Garg
by Sandeep Garg , Executive Director , Sandeep S Garg & Associates

NOSTRO reconciliation is reconciliation of Foreign Currency account of Bank where funds are received/paid to other Banks in different currencies.

vijay Jain
by vijay Jain , Account Manager , KGK DV LLC

NOSTRO Reconciliation is for international bank Reconciliation with different currency.

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