Payment Purpose Codes by Country
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Effective April 11, 2015, the ‘Payment Purpose’ field will be a new field for International - FX payments. Certain receiving countries may require this additional information to be included.
If you are initiating a payment to a foreign country, the central bank of the country may require a purpose to be included with your transaction in order for your payment to be accepted and processed.
If a payment purpose code is required but not provided, your payment may be delayed or rejected.
Be aware that your payment may still be delayed or returned for other reasons, such as additional information being required or requested by other parties, an intermediary bank’s processing of the information in the order, local declaration requirements by the beneficiary, and other reasons.
Certain countries have this requirement and you will need to provide the payment purpose for these countries when making the payment. There are two forms in which the payment purpose may be required.
Countries and currencies that require a designated purpose code are:
While a specific code is not needed, a purpose of payment must be provided with the payment, such as Salary, Vendor Payment, etc.
Countries and currencies that require a freeform payment purpose code are:
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