Payment Purpose Codes

for Foreign Exchange Funds Transfer

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.

Action Required

Payment Purpose Codes by Country

Payment Purpose Codes

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.

When Is a Payment Purpose Code Required?

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.

Designated Payment Purpose Codes

Countries and currencies that require a designated purpose code are:

  • United Arab Emirates – AED
  • Brunei – BND
  • China – CNY
  • Russia – RUB
  • Jordan – All Currencies

Free Form Payment Purpose Codes 

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:

  • Indonesia – IDR
  • India – INR
  • Philippines – PHP
  • Qatar – QAR
  • Thailand – THB
  • Zambia - ZMW

Contact Us

Our Treasury Management Client Care (TMCC) team is ready to support your transition to the new Information Reporting module. If you need more information or would like to speak to a representative, please contact:
(p) 1-800-669-1518

For further assistance, click on ‘Contact Us’ on the PINACLE Utility Bar.

Important Legal Disclosures & Information

PNC and PINACLE are registered marks of The PNC Financial Services Group, Inc (“PNC”).

Read a summary of privacy rights for California residents which outlines the types of information we collect, and how and why we use that information.