/benefres/ae//purpose Code
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FAQ
Purpose Codes are four letter codes which are carried across the payment chain, providing information to all users in the payments chain to indicate the reason a payment is being made.
PoP codes are uniform code list with three digit codes to determine the purpose of all incoming and outgoing transfers. Please note, if a valid Purpose of Payment code is not provided, your payment(s) may get rejected or delayed.
A purpose code is a code issued by a country's central bank that is required for successful cross-border transactions. The code is assigned to each transaction involving foreign currency and states the purpose for which the transaction is being made.
Options available include advertising fees, expense reimbursement, financial services, legal services, medical reimbursement, payroll, processing, trade related services, transaction between banks, transportation costs, travel related services personal and 'other'.
What is the Purpose Code? A purpose code is a code issued by a country's central bank that is required for successful cross-border transactions. The code is assigned to each transaction involving foreign currency and states the purpose for which the transaction is being made.
