For customers with accounts in the UAE: mandatory Purpose of Payment codes for all domestic and international paymentsLast updated: 10 October 2017 Effective 1 January 2018, a valid Purpose of Payment code will be mandatory for all outward cross-border payments from accounts held with HSBC UAE. This update is in line with the Central Bank of UAE directive and further to our recent communication regarding Purpose of Payment requirements for domestic payments. A valid Purpose of Payment code is required in the appropriate field from 1 January 2018 or your payment will be rejected by the system. The full list of Purpose of Payment codes is available here > We are also removing the GDS (Goods Bought and Sold) Purpose of Payment code from the list of accepted codes effective 1 January 2018. If a valid Purpose of Payment code is not provided in the appropriate field (as per the below information), your transaction(s) will be rejected. Action required by 1 January 2018
Select here for details on how to include Purpose of Payment codes in your payments > We expect the Central Bank of UAE to announce additional changes regarding international payments in 2017/2018. We will advise you once we receive further notification from the Central Bank. For more information on Purpose of Payment requirements in the UAE, please contact your HSBC representative. |
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