Egypt accounts: Purpose of Payment details will be required for payments

Last updated: 6 April 2022

Starting 12 June, in line with the Central Bank of Egypt regulation, Purpose of Payment and/or Relationship details will be required for all outgoing domestic and cross-border payments submitted through HSBCnet and HSBCnet Mobile. This will also apply to payments initiated from HSBC Connect and SWIFTNet.

This requirement will apply to the following payment types:

1. Automated Clearing House (ACH) bulk payments
2. Domestic Priority Payments
3. Cross-border Priority Payments
4. Inter-account transfers

What this means for you

From 12 June 2022, any applicable payment sent from HSBC accounts in Egypt without a valid Purpose of Payment code and/or Relationship, may be delayed or rejected.

View full list of Purpose of Payment codes for your cross-border payments❯

To avoid any delays in sending payments, we recommend that you review and, if necessary, update payments that are debiting HSBC Egypt accounts to include valid Purpose of Payment codes and/or Relationship details for the following payment services:

• On-screen payments in HSBCnet:
  From 12 June 2022, you’ll need to include the Purpose of Payment code in the ‘Regulatory requirements’ section when creating an ACH, Priority Payment or Inter-account transfer. If the currency of the payment is not in EGP then the relationship detail is required under ‘Remittance information’.
• General or restricted templates:
  Review and update your payment templates and make sure they include a valid Purpose of Payment code by 12 June 2022. If the currency of the payment is not in EGP then the relationship detail is required under ‘Remittance information’.
• Standing instructions and forward-dated payments:
  Review and update your standing instructions or forward-dated payments before 12 June 2022 to make sure a valid Purpose of Payment code is included. If the currency of the payment is not in EGP then the relationship detail is required under ‘Remittance information’.
• File upload or HSBC Connect
  From 12 June 2022, your payment files uploaded using File upload or HSBC Connect must include a valid Purpose of Payment code.

How to include Purpose of Payment codes in your payments ❯

Find out more

If you have any questions, please contact your local HSBCnet Support Centre.