Updated Requirements for International Payments
The international payments landscape is constantly changing, causing concern for clients who need certainty that their payments are not at risk of delay or return. To help navigate these changes, we have collected a number of country-specific changes that need your attention. Adhering to these requirements will reduce the chances that your payments are impacted.
General Requirements
Name and Address
When initiating international credit transfers, the minimum requirement is to provide the creditor name, creditor town/city, and the creditor country. However, we recommend that the full creditor address is provided in your payment instructions to reduce delays in processing by ING's network of branches and correspondents.
Payment Reason/Purpose of Payment
Many jurisdictions require the payment reason or purpose of payment to be provided to the national central bank for statistical purposes. Not providing a clear payment reason or purpose of payment can result in delays or rejection of payments.
Please follow below links to see recent country-specific updates.
Payments to Canada or payments denominated in Canadian Dollar (CAD)
Payments to the United Arab Emirates
Payments to the State of Qatar
Change to payments destined to Canada or in Canadian Dollar (CAD)
Amendments to Canadian anti-money laundering regulations
The Canadian Department of Finance has released its final amendments to certain regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, (collectively, the “Regulations”). The primary goal of the amended Regulations is to improve the effectiveness of Canada’s anti-money laundering and counter-terrorism financing regime, close gaps in the regime and improve alignment with international standards.
The amendments are scheduled to take effect on 1 June, 2021. From this date, all payments into Canada must include the full address of the beneficiary party. This is in addition to requirements already in place today:
| Mandatory information in payment instructions | |
|---|---|
Information related to the ordering customer - currently in place (Field 50 in SWIFT MT103) |
|
| Information related to the beneficiary – revised (Field 59 in SWIFT MT103) |
|
Action required
To ensure compliance with the amended Regulations and the efficient processing of your payments, accurate and complete mandatory beneficiary information must be included in all incoming EFTs, including SWIFT MT103 (or equivalent), as of the effective date.Action required
Payments to the United Arab Emirates
In line with international standards, the Central Bank of the United Arab Emirates (CBUAE) has the mandate for publishing the statistics from Balance of Payments (BoP) perspective. In order to achieve this, the existing payments data needs to be enhanced with Purpose of Payment Codes (PoP), to ensure the quality of the data for cross-border transactions and relevant flows. Accordingly, CBUAE has established a mandatory field in order to capture the (PoP) for all cross-border payments in a reliable and accurate way. This will facilitate collection of the required information directly from the customers of the banks and will account for all payments across borders involving residents of the UAE.
Action Required
The information required must be delivered in the following format:
“/BENEFRES/AE//<Purpose of Payment Code>/”
This information can be placed at the beginning of either the (unstructured) remittance information field or in the instructions for creditor agent field on the online channel.
For clients submitting ISO pain.001.001.0x files,
<InstrForCdtrAgt>
<InstrInf>/BENEFRES/AE//XXX/</InstrInf>
</InstrForCdtrAgt>
OR
<RmtInf>
<Ustrd>/BENEFRES/AE//XXX/</Ustrd>
</RmtInf>
where “XXX” should be replaced by the Purpose of Payment Code from below table.
When using the Unstructured Remittance Information option, other information may follow the final “/” of the above-mentioned text, up to the maximum allowed.
Code | Description |
ACM | Agency Commissions |
AES | Advance payment against EOS |
AFA | Receipts or payments from personal residents bank account or deposits abroad |
AFL | Receipts or payments from personal non-residents bank account in the UAE |
ALW | Allowance |
ATS | Air transport |
BON | Bonus |
CCP | Corporate Card Payments |
CEA | Equity and investment fund shares for the establishment of new company from |
CEL | Equity and investment fund shares for the establishment of new company in the |
CHC | Charitable Contributions (Charity and Aid) |
CIN | Commercial Investments |
COM | Commission |
COP | Compensation |
CRP | Credit Card Payment |
DCP | Debit Card Payments |
DIV | Dividend Payouts from FI |
DLA | Purchases and sales of foreign debt securities in not related companies – More |
DLF | Debt instruments intragroup loans, deposits foreign (above 10% share) |
DLL | Purchases and sales of securities issued by residents in not related companies – |
DOE | Dividends on equity not intragroup |
DSA | Purchases and sales of foreign debt securities in not related companies – Less |
DSF | Debt instruments intragroup foreign securities |
DSL | Purchases and sales of securities issued by residents in not related companies – |
EDU | Educational Support |
EMI | Equated Monthly Instalments |
EOS | End of Service / Final Settlement |
FAM | Family Support (Workers’ remittances) |
FDA | Financial derivatives foreign |
FDL | Financial derivatives in the UAE |
FIA | Investment fund shared foreign |
FIL | Investment fund shared in the UAE |
FIS | Financial services |
FSA | Equity other than investment fund shares in not related companies abroad |
FSL | Equity other than investment fund shares in not related companies in the UAE |
GDE | Goods sold (Exports in FOB value) |
GDI | Goods bought (Imports in CIF value) |
GMS | Processing repair and maintenance services on goods |
GOS | Government goods and services embassies etc |
GRI | Government related income taxes, tariffs, capital transfers, etc. |
IFS | Information services |
IGD | Dividends intragroup |
IGT | Inter-group transfers |
IID | Interest on debt intragroup |
INS | Insurance services |
IOD | Income on deposits |
IPC | Charges for the use of intellectual property royalties |
IPO | IPO Subscriptions |
IRP | INTEREST RATE SWAP PAYMENTS |
IRW | INTERST RATE UNWIND PAYMENTS |
ISH | Income on investment funds shares |
ISL | Interest on securities more than a year |
ISS | Interest on securities less than a year |
ITS | Computer services |
LAS | Leave Salary |
LDL | Debt instruments intragroup loans, deposits in the UAE (above 10% shares) |
LDS | Debt instruments intragroup securities in the UAE |
LEA | Leasing abroad |
LEL | Leasing in the UAE |
LIP | Loan Interest Payments |
LLA | Loans - Drawings or Repayments on loans extended to nonresidents – Long-term |
LLL | Loans - Drawings or Repayments on foreign loans extended to residents – Long-term |
LNC | Loan Charges |
LND | Loan Disbursements from FI |
MCR | Monetary Claim Reimbursements |
MWI | MOBILE WALLET CARD CASH-IN |
MWO | MOBILE WALLET CARD CASH-OUT |
MWP | MOBILE WALLET CARD PAYMENTS |
OAT | OWN ACCOUNT TRNSFER |
OTS | Other modes of transport (INCLUDING Postal and courier services) |
OVT | Overtime |
PEN | Pension |
PIN | Personal Investments |
PIP | Profits on Islamic products |
PMS | Professional and management consulting services |
POR | Refunds / Reversals on IPO subscriptions |
POS | POS Merchant Settlement |
PPA | Purchase of real estate abroad from residents |
PPL | Purchase of real estate in the UAE from non-residents |
PRP | PROFIT RATE SWAP PAYMENTS |
PRR | Profits or rents on real estate |
PRS | Personal, cultural, audiovisual and recreational services |
PRW | PROFIT RATE UNWIND PAYMENTS |
RDA | Reverse debt instruments abroad |
RDL | Reverse debt instruments in the UAE |
RDS | Research and development services |
REA | Reverse equity share abroad |
REL | Reverse equity share in the UAE |
RFS | Repos on foreign securities |
RLS | Repos on securities issued by residents |
RNT | Rent Payments |
SAA | Salary Advance |
SAL | Salary (Compensation of employees) |
SCO | Construction |
SLA | Loans - Drawings or Repayments on loans extended to nonresidents – Short-term |
SLL | Loans - Drawings or Repayments on foreign loans extended to residents – Short-term |
STR | Travel |
STS | Sea transport |
SVI | STORED VALUE CARD CASH‐IN |
SVO | STORED VALUE CARD CASH‐OUT |
SVP | STORED VALUE CARD PAYMENTS |
TCP | Trade credits and advances payable |
TCR | Trade credits and advances receivable |
TCS | Telecommunication services |
TKT | Tickets |
TOF | Transfer of funds between persons Normal and Juridical |
TTS | Technical, trade‐related and other business services |
UFP | Unclaimed Funds Placement |
UTL | Utility Bill Payments |
TAX | Tax Payment |
XAT | Tax Refund |
Payments to the State of Qatar
The Qatar Central Bank has mandated the below purpose of payment codes for all inward payments to beneficiaries in Qatar. Please include the codes in your payment instructions with immediate effect.
The purpose of payment code is expected in the first five positions of the remittance information line, followed by mandatory descriptive payment details.
Ex. <ustrd>A6C15 Transfer to own account</ustrd>
| Code | Purpose of Payment Narration |
| A1A01 | Value of export bills negotiated/purchased/discounted etc |
| A1A02 | Realization of export bills (in respect of goods) sent on collection (full invoice value) |
| A1A03 | Advance receipts against export contracts (export of goods only) |
| A2A04 | Freight on exports-shipping companies |
| A2A10 | Freight on exports-airlines companies |
| A2A01 | Inward remittance on account of surplus freight/passenger fare by Qatari shipping companies operating abroad |
| A2A02 | Operating expenses of foreign shipping companies operating in Qatar |
| A2A05 | Receipt towards operational leasing (with crew) shipping companies |
| A2A07 | Inward remittance of surplus freight/passenger fare by Qatari airlines companies operating abroad |
| A2A08 | Receipts on account of operating expenses of foreign airlines companies operating in Qatar |
| A2A11 | Receipts towards operational leasing (with crew) airlines companies |
| A2A13 | Receipts towards other transportation services (stevedoring demurrage port handling charges etc |
| A2B01 | Inward remittance towards business travel includes purchases of foreign tcs,currency notes etc. Over the counter by hotels,hospitals,emporium |
| A2B08 | Fc surrendered by the returning Qatari resident tourists |
| A2C01 | Receipts on account of life insurance premium |
| A2C02 | Receipts on account of freight insurance relating to import & export goods |
| A2C03 | Receipts of other general insurance premium |
| A2C04 | Receipts on account of reinsurance premium |
| A2C05 | Receipts on account of auxiliary services (commission on insurance) |
| A2C06 | Receipts on account of settlement of claims |
| A2D01 | Inward remittance towards meeting the cost of construction of projects in Qatar |
| A2E01 | Receipts on account of hardware consultancy |
| A2E02 | Receipts on account of software implementation |
| A2E03 | Receipts on account of database data processing charges |
| A2E04 | Receipts on account of repair and maintenance of computer and software |
| A2E05 | Receipts on account of provision of news agency services |
| A2E06 | Receipts on account of other information services-subscription to newspapers, periodicals etc. |
| A2F01 | Receipts on account of financial intermediation except investment banking-bank charges, collection charges,lc charges, cancellation of forward |
| A2F02 | Receipts on account of investment banking services-brokerage, under writing commission etc |
| A2F03 | Receipts on account of auxiliary financial services-charges on operation & regulatory fees, custodial services, depository services etc |
| A2G01 | Inward remittance received for maintenance of foreign embassies in Qatar |
| A2G03 | Inward remittance for maintenance of offices of international institutions (such as imf,ibrd (world bank),unicef,unesco,who etc) in Qatar |
| A2G07 | incoming remittances on account of government services |
| A2H01 | Receipts for audio-visual and related services services and associated fees related to production of motion pictures,rentals,fees received b |
| A2H02 | Receipts towards personal cultural services such as those related to museums libraries archives and sporting activities also includes fees |
| A2J01 | Merchanting services - net receipt (from sale & purchase of goods without crossing the border) |
| A2J02 | Trade related services - commission on exports/imports |
| A2J03 | Receipts towards dry operational leasing services (other than financial leasing and without operating crew) including charter hire |
| A2J04 | Receipts towards legal services |
| A2J05 | Receipts for providing accounting,auditing,book keeping and tax consulting services |
| A2J06 | Receipts for provision of business and management consultancy and public relations services |
| A2J07 | Receipts for advertising, trade fair, market research and public opinion polling service |
| A2J08 | Receipts towards research & development services |
| A2J09 | Receipts for providing architectural engineering and other technical services |
| A2J10 | Receipts for agricultural, mining and onsite processing services protection against insects & disease, increasing of harvest yields, forestry s |
| A2J11 | Inward remittance for maintenance of offices in Qatar |
| A2J12 | Inward remit. Towards distribution services |
| A2J13 | Inward remit. Towards environmental services |
| A2J19 | Receipts for other services not included elsewhere |
| A2K01 | Receipts on account of settlement of claims for postal services |
| A2K02 | Receipts on account of settlement of claims for courier services |
| A2K03 | Receipts on account of settlement of claims for telecommunication services |
| A2R01 | Receipts on account of franchises services-use of patents, copy right trade marks, industrial processes, franchises etc. |
| A2R02 | Receipts for use through licensing arrangements of produced originals or prototypes (such as manuscripts and films) |
| A3A03 | Inwards remittance towards interest on loans extended to non residents (st/mt/lt loans) |
| A3A04 | Inwards remittance of interest on debt securities debentures/bonds/frns etc |
| A3A05 | Inwards remittance towards interest receipts of ads on their own account (on investments) |
| A3A06 | Remittance towards repatriation of profits to Qatar |
| A3A07 | Remittance towards receipt of dividends by Qatari residents |
| A4A01 | Inward remittance from the Qatari non residents towards family maintenance and savings |
| A4B02 | Inward remittance towards personal gifts and donations |
| A4B03 | Donations to religious & charitable institutions in Qatar |
| A4B04 | Inward remittance towards grants and donations to government and charitable institution established by the governments |
| A4B06 | Receipts towards receipts/refund of taxes |
| A4B07 | Compensation of employees (short term) |
| A5A17 | Purchases towards sale of intangible assets (patents,copyrights,trade marks etc.) By Qatari companies |
| A6A03 | Repatriation of Qatari investment abroad in branches |
| A6A04 | Repatriation of Qatari investment abroad in subsidiaries & associates |
| A6A05 | Repatriation of Qatari investment abroad in real estate |
| A6A06 | Foreign direct investment in Qatar in equity |
| A6A07 | Foreign direct investment in Qatar in debt securities including debt funds |
| A6A08 | Foreign direct investment in Qatar in real estate |
| A6B01 | Repatriation of Qatari investment abroad in equity capital (shares) |
| A6B02 | Repatriation of Qatari investment abroad in debt securities |
| A6B09 | Foreign portfolio investment in Qatar in equity shares |
| A6B10 | Foreign portfolio investment in Qatar in debt securities incl. Debt funds |
| A6C11 | Repayment of loans extended to non-residents |
| A6C12 | Loans from non-residents to Qatar |
| A6C13 | Short-term loans with original maturity up to 1 year from non-residents to Qatar |
| A6C14 | Receipts on account of non-residents deposits |
| A6C15 | Receipts from bank own account abroad |
| A6C18 | Other capital receipts (not included else where) |
| A7A01 | Refund/rebates on account of imports |
| A7B02 | Reversal of wrong entries refunds of amount remitted for non-imports |
| A7C03 | Receipts by residents from residents |