Purpose of Payment Lookup Tool

Various countries require a purpose of payment (PoP) in order to justify each payment sent to the country (see Purpose of Payment Requirements). 

Not all countries accept the same codes, and some countries do not require any codes. There are two ways to find these codes and what they mean.

Attaching Instructions

You can find up-to-date purpose of payments codes on FXpert when you click the "i" next to purpose of payment. This is found on the page where you attach instructions to a contract, after selecting a template. Here you will find a list of codes and their descriptions. See images below for reference.

Purpose of Payment Lookup

Under the Tools tab, there is an option called Purpose of Payment Lookup. From this page, you can generate an up-to-date report that will provide the purpose of payment for each country selected. These reports are updated daily to ensure all codes are up-to-date.

Each country you selected will appear in the "Selected Countries" section. If you need to remove a countries from the list, simply click the red "x" next to the right of it. After all the countries desired are selected, click the "Download Report" button. This will download an excel sheet that provides the PoP codes and it's definition. Each country will have it's own sheet on the report. (Russia does require a "VO" before the code, this report will not show that so it will need to be manually added)

In the event that a country comes up blank (no data on sheet), then that country does not require any purpose of payment.

If you experience any issues with this process, please reach out to your Account Executive(s), Client Experience or contact mysupport@gpsfx.com.