Currency Guide
COP – Colombian Peso
Overview COP is considered to be a restricted currency, which implies an inherent limitation to the tradability of this currency. Fund transfers in this currency are not allowed outside of Colombia.
Besides this limitation, this currency is considered to be complex: In most cases, the final beneficiaries will have to contact their local branch to release the funds, while in some cases, the beneficiaries might be required to sign documents to authorise the release of funds. This emphasises the importance of adding the beneficiary’s telephone numbers in the payment instructions.
Currency Guidelines Besides the standard information, the full name (written out in full, without initials, abbreviations or acronyms) and the physical full address and of the beneficiary are mandatory.
A clear reason / purpose of payment is mandatory and consists of a full written description (in English) of the nature of payment to be provided in the remittance information. For example: providing an invoice number without guiding text is considered as insufficient and can result in errors or delays.
Example: Payment of travel expenses – invoice n° 123456789
Additionally, it is mandatory to provide in the remittance information: • The beneficiary’s tax ID • The beneficiary’s telephone number • The beneficiary’s bank full address (exact branch location)
Payment formatting Information of the beneficiary
DATA NAME PRESENCE MT101 TAG XML V3 TAG
Name
September 2015 63 Currency Guide
Remittance information
DATA NAME PRESENCE MT101 TAG XML V3 TAG
REASON / PURPOSE OF PAYMENT
Telephone number OF THE BENEFICIARY MANDATORY 70
FULL ADDRESS (EXACT BRANCH LOCATION) OF THE BENEFICIARY BANK
Additional information • Available charge option: OUR/SHA/BEN • Central bank of Colombia: http://www.banrep.gov.co/ COP – Colombian Peso COP – Colombian
64 September 2015