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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: UK Tax
Satisfied Customers: 4807
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I wanted to know when someone is going to transfer money

Customer Question

I wanted to know when someone is going to transfer money into my account ,why do i have to pay fee to get a C.O.T code
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: This is from Deutsche Bank in Malayijsia and a man i have known for one year has much Money he wants to send to me He is in Syria but his father had a judge pension he has to transfer to me
JA: Is there anything else important you think the Accountant should know?
Customer: If i cansend a Picture on the account information and you can see the transaction has been stopped caus i have to pay 11.500 usd Before i get the code
Submitted: 4 months ago.
Category: UK Tax
Expert:  taxadvisor.uk replied 4 months ago.

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.

Expert:  taxadvisor.uk replied 4 months ago.

Thank you for your question..

Please advise who has asked you for a C.O.T code..

Are you receiving the money in a UK bank account?

Many thanks

Customer: replied 4 months ago.
its in Deutsche bank in Malaysia
Customer: replied 4 months ago.
i live in SWEDEN
Customer: replied 4 months ago.
I HAVE OPENED A NEW ACCOUNT TO TRANSFER THISS MONEY iTS FROM A MAN I HAVE KNOWN FOR ONE YEAR AND HE WANTS TO TRANSFER THIS MONEY TO ME Everything WAS CLEAR YESTERDAY AND THE PROSESION BEGAN bUT THE TRANSACTION WAS STOPPED AFTER 32% CAUSS I MUST HAVE A COT CODE FIRST AND THAT I COULD ONLY GET IF I PAYED 11,500 USD IN FEE
Customer: replied 4 months ago.
I HAVVE A PICTURE ON THE TRANSACTION IF I CAN SEND IT
Expert:  taxadvisor.uk replied 4 months ago.

Please make sure it is not a scam.

First of all, international money transfers through banks are done by giving receiving bank's IBAN (international banking account number) etc..

There is no COT code as such.

I would be vary about divulging personal banking information and certainly paying USD11,500 in fee.

I hope this is helpful and answers your question.

If you have any other questions,please ask me before you rate my service – I’ll be happy to respond.

Please only rate my answer if it is acceptable.

Customer: replied 4 months ago.
BUT HOW CAN I KNOW FOR SURE ? AND DID YOU LOOK AT THE FILE I SENT YOU . ND IF THEY MAKE THIS IN OTHER WAYS IN MALAYIJSIA OR WHAT
Customer: replied 4 months ago.
BUT DONT I HAVE TO PAY A FEE FOR SO MUCH MONEY? AND DO YOU THINK ITS FALSE A SCAM?
Expert:  taxadvisor.uk replied 4 months ago.

Thank you for your reply.

I have looked at the image you sent..

The amount is USD 1,000,000.

If I were to transfer this sum from my account into yours neither of us would incur such a fee.

I am confident it is a scam.

I hope this is helpful.

Customer: replied 4 months ago.
I HAVE BEEN IN TOUCH WITH THE ACCOUNTMAN ON AFFINBANK AND HE SAID HE WAS IN TOUCH WITH DEUTSCHE BANK CAUSS AFFIN BANK IN KUALA LUMPUR COULDNT TRANSFER THIS AMOUNT
Expert:  taxadvisor.uk replied 4 months ago.

There is scam being operated at international level at mega scale..

My advice to you is be careful and cautious.

Many thanks

Expert:  taxadvisor.uk replied 4 months ago.

You may find a link to this article helpful

In order to perform an international bank transfer you have to provide the name of the receiving bank, the account number and the account holder, the SWIFT code and the IBAN number of the receiving bank. Such a transaction usually takes 5-7 workdays

https://www.justlanded.com/english/Malaysia/Malaysia-Guide/Money/Money-transfers

I hope this is helpful