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I want to know my C.O.T code for money transfers from cayman…

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I want to know my...
I want to know my C.O.T code for money transfers from cayman islands to UK
Submitted: 8 months ago.Category: Tax
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Customer reply replied 8 months ago
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Customer reply replied 8 months ago
I have opened an account in cayman islands Tower Capital Bank. I have been advised that I need a COT code to make transfers but I have never heard of this and the bank are not responding to my request
Customer reply replied 8 months ago
I also want to know if a transfer to my uk account is traceable. I actually need some advice on all
Answered in 1 hour by:
9/16/2017
Tax Professional: Barbara, Enrolled Agent replied 8 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,992
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

COT (Cost of Transfer) codes are usually associated with wire fraud in many circumstances.

Generally you need to have the routing number or code, name and account number of the sending and receiving banks in order to send/receive funds.

There is no COT code for legitimate wire transfers.

Contact your UK bank for further guidance.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 8 months ago
even if it a legal transfer do I still need a cot code
Customer reply replied 8 months ago
why is a cot ode needed
Tax Professional: Barbara, Enrolled Agent replied 8 months ago

There is no COT code. As I mentioned, a request for a COT code is usually associated with fraud.

Your UK bank should be able to provide assistance in dealing with the Cayman Islands bank.

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Tax Professional: Barbara, Enrolled Agent replied 8 months ago

Just following up with you to see if you have any other questions or concerns. If so, please let me know so I can continue to help you.

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Barbara
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