What is the meaning cot code for money transfer?

The victim is told that before they can receive a wire transfer of the large amount they’ve been promised they need to pay to have a “COT code” (which ostensibly stands for Cost Of Transfer) issued.

What is a cot fee?

The C.O.T. code stands for Cost of Transfer, which is allegedly needed to complete questionable international wire transfers, but please be wary, as this is most likely a scam.

What is RBI cot code?

We understand that you tried to make an online transfer of your award money into your local account but your operations was automatically stop as you are required to provide C.O.T code which is called Minimum cost of transfer differential & digital signature code of transfer.

What does cot mean in banking?

Zero Commission on Turnover
From Wikipedia, the free encyclopedia. Zero Commission on Turnover (COT), according to the Central Bank of Nigeria (CBN), is the removal of commission on all customer-induced debit transactions by Deposit Money Banks (DMBs) in the country.

Does bank charge for cot?

COT also known as Commission on turnover in simple term are charges a customer incurs for debit transactions (transaction involving withdrawals and/or operating cost to the bank) from his current account. The year is starting on a good note for the banking sector.

Is there a fee for a wire transfer?

Fees range from $0 to more than $40. Sending wire transfers can be an expensive way to move money from one bank account to another, with typical outgoing fees of $25 per transfer within the U.S. But if you’re sending a lot of money or need a transfer to happen quickly, it may be a good transfer option.

What is the full form of cot?

COT Full Form

Full Form	Category	Term
Customer-owned Tooling	Electronics	COT
Colombia Time	Time	COT
Carry Over Transactions	Accounts and Finance	COT
Change One Thing	Accounts and Finance	COT

What is cot in bank transaction?

Zero Commission on Turnover (COT), according to the Central Bank of Nigeria (CBN), is the removal of commission on all customer-induced debit transactions by Deposit Money Banks (DMBs) in the country.

What is the meaning cot code for money transfer? The victim is told that before they can receive a wire transfer of the large amount they’ve been promised they need to pay to have a “COT code” (which ostensibly stands for Cost Of Transfer) issued. What is a cot fee? The C.O.T. code stands for…