There are various interpretations on the Internet. A number of those references suggest that a COT (Cost of Transfer?) code is often associated with questionable transactions involving Nigerian nationals and allegedly fraudulent transactions.|
If the UK bank is asking for this code, your best source for the answer to your question is that bank. Use caution when making international transfers, particularly if they involve persons with whom you don't have established business ties.
Published on BankingQuestions.com 3/26/07