Field 50 Applicant in Letter of Credit (LC)

Field 50 Applicant

Last updated on April 22nd, 2021 at 09:13 am

F50: Applicant is a mandatory field in MT700 SWIFT message.

This field specifies the party on which request the LC is issued.

Actually, the buyer/importer’s name and address are mentioned here. If the address cannot be mentioned here due to space limitation, it can be mentioned in F47A (Additional Conditions).

Let’s see an example:

f50 applicant without address

In the F47A (Additional Conditions) the detailed address is then mentioned:

47a address

According to UCP600:

“Applicant means the party on whose request the credit is issued.”

The applicant submits necessary documents to the LC issuing bank for opening an LC. The LC issuing bank act as the grantor of the Applicant for the trade. So the applicant should have a proper arrangement with the bank for LC opening.

According to SWIFT:

Definition:

“This field specifies the party on behalf of which the documentary credit is being issued.”

Let’s see another example. Here you will see address and even phone number is mentioned:

f50 with address

If you have any thoughts you can share them with us.

Read also:  MT700 SWIFT Message in Documentary Credit

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