Last updated on June 3rd, 2021 at 05:10 am
SWIFT is a secure message platform used by banks. There are various types of SWIFT messages used in different cases. Here we are discussing MT700 type SWIFT message.
MT700 SWIFT message is a type of message which is used by the LC issuing bank for issuing a Letter of Credit.
As per SWIFT:
This message is sent by the issuing bank to the advising bank.
It is used to indicate the terms and conditions of a documentary credit which has been originated
by the Sender (issuing bank).
There are other message types in Category 7 like MT701, MT705, MT760, etc. use for other purposes.
Here you can see above a Letter of credit issued by issuing bank and SWIFT type is mentioned.
In the MT 700 message, there are several fields where terms and conditions are mentioned in a letter of credit.
MT 700 Format Specifications
For standards MT November 2020
|M||27||Sequence of Total||1!n/1!n||1|
|M||40A||Form of Documentary Credit||24x||2|
|M||20||Documentary Credit Number||16x||3|
|O||23||Reference to Pre-Advice||16x||4|
|M||31C||Date of Issue||6!n||5|
|M||31D||Date and Place of Expiry||6!n29x||7|
|O||51a||Applicant Bank||A or D||8|
|M||32B||Currency Code, Amount||3!a15d||11|
|O||39A||Percentage Credit Amount Tolerance||2n/2n||12|
|O||39C||Additional Amounts Covered||4*35x||13|
|M||41a||Available With … By …||A or D||14|
|O||42C||Drafts at …||3*35x||15|
|O||42a||Drawee A or D||A or D||16|
|O||42M||Mixed Payment Details||4*35x||17|
|O||42P||Negotiation/Deferred Payment Details||4*35x||18|
|O||44A||Place of Taking in Charge/Dispatch from …/Place of Receipt||65x||21|
|O||44E||Port of Loading/Airport of Departure||65x||22|
|O||44F||Port of Discharge/Airport of Destination||65x||23|
|O||44B||Place of Final Destination/For Transportation to…/For place of delivery||65x||24|
|O||44C||Latest Date of Shipment||6!n||25|
|O||45A||Description of Goods and/or Services||100*65z||27|
|O||49G||Special Payment Conditions for Beneficiary||100*65z||30|
|O||49H||Special Payment Conditions for Bank Only||100*65z||
|O||48||Period for Presentation in Days||3n[/35x] 33||33|
|M||49||Confirmation Instructions||7!x 34||34|
|O||58a||Requested Confirmation Party||A or D 35||35|
|O||53a||Reimbursing Bank||A or D 36||36|
|O||78||Instructions to the Paying/Accepting/Negotiating bank||12*65x||37|
|O||57a||‘Advise Through’ Bank||A, B, or D||38|
|O||72Z||Sender to Receiver Information||6*35z||39|
M = Mandatory
O = Optional