{"id":27319,"date":"2021-04-22T09:11:31","date_gmt":"2021-04-22T09:11:31","guid":{"rendered":"https:\/\/scmwizard.com\/?p=27319"},"modified":"2024-04-16T11:09:21","modified_gmt":"2024-04-16T11:09:21","slug":"mt700-swift-message","status":"publish","type":"post","link":"https:\/\/scmwizard.com\/mt700-swift-message\/","title":{"rendered":"MT700 SWIFT Message in Documentary Credit"},"content":{"rendered":"
SWIFT<\/a> 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.<\/p>\n Not only in Letter of credit<\/a>, Open Account<\/a>, Standby LC<\/a>, Sending payments are also communicated through SWIFT messages by issuing banks and beneficiary banks.<\/p>\n MT700 SWIFT message is a type of message which is used by the LC issuing bank for issuing a Letter of Credit.<\/strong><\/p>\n <\/p>\n As per SWIFT:<\/strong><\/p>\n This message is sent by the issuing bank to the advising bank.<\/em><\/p>\n It is used to indicate the terms and conditions of a documentary credit which has been originated<\/em><\/p>\n by the Sender (issuing bank).<\/em>\u00a0<\/em><\/p><\/blockquote>\n There are other message types in Category 7 like MT701, MT705, MT760, etc. use for other purposes.<\/p>\n <\/p>\n Here you can see above a Letter of credit issued by issuing bank and SWIFT type is mentioned.<\/p>\n In the MT 700 message, there are several fields where terms and conditions are mentioned in a letter of credit.<\/p>\n For standards MT November 2020<\/p>\n 31<\/td>\n<\/tr>\n Here,<\/p>\n M = Mandatory<\/p>\n O = Optional<\/p>\n","protected":false},"excerpt":{"rendered":" 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 […]<\/a><\/p>\n","protected":false},"author":1,"featured_media":27326,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2856],"tags":[],"yoast_head":"\nMT 700 Format Specifications<\/h2>\n
\n\n
\n Status<\/strong><\/td>\n Tag<\/strong><\/td>\n Field Name<\/strong><\/td>\n Content\/Options<\/strong><\/td>\n No.<\/strong><\/td>\n<\/tr>\n \n M<\/td>\n 27<\/td>\n Sequence of Total<\/td>\n 1!n\/1!n<\/td>\n 1<\/em><\/td>\n<\/tr>\n \n M<\/td>\n 40A<\/td>\n Form of Documentary Credit<\/td>\n 24x<\/td>\n 2<\/em><\/td>\n<\/tr>\n \n M<\/td>\n 20<\/td>\n Documentary Credit Number<\/td>\n 16x<\/td>\n 3<\/em><\/td>\n<\/tr>\n \n O<\/td>\n 23<\/td>\n Reference to Pre-Advice<\/td>\n 16x<\/td>\n 4<\/em><\/td>\n<\/tr>\n \n M<\/td>\n 31C<\/td>\n Date of Issue<\/a><\/td>\n 6!n<\/td>\n 5<\/em><\/td>\n<\/tr>\n \n M<\/td>\n 40E<\/td>\n Applicable Rules<\/a><\/td>\n 30x[\/35x]<\/td>\n 6<\/td>\n<\/tr>\n \n M<\/td>\n 31D<\/td>\n Date and Place of Expiry<\/td>\n 6!n29x<\/td>\n 7<\/td>\n<\/tr>\n \n O<\/td>\n 51a<\/td>\n Applicant Bank<\/a><\/td>\n A or D<\/td>\n 8<\/td>\n<\/tr>\n \n M<\/td>\n 50<\/td>\n Applicant<\/a><\/td>\n 4*35x<\/td>\n 9<\/em><\/td>\n<\/tr>\n \n M<\/td>\n 59<\/td>\n Beneficiary<\/a><\/td>\n [\/34x]<\/td>\n 10<\/td>\n<\/tr>\n \n M<\/td>\n 32B<\/td>\n Currency Code, Amount<\/a><\/td>\n 3!a15d<\/td>\n 11<\/em><\/td>\n<\/tr>\n \n O<\/td>\n 39A<\/td>\n Percentage Credit Amount Tolerance<\/a><\/td>\n 2n\/2n<\/td>\n 12<\/em><\/td>\n<\/tr>\n \n O<\/td>\n 39C<\/td>\n Additional Amounts Covered<\/td>\n 4*35x<\/td>\n 13<\/em><\/td>\n<\/tr>\n \n M<\/td>\n 41a<\/td>\n Available With … By …<\/a><\/td>\n A or D<\/td>\n 14<\/em><\/td>\n<\/tr>\n \n O<\/td>\n 42C<\/td>\n Drafts at …<\/td>\n 3*35x<\/td>\n 15<\/em><\/td>\n<\/tr>\n \n O<\/td>\n 42a<\/td>\n Drawee A or D<\/td>\n A or D<\/td>\n 16<\/em><\/td>\n<\/tr>\n \n O<\/td>\n 42M<\/td>\n Mixed Payment Details<\/td>\n 4*35x<\/td>\n 17<\/em><\/td>\n<\/tr>\n \n O<\/td>\n 42P<\/td>\n Negotiation\/Deferred Payment Details<\/td>\n 4*35x<\/td>\n 18<\/em><\/td>\n<\/tr>\n \n O<\/td>\n 43P<\/td>\n Partial Shipments<\/a><\/td>\n 11x<\/td>\n 19<\/em><\/td>\n<\/tr>\n \n O<\/td>\n 43T<\/td>\n Transhipment<\/a><\/td>\n 11x<\/td>\n 20<\/em><\/td>\n<\/tr>\n \n O<\/td>\n 44A<\/td>\n Place of Taking in Charge\/Dispatch from …\/Place of Receipt<\/td>\n 65x<\/td>\n 21<\/td>\n<\/tr>\n \n O<\/td>\n 44E<\/td>\n Port of Loading\/Airport of Departure<\/td>\n 65x<\/td>\n 22<\/em><\/td>\n<\/tr>\n \n O<\/td>\n 44F<\/td>\n Port of Discharge\/Airport of Destination<\/td>\n 65x<\/td>\n 23<\/em><\/td>\n<\/tr>\n \n O<\/td>\n 44B<\/td>\n Place of Final Destination\/For Transportation to\u2026\/For place of delivery<\/td>\n 65x<\/td>\n 24<\/td>\n<\/tr>\n \n O<\/td>\n 44C<\/td>\n Latest Date of Shipment<\/a><\/td>\n 6!n<\/td>\n 25<\/td>\n<\/tr>\n \n O<\/td>\n 44D<\/td>\n Shipment Period<\/td>\n 6*65x<\/td>\n 26<\/em><\/td>\n<\/tr>\n \n O<\/td>\n 45A<\/td>\n Description of Goods and\/or Services<\/td>\n 100*65z<\/td>\n 27<\/em><\/td>\n<\/tr>\n \n O<\/td>\n 46A<\/td>\n \u00a0Documents Required<\/a><\/td>\n 100*65z<\/td>\n 28<\/em><\/td>\n<\/tr>\n \n O<\/td>\n 47A<\/td>\n Additional Conditions<\/a><\/td>\n 100*65z<\/td>\n 29<\/em><\/td>\n<\/tr>\n \n O<\/td>\n 49G<\/td>\n Special Payment Conditions for Beneficiary<\/td>\n 100*65z<\/td>\n 30<\/em><\/td>\n<\/tr>\n \n O<\/td>\n 49H<\/td>\n Special Payment Conditions for Bank Only<\/td>\n 100*65z<\/td>\n \u00a0<\/em><\/p>\n \n O<\/td>\n 71D<\/td>\n Charges<\/a><\/td>\n 6*35z<\/td>\n 32<\/em><\/td>\n<\/tr>\n \n O<\/td>\n 48<\/td>\n Period for Presentation in Days<\/a><\/td>\n 3n[\/35x] 33<\/em><\/td>\n 33<\/em><\/td>\n<\/tr>\n \n M<\/td>\n 49<\/td>\n Confirmation Instructions<\/a><\/td>\n 7!x 34<\/em><\/td>\n 34<\/em><\/td>\n<\/tr>\n \n O<\/td>\n 58a<\/td>\n Requested Confirmation Party<\/td>\n A or D 35<\/em><\/td>\n 35<\/em><\/td>\n<\/tr>\n \n O<\/td>\n 53a<\/td>\n Reimbursing Bank<\/td>\n A or D 36<\/em><\/td>\n 36<\/em><\/td>\n<\/tr>\n \n O<\/td>\n 78<\/td>\n Instructions to the Paying\/Accepting\/Negotiating bank<\/td>\n 12*65x<\/td>\n 37<\/td>\n<\/tr>\n \n O<\/td>\n 57a<\/td>\n ‘Advise Through’ Bank<\/a><\/td>\n A, B, or D<\/td>\n 38<\/td>\n<\/tr>\n \n O<\/td>\n 72Z<\/td>\n Sender to Receiver Information<\/td>\n 6*35z<\/td>\n 39<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n