{"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

\"MT700<\/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

\"DLC<\/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

MT 700 Format Specifications<\/h2>\n

For standards MT November 2020<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Status<\/strong><\/td>\nTag<\/strong><\/td>\nField Name<\/strong><\/td>\nContent\/Options<\/strong><\/td>\nNo.<\/strong><\/td>\n<\/tr>\n
M<\/td>\n27<\/td>\nSequence of Total<\/td>\n1!n\/1!n<\/td>\n1<\/em><\/td>\n<\/tr>\n
M<\/td>\n40A<\/td>\nForm of Documentary Credit<\/td>\n24x<\/td>\n2<\/em><\/td>\n<\/tr>\n
M<\/td>\n20<\/td>\nDocumentary Credit Number<\/td>\n16x<\/td>\n3<\/em><\/td>\n<\/tr>\n
O<\/td>\n23<\/td>\nReference to Pre-Advice<\/td>\n16x<\/td>\n4<\/em><\/td>\n<\/tr>\n
M<\/td>\n31C<\/td>\nDate of Issue<\/a><\/td>\n6!n<\/td>\n5<\/em><\/td>\n<\/tr>\n
M<\/td>\n40E<\/td>\nApplicable Rules<\/a><\/td>\n30x[\/35x]<\/td>\n6<\/td>\n<\/tr>\n
M<\/td>\n31D<\/td>\nDate and Place of Expiry<\/td>\n6!n29x<\/td>\n7<\/td>\n<\/tr>\n
O<\/td>\n51a<\/td>\nApplicant Bank<\/a><\/td>\nA or D<\/td>\n8<\/td>\n<\/tr>\n
M<\/td>\n50<\/td>\nApplicant<\/a><\/td>\n4*35x<\/td>\n9<\/em><\/td>\n<\/tr>\n
M<\/td>\n59<\/td>\nBeneficiary<\/a><\/td>\n[\/34x]<\/td>\n10<\/td>\n<\/tr>\n
M<\/td>\n32B<\/td>\nCurrency Code, Amount<\/a><\/td>\n3!a15d<\/td>\n11<\/em><\/td>\n<\/tr>\n
O<\/td>\n39A<\/td>\nPercentage Credit Amount Tolerance<\/a><\/td>\n2n\/2n<\/td>\n12<\/em><\/td>\n<\/tr>\n
O<\/td>\n39C<\/td>\nAdditional Amounts Covered<\/td>\n4*35x<\/td>\n13<\/em><\/td>\n<\/tr>\n
M<\/td>\n41a<\/td>\nAvailable With … By …<\/a><\/td>\nA or D<\/td>\n14<\/em><\/td>\n<\/tr>\n
O<\/td>\n42C<\/td>\nDrafts at …<\/td>\n3*35x<\/td>\n15<\/em><\/td>\n<\/tr>\n
O<\/td>\n42a<\/td>\nDrawee A or D<\/td>\nA or D<\/td>\n16<\/em><\/td>\n<\/tr>\n
O<\/td>\n42M<\/td>\nMixed Payment Details<\/td>\n4*35x<\/td>\n17<\/em><\/td>\n<\/tr>\n
O<\/td>\n42P<\/td>\nNegotiation\/Deferred Payment Details<\/td>\n4*35x<\/td>\n18<\/em><\/td>\n<\/tr>\n
O<\/td>\n43P<\/td>\nPartial Shipments<\/a><\/td>\n11x<\/td>\n19<\/em><\/td>\n<\/tr>\n
O<\/td>\n43T<\/td>\nTranshipment<\/a><\/td>\n11x<\/td>\n20<\/em><\/td>\n<\/tr>\n
O<\/td>\n44A<\/td>\nPlace of Taking in Charge\/Dispatch from …\/Place of Receipt<\/td>\n65x<\/td>\n21<\/td>\n<\/tr>\n
O<\/td>\n44E<\/td>\nPort of Loading\/Airport of Departure<\/td>\n65x<\/td>\n22<\/em><\/td>\n<\/tr>\n
O<\/td>\n44F<\/td>\nPort of Discharge\/Airport of Destination<\/td>\n65x<\/td>\n23<\/em><\/td>\n<\/tr>\n
O<\/td>\n44B<\/td>\nPlace of Final Destination\/For Transportation to\u2026\/For place of delivery<\/td>\n65x<\/td>\n24<\/td>\n<\/tr>\n
O<\/td>\n44C<\/td>\nLatest Date of Shipment<\/a><\/td>\n6!n<\/td>\n25<\/td>\n<\/tr>\n
O<\/td>\n44D<\/td>\nShipment Period<\/td>\n6*65x<\/td>\n26<\/em><\/td>\n<\/tr>\n
O<\/td>\n45A<\/td>\nDescription of Goods and\/or Services<\/td>\n100*65z<\/td>\n27<\/em><\/td>\n<\/tr>\n
O<\/td>\n46A<\/td>\n\u00a0Documents Required<\/a><\/td>\n100*65z<\/td>\n28<\/em><\/td>\n<\/tr>\n
O<\/td>\n47A<\/td>\nAdditional Conditions<\/a><\/td>\n100*65z<\/td>\n29<\/em><\/td>\n<\/tr>\n
O<\/td>\n49G<\/td>\nSpecial Payment Conditions for Beneficiary<\/td>\n100*65z<\/td>\n30<\/em><\/td>\n<\/tr>\n
O<\/td>\n49H<\/td>\nSpecial Payment Conditions for Bank Only<\/td>\n100*65z<\/td>\n\u00a0<\/em><\/p>\n

31<\/td>\n<\/tr>\n

O<\/td>\n71D<\/td>\nCharges<\/a><\/td>\n6*35z<\/td>\n32<\/em><\/td>\n<\/tr>\n
O<\/td>\n48<\/td>\nPeriod for Presentation in Days<\/a><\/td>\n3n[\/35x] 33<\/em><\/td>\n33<\/em><\/td>\n<\/tr>\n
M<\/td>\n49<\/td>\nConfirmation Instructions<\/a><\/td>\n7!x 34<\/em><\/td>\n34<\/em><\/td>\n<\/tr>\n
O<\/td>\n58a<\/td>\nRequested Confirmation Party<\/td>\nA or D 35<\/em><\/td>\n35<\/em><\/td>\n<\/tr>\n
O<\/td>\n53a<\/td>\nReimbursing Bank<\/td>\nA or D 36<\/em><\/td>\n36<\/em><\/td>\n<\/tr>\n
O<\/td>\n78<\/td>\nInstructions to the Paying\/Accepting\/Negotiating bank<\/td>\n12*65x<\/td>\n37<\/td>\n<\/tr>\n
O<\/td>\n57a<\/td>\n‘Advise Through’ Bank<\/a><\/td>\nA, B, or D<\/td>\n38<\/td>\n<\/tr>\n
O<\/td>\n72Z<\/td>\nSender to Receiver Information<\/td>\n6*35z<\/td>\n39<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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":"\nMT700 SWIFT Message in Documentary Credit - SCM Wizard<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scmwizard.com\/mt700-swift-message\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MT700 SWIFT Message in Documentary Credit - SCM Wizard\" \/>\n<meta property=\"og:description\" content=\"SWIFT is a secure message platform used by banks. 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