What is Field 41a: Available With … By …?
Field 41a: Available With … By … is a field in MT 700 swift message type that is used to identify the bank with which the credit is available (the place for presentation) and indicates of how the credit is available.
This is a mandatory field, which means that it must be stated in all of the letters of credit issued via MT 700 swift format.
This field identifies the bank with which the credit is available (the place for presentation) and an indication of how the credit is available.
FORMAT
- Option A : (Identifier Code BIC )
BY ACCEPTANCE
BY DEF PAYMENT
BY MIXED PYMT
BY NEGOTIATION
BY PAYMENT
- Option D : (Name and Address)
BY ACCEPTANCE
BY DEF PAYMENT
BY MIXED PYMT
BY NEGOTIATION
BY PAYMENT
MT 700
Field 41a: Available With … By … :
USAGE RULES
If the credit is to be freely negotiable by any bank, option D must be used with the phrase Any bank in … (city or country).
If the credit is to be freely negotiable by any bank anywhere in the world, an indication of country is not required.
When Code contains either BY DEF PAYMENT or BY MIXED PYMT, the specific details of the payment terms must be specified in field 42P and 42M respectively.
When Code contains BY PAYMENT, this should be understood to mean payment at sight.
For credits subject to eUCP:
- If presentation of both electronic records and paper documents is allowed, the place for presentation of the electronic records (ie, the electronic address to which presentation must be made) as well as the place for presentation of the paper documents must be specified in field 47A and not in this field.
- If presentation of only electronic records is allowed, the place for presentation of the electronic records (ie, the electronic address to which presentation must be made) must be specified in field 47A and not in this field.
