MT 700 Swift Message Field Specifications

MT 700 is a type of swift message which is used by banks when issuing a letter of credit. It is sent by the issuing bank to the advising bank.

By
Ozgur Eker (CDCS)
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Swift is a provider of secure message platform for financial institutions mainly for banks.

Swift messages are being sent and received by banks in encrypted forms. As a result swift messages are accepted as a valid and reliable way of communication between banks.

For example, an issuing bank sends a swift message to an advising bank in order to inform issuance of a documentary credit. Similarly the advising bank sends its acknowledgement via a swift message.

Swift messages play a key role not only in letters of credit but also other payment methods in international trade such as cash in advance payment, documentary collections, open accounts and bank payment obligations.

What is MT 700 Issue of a Documentary Credit in Trade Finance?

MT 700 is a special swift message type that is used by issuing banks when issuing a letter of credit.

An issuing bank sends the terms and conditions of the documentary credit with a MT 700 Issue of a Documentary Credit swift message type.

MT 700 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).

On below table you can find detailed explanations of fields used under MT 700 swift messages.

You can reach a detailed page for each field by clicking the corresponding links.

What is MT 700 Swift Message?

You can find detailed information about the MT 700 and its sub-fields on this page.

MT 700 Issue of a Documentary Credit

StatusTagField Name
Status:
M		Tag:
27		Field Name:
Sequence of Total
Status:
M		Tag:
40A		Field Name:
Form of Documentary Credit
Status:
M		Tag:
20		Field Name:
Documentary Credit Number
Status:
O		Tag:
23		Field Name:
Reference to Pre-Advice
Status:
O		Tag:
31C		Field Name:
Date of Issue
Status:
M		Tag:
40E		Field Name:
Applicable Rules
Status:
M		Tag:
31D		Field Name:
Date and Place of Expiry
Status:
O		Tag:
51a		Field Name:
Applicant Bank
Status:
M		Tag:
50		Field Name:
Applicant
Status:
M		Tag:
59		Field Name:
Beneficiary
Status:
M		Tag:
32B		Field Name:
Currency Code, Amount
Status:
O		Tag:
39A		Field Name:
Percentage Credit Amount Tolerance
Status:
O		Tag:
39C		Field Name:
Additional Amounts Covered
Status:
M		Tag:
41a		Field Name:
Available With ... By ...
Status:
O		Tag:
42C		Field Name:
Drafts at ...
Status:
O		Tag:
42a		Field Name:
Drawee
Status:
O		Tag:
42M		Field Name:
Mixed Payment Details
Status:
O		Tag:
42P		Field Name:
Negotiation/Deferred Payment Details
Status:
O		Tag:
43P		Field Name:
Partial Shipments
Status:
O		Tag:
43T		Field Name:
Transshipment
Status:
O		Tag:
44A		Field Name:
Place of Taking in Charge/Dispatch from .../ Place of Receipt
Status:
O		Tag:
44E		Field Name:
Port of Loading/Airport of Departure
Status:
O		Tag:
44F		Field Name:
Port of Discharge/Airport of Destination
Status:
O		Tag:
44B		Field Name:
Place of Final Destination/For Transportation to.../ Place of Delivery
Status:
O		Tag:
44C		Field Name:
Latest Date of Shipment
Status:
O		Tag:
44D		Field Name:
Shipment Period
Status:
O		Tag:
45A		Field Name:
Description of Goods and/or Services
Status:
O		Tag:
46A		Field Name:
Documents Required
Status:
O		Tag:
47A		Field Name:
Additional Conditions
Status:
O		Tag:
71B		Field Name:
Charges
Status:
O		Tag:
48		Field Name:
Period for Presentation
Status:
M		Tag:
49		Field Name:
Confirmation Instructions
Status:
O		Tag:
53a		Field Name:
Reimbursing Bank
Status:
O		Tag:
78		Field Name:
Instructions to the Paying/Accepting/Negotiating Bank
Status:
O		Tag:
57a		Field Name:
'Advise Through' Bank
Status:
O		Tag:
72		Field Name:
Sender to Receiver Information
Status:
Tag:
Field Name:
O : Optinal           M : Mandatory

MT 700 Issue of a Documentary Credit Rules:

  • When the documentary credit message exceeds the maximum input message length, additional documentary credit information should be transmitted via one or more MT 701s. Up to three MT 701s may be sent in addition to the MT 700.
  • Unless otherwise specified, a documentary credit advised to the beneficiary or another advising bank based on a SWIFT message constitutes an operative credit instrument.
  • For freely negotiable documentary credits, if the Receiver does not further transmit the credit by MT 710, it must add sentences to the effect that:
  • The advice to the beneficiary must be presented at each negotiation.
  • The negotiating bank must note each negotiation on that advice.
  • To avoid misunderstandings, where possible, banks are to use Bank Identifier Codes rather than expressions such as ourselves ,yourselves ,us, or you.
  • The advising bank must advise a documentary credit, including all its details, in a way that is clear and unambiguous to the beneficiary.

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