MT 700 Scope
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).
MT 700 Format Specifications
|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|
|O||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||39B||Maximum Credit Amount||13x||13|
|O||39C||Additional Amounts Covered||4*35x||14|
|M||41a||Available With … By …||A or D||15|
|O||42C||Drafts at …||3*35x||16|
|O||42a||Drawee||A or D||17|
|O||42M||Mixed Payment Details||4*35x||18|
|O||42P||Deferred Payment Details||4*35x||19|
|O||44A||Place of Taking in Charge/Dispatch from …/Place of Receipt||65x||22|
|O||44E||Port of Loading/Airport of Departure||65x||23|
|O||44F||Port of Discharge/Airport of Destination||65x||24|
|O||44B||Place of Final Destination/For Transportation to …/Place of Delivery||65x||25|
|O||44C||Latest Date of Shipment||6!n||26|
|O||45A||Description of Goods and/or Services||100*65x||28|
|O||48||Period for Presentation||4*35x||32|
|O||53a||Reimbursing Bank||A or D||34|
|O||78||Instructions to the Paying/Accepting/Negotiating Bank||12*65x||35|
|O||57a||‘Advise Through’ Bank||A, B, or D||36|
|O||72||Sender to Receiver Information||6*35x||37|
MT 700 Network Validated Rules
- C1 Either field 39A or 39B, but not both, may be present (Error code(s): D05).
- C2 When used, fields 42C and 42a must both be present (Error code(s): C90).
- C3 Either fields 42C and 42a together, or field 42M alone, or field 42P alone may be present. No other combination of these fields is allowed (Error code(s): C90).
- C4 Either field 44C or 44D, but not both, may be present (Error code(s): D06).
MT 700 Usage 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 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.