MT 700 Issue of a Documentary Credit

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

StatusTagField NameContent/OptionsNo.
M27Sequence of Total1!n/1!n1
M40AForm of Documentary Credit24x2
M20Documentary Credit Number16x3
O23Reference to Pre-Advice16x4
O31CDate of Issue6!n5
M40EApplicable Rules30x[/35x]6
M31DDate and Place of Expiry6!n29x7
O51aApplicant BankA or D8
M50Applicant4*35x9
M59Beneficiary[/34x]
4*35x
10
M32BCurrency Code, Amount3!a15d11
O39APercentage Credit Amount Tolerance2n/2n12
O39BMaximum Credit Amount13x13
O39CAdditional Amounts Covered4*35x14
M41aAvailable With … By …A or D15
O42CDrafts at …3*35x16
O42aDraweeA or D17
O42MMixed Payment Details4*35x18
O42PDeferred Payment Details4*35x19
O43PPartial Shipments35x20
O43TTransshipment35x21
O44APlace of Taking in Charge/Dispatch from …/Place of Receipt65x22
O44EPort of Loading/Airport of Departure65x23
O44FPort of Discharge/Airport of Destination65x24
O44BPlace of Final Destination/For Transportation to …/Place of Delivery65x25
O44CLatest Date of Shipment6!n26
O44DShipment Period6*65x27
O45ADescription of Goods and/or Services100*65x28
O46ADocuments Required100*65x29
O47AAdditional Conditions100*65x30
O71BCharges6*35x31
O48Period for Presentation4*35x32
M49Confirmation Instructions7!x33
O53aReimbursing BankA or D34
O78Instructions to the Paying/Accepting/Negotiating Bank12*65x35
O57a‘Advise Through’ BankA, B, or D36
O72Sender to Receiver Information6*35x37

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 ourselvesyourselvesus, 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.

SWIFT Documentation
Created: 23-May-2016