MT700 Fields for Letter of Credit
MT700: MT 700 Swift message is sent by the Issuing bank to the Advising bank when issuing a Letter of Credit.
Select a Field from the Dropdown box below
to see its corresponding Status, Field Name, Definition and Description
Field Tag: 27
STATUS: Mandatory
FIELD NAME: Sequence of Total
DEFINITION: This field specifies the number of this message in the series of messages sent for a documentary credit (L/C), and the total number of messages in the series.
DESCRIPTION: Written as 1/1 etc..
Field Tag: 40A
STATUS: MANDATORY
FIELD NAME: Form of Documentary Credit
DEFINITION: This field specifies the type of credit.
DESCRIPTION:
One of the following codes must be used:
IRREVOCABLE The documentary credit is irrevocable.
REVOCABLE The documentary credit is revocable.
IRREVOCABLE TRANSFERABLE The documentary credit is irrevocable and transferable.
REVOCABLE TRANSFERABLE The documentary credit is revocable and transferable.
IRREVOCABLE STANDBY The standby letter of credit is irrevocable.
REVOCABLE STANDBY The standby letter of credit is revocable.
IRREVOC TRANS STANDBY The standby letter of credit is irrevocable and transferable.
USAGE RULES: Details of any special conditions applying to the transferability of the credit and/or the bank authorised to transfer the credit in a freely negotiable credit should be included in field 47A Additional Conditions.
Field Tag: 20
STATUS: MANDATORY
FIELD NAME: Documentary Credit Number (L/C Number)
DEFINITION: This field specifies the documentary credit number which has been assigned by the Sender.
DESCRIPTION:
This is the L/C number
Field Tag: 23
STATUS: OPTIONAL
FIELD NAME: Reference to Pre-Advice
DEFINITION: This field specifies if the documentary credit has been pre-advised.
DESCRIPTION:
This field must contain the code PREADV followed by a slash ’/’ and a reference to the pre-advice, eg, by date
Field Tag: 31C
STATUS: OPTIONAL
FIELD NAME: Date of Issue
DEFINITION: This field specifies the date on which the issuing bank (Sender) considers the documentary credit as being issued.
DESCRIPTION:
Date must contain a valid date expressed as YYMMDD
USAGE RULES: The absence of this field implies that the date of issue is the date this message is sent
Field Tag: 40E
STATUS: MANDATORY
FIELD NAME: Applicable Rules
DEFINITION:This field specifies the rules the credit is subject to.
DESCRIPTION:
One of the following codes must be used:
EUCP LATEST VERSION
EUCPURR LATEST VERSION
ISP LATEST VERSION
UCP LATEST VERSION
UCPURR LATEST VERSION
OTHR (any Other Rule(s))
Field Tag: 31D
STATUS: MANDATORY
FIELD NAME: Date and Place of Expiry
DEFINITION: This field specifies the latest date for presentation under the documentary credit and the place where documents may be presented.
DESCRIPTION:
Date must contain a valid date expressed as YYMMDD
Field Tag: 51A
STATUS: OPTIONAL
FIELD NAME: Applicant Bank
DEFINITION: This field specifies the bank of the applicant customer, if different from the issuing bank.
DESCRIPTION:
Field Tag: 50
STATUS: MANDATORY
FIELD NAME: Applicant
DEFINITION: This field specifies the party on behalf of which the documentary credit is being issued.
DESCRIPTION:
Field Tag: 59
STATUS: MANDATORY
FIELD NAME: Beneficiary
DEFINITION: This field specifies the party in favour of which the documentary credit is being issued,
DESCRIPTION:
Field Tag: 32B
STATUS: MANDATORY
FIELD NAME: Currency Code, Amount
DEFINITION: This field contains the currency code and amount of the documentary credit.
DESCRIPTION:
Currency must be a valid ISO 4217 currency code
USAGE RULES: Special information relative to the amount of the credit must be specified in field 39A Percentage Credit Amount Tolerance, field 39B Maximum Credit Amount or field 39C Additional Amounts Covered.
Field Tag: 39A
STATUS: OPTIONAL
FIELD NAME: Percentage Credit Amount Tolerance
DEFINITION: This field specifies the tolerance relative to the documentary credit amount as a percentage plus and/or minus that amount.
(**See Condition 1)
DESCRIPTION:
Written as: (Tolerance 1) (Tolerance 2)
USAGE RULES Tolerance 1 specifies a positive tolerance, the Tolerance 2 specifies a negative tolerance.
**Condition 1: Either field 39A or 39B, but not both, may be present
Field Tag: 39B
STATUS: OPTIONAL
FIELD NAME: Maximum Credit Amount
DEFINITION:
This field further qualifies the documentary credit amount.
(**See Condition 1)
DESCRIPTION:
The following code must be used: “NOT EXCEEDING” This qualifies the documentary credit amount.
**Condition 1:
- Either field 39A or 39B, but not both, may be present
Field Tag: 39C
STATUS: OPTIONAL
FIELD NAME: Additional Amounts Covered
DEFINITION: This field specifies any additional amounts available to the beneficiary under the terms of the credit, such as insurance, freight, interest, etc.
DESCRIPTION:
Field Tag: 41A
STATUS: MANDATORY
FIELD NAME: Available With ... By ...
DEFINITION: This field identifies the bank with which the credit is available (the place for presentation) and an indication of how the credit is available.
DESCRIPTION:
CODES Code must contain one of the following codes:
BY ACCEPTANCE
BY DEF PAYMENT
BY MIXED PYMT
BY NEGOTIATION
BY PAYMENT
USAGE RULES: 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. If the credit is to be freely negotiable by any bank, 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.
Note:
"BIC" BANK IDENTIFIER CODE...The SWIFT Code of the "Available with" Bank may be given in this field
Field Tag: 42C
STATUS: OPTIONAL
FIELD NAME: Drafts at ...
DEFINITION: This field specifies the tenor of drafts to be drawn under the documentary credit.
(**See Condition 2&3)
DESCRIPTION:
Note:
**Condition 2: When used, fields 42C and 42a must both be present
**Condition 3: 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
Field Tag: 42A
STATUS: OPTIONAL
FIELD NAME: Drawee
DEFINITION: This field identifies the drawee of the drafts to be drawn under the documentary credit.
(**See Condition 2&3)
DESCRIPTION:
USAGE RULES: The drawee must be a bank. If drafts on the applicant are required, they are to be listed as documents in field 46A.
Note:
**Condition 2: When used, fields 42C and 42a must both be present
**Condition 3: 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
Field Tag: 42M
STATUS: OPTIONAL
FIELD NAME: Mixed Payment Details
DEFINITION: This field specifies the payment dates, amounts and/or method for their determination in a documentary credit which is available by mixed payment.
(**See Condition 3)
DESCRIPTION:
Note:
**Condition 3: 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
Field Tag: 42P
STATUS: OPTIONAL
FIELD NAME: Deferred Payment Details
DEFINITION:
This field specifies the payment date or method for its determination in a documentary credit which is available by deferred payment only.
(**See Condition 3)
DESCRIPTION:
Note:
**Condition 3: 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
Field Tag: 43P
STATUS: OPTIONAL
FIELD NAME: Partial Shipments
DEFINITION: This field specifies whether or not partial shipments are allowed under the documentary credit.
DESCRIPTION:
Field Tag: 43T
STATUS: OPTIONAL
FIELD NAME: Transshipment
DEFINITION: This field specifies whether or not transhipment is allowed under the documentary credit.
DESCRIPTION:
Field Tag: 44A
STATUS: OPTIONAL
FIELD NAME: Place of Taking in Charge/Dispatch from .../ Place of Receipt
DEFINITION: This field specifies the place of taking in charge (in case of a multimodal transport document), the place of receipt (in case of a road, rail or inland waterway transport document or a courier or expedited delivery service document), the place of dispatch or the place of shipment to be indicated on the transport document.
DESCRIPTION:
Field Tag: 44E
STATUS: OPTIONAL
FIELD NAME: Port of Loading/Airport of Departure
DEFINITION: This field specifies the port of loading or airport of departure to be indicated on the transport document.
DESCRIPTION:
Field Tag: 44F
STATUS: OPTIONAL
FIELD NAME: Port of Discharge/Airport of Destination
DEFINITION: This field specifies the port of discharge or airport of destination to be indicated on the transport document.
DESCRIPTION:
Field Tag: 44B
STATUS: OPTIONAL
FIELD NAME: Port of Final Destination/For Transportation to.../Place of Delivery
DEFINITION: This field specifies the final destination or place of delivery to be indicated on the transport document.
DESCRIPTION:
Field Tag: 44C
STATUS: OPTIONAL
FIELD NAME: Latest Date of Shipment
DEFINITION:
This field specifies the latest date for loading on board/ dispatch/ taking in charge.
(**See Condition 4)
DESCRIPTION:
Date must be a valid date expressed as YYMMDD
**Condition 4: Either field 44C or 44D, but not both, may be present
Field Tag: 44D
STATUS: OPTIONAL
FIELD NAME: Shipment Period
DEFINITION: This field specifies the period of time during which the goods are to be loaded on board/despatched/taken in charge.
(**See Condition 4)
DESCRIPTION:
**Condition 4: Either field 44C or 44D, but not both, may be present
Field Tag: 45A
STATUS: OPTIONAL
FIELD NAME: Description of Goods and/or Services
DEFINITION: This field contains a description of the goods and/or services.
DESCRIPTION:
USAGE RULES: Terms such as FOB, CIF, etc. should be specified in this field. To cater for lengthy documentary credits, up to three MT 701s may be sent in addition to an MT 700. However, field 45a may appear in only one message, ie, either in the MT 700 or in one MT 701.
Field Tag: 46A
STATUS: OPTIONAL
FIELD NAME: Documents Required
DEFINITION: This field contains a description of any documents required
DESCRIPTION:
USAGE RULES: When the ultimate date of issue of a transport document is specified, it is to be specified with the relative document in this field. For credits subject to eUCP, the format in which electronic records are to be presented must be specified in this field.
To cater for lengthy documentary credits, up to three MT 701s may be sent in addition to an MT 700. However, field 46A may appear in only one message, ie, either in the MT 700 or in one MT 701.
Field Tag: 47A
STATUS: OPTIONAL
FIELD NAME: Additional Conditions
DEFINITION: This field contains a description of further conditions of the documentary credit.
DESCRIPTION:
USAGE RULES: In case the documentary credit is subject to any rules for which no code words are provided in field 40E, further details should be specified in this field. To cater for lengthy documentary credits, up to three MT 701s may be sent in addition to an MT 700. However, field 47a may appear in only one message, ie, either in the MT 700 or in one MT 701. This means that in any documentary credit, there is a limit of 100 lines of 65 characters to specify the additional conditions.
Where applicable, 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 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 this field. If not already part of the original documentary credit, the advising bank, ie, the receiver of the message, must provide the beneficiary or another advising bank with the electronic address of the issuing bank. Furthermore, the advising bank must provide the beneficiary or another advising bank with the electronic address where they wish the electronic records to be presented .
Field Tag: 71B
STATUS: OPTIONAL
FIELD NAME: Charges
DEFINITION: This field may be used only to specify charges to be borne by the beneficiary.
DESCRIPTION:
CODES: One or more of the following codes may be used, followed by the currency code and amount: AGENT Agent’s commission
COMM Our commission
CORCOM Our correspondent’s commission
DISC Commercial discount
INSUR Insurance premium
POST Our postage
STAMP Stamp duty
TELECHAR Teletransmission charges
WAREHOUS Wharfing and warehouse
USAGE RULES: In the absence of this field, all charges, except negotiation and transfer charges, are to be borne by the applicant
Field Tag: 48
STATUS: OPTIONAL
FIELD NAME: Period for Presentation
DEFINITION: This field specifies the period of time after the date of shipment within which the documents must be presented for Payment, Acceptance or Negotiation
DESCRIPTION:
USAGE RULES: The period of time is expressed in number of days. The absence of this field means that the presentation period is 21 days, where applicable.
Field Tag: 49
STATUS: MANDATORY
FIELD NAME: Confirmation Instructions
DEFINITION: This field contains confirmation instructions for the Receiver.
DESCRIPTION:
One of the following codes must be used :
CONFIRM The Receiver is requested to confirm the credit.
MAY ADD The Receiver may add its confirmation to the credit.
WITHOUT The Receiver is not requested to confirm the credit.
Field Tag: 53A
STATUS: OPTIONAL
FIELD NAME: Reimbursing Bank
DEFINITION: This field specifies the name of the bank which has been authorized by the Sender to reimburse drawings under the documentary credit. This may be a branch of the Sender or the Receiver, or an entirely different bank.
DESCRIPTION:
USAGE RULES: With the exception of a credit valid for negotiation, if there is a single direct account relationship, in the currency of the credit, between the Sender and the Receiver, the absence of field 53A means that this account relationship will be used for reimbursement.
Field Tag: 78
STATUS: OPTIONAL
FIELD NAME: Instructions to the Paying/Accepting/Negotiating Bank
DEFINITION: This field specifies instructions to the Paying, Accepting or Negotiating (PAN) bank. It may also indicate if pre-notification of a reimbursement claim or pre-debit notification to the issuing bank is required.
DESCRIPTION:
USAGE RULES: When used to indicate pre-notification of a reimbursement claim or pre-debit notification to the issuing bank is required, the number and type, ie, banking or calendar, of days within which the issuing bank has to be notified should also be indicated.
Field Tag: 57A
STATUS: OPTIONAL
FIELD NAME: 'Advise Through' Bank
DEFINITION: This field identifies the bank, if different from the Receiver, through which the documentary credit is to be advised/confirmed to the beneficiary.
DESCRIPTION:
Field Tag: 72
STATUS: OPTIONAL
FIELD NAME: Sender to Receiver Information
DEFINITION: This field specifies additional information for the Receiver
DESCRIPTION:
CODES One or more of the following codes may be used:
PHONBEN Please advise/contact beneficiary by phone.
TELEBEN Please advise the beneficiary by the most efficient means of telecommunication
