MT 700 is a swift message that is used by issuing banks when openning a letter of credit.
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.
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.
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MT 700 is a swift message type that is used by issuing banks when openning a letter of credit.
This swift 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).
According to latest UCP rules, UCP 600, unless otherwise specified, a documentary credit advised to the beneficiary or another advising bank based on a SWIFT message constitutes an operative credit instrument which means that MT 700 swift message is an operative letter of credit. No written message need to follow.
The advising bank must advise a documentary credit, including all its details, in a way that is clear and unambiguous to the beneficiary.
To avoid misunderstandings, where possible, banks are to use Bank Identifier Codes rather than expressions such as ourselves ,yourselves ,us, or you.
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