What is Field 59: Beneficiary?
Field 59: Beneficiary is a field in MT 700 swift message type that is used to specify the party in favour of which the documentary credit is being issued.

 





























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MT 700 
Field 59: Beneficiary :
This field specifies the party in favour of which the documentary credit is being issued. Beneficiary is the exporter of the underlying contract.




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  • Field 59: Beneficiary:

  • This field specifies the party in favour of which the documentary credit is being issued.
  • Beneficiary means the party in whose favour a credit is issued.
  • Presenter means a beneficiary, bank or other party that makes a presentation.
  • A beneficiary can in no case avail itself of the contractual relationships existing between banks or between the applicant and the issuing bank.
  • Except as provided in sub-article 29 (a), a presentation by or on behalf of the beneficiary must be made on or before the expiry date.


Sample Field 59: Beneficiary
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