What is Field 71B: Charges?
Field 71B: Charges is a field in MT 700 swift message type that is used to specify charges to be borne by the beneficiary.
This is an optional field.
A bank instructing another bank to perform services is liable for any commissions, fees, costs or expenses (“charges”) incurred by that bank in connection with its instructions.
If a credit states that charges are for the account of the beneficiary and charges cannot be collected or deducted from proceeds, the issuing bank remains liable for payment of charges.
A credit or amendment should not stipulate that the advising to a beneficiary is conditional upon the receipt by the advising bank or second advising bank of its charges.
FORMAT
Option B (Narrative)
In addition to narrative text, the following line formats may be used:
(Code)(Currency)(Amount)(Narrative)
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
MT 700
Field 71B: Charges:
DEFINITION
This field may be used only to specify charges to be borne by the beneficiary.
USAGE RULES
- In the absence of this field, all charges, except negotiation and transfer charges, are to be borne by the applicant.
- Any code used in this field must be between slashes and must appear at the beginning of a line.
- Narrative text must not begin with a slash and, if used, must begin on a new line and be the last information in the field.