{"id":2680,"date":"2018-09-30T22:35:50","date_gmt":"2018-10-01T02:35:50","guid":{"rendered":"http:\/\/www.letterofcredit.biz\/?p=2680"},"modified":"2019-04-06T11:17:41","modified_gmt":"2019-04-06T15:17:41","slug":"field-71b-charges","status":"publish","type":"post","link":"https:\/\/www.letterofcredit.biz\/index.php\/2018\/09\/30\/field-71b-charges\/","title":{"rendered":"Field 71B: Charges"},"content":{"rendered":"<p><strong>What is Field 71B: Charges?<\/strong><\/p>\n<p>Field 71B: Charges is a field in MT 700 swift message type that is used to specify charges to be borne by the beneficiary.<\/p>\n<p>This is an optional field.<\/p>\n<p>A bank instructing another bank to perform services is liable for any commissions, fees, costs or expenses (&#8220;charges&#8221;) incurred by that bank in connection with its instructions.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p><strong>FORMAT<\/strong><\/p>\n<p>Option B (Narrative)<\/p>\n<p>In addition to narrative text, the following line formats may be used:<br \/>\n(Code)(Currency)(Amount)(Narrative)<\/p>\n<p>CODES One or more of the following codes may be used, followed by the currency code and amount:<\/p>\n<ul>\n<li>AGENT Agent&#8217;s commission<\/li>\n<li>COMM Our commission<\/li>\n<li>CORCOM Our correspondent&#8217;s commission<\/li>\n<li>DISC Commercial discount<\/li>\n<li>INSUR Insurance premium<\/li>\n<li>POST Our postage<\/li>\n<li>STAMP Stamp duty<\/li>\n<li>TELECHAR Teletransmission charges<\/li>\n<li>WAREHOUS Wharfing and warehouse<\/li>\n<\/ul>\n<p><strong>MT 700<\/strong><br \/>\n<strong>Field 71B: Charges:<\/strong><br \/>\n<strong>DEFINITION<\/strong><br \/>\nThis field may be used only to specify charges to be borne by the beneficiary.<\/p>\n<p><strong>USAGE RULES<\/strong><\/p>\n<ul>\n<li>In the absence of this field, all charges, except negotiation and transfer charges, are to be borne by the applicant.<\/li>\n<li>Any code used in this field must be between slashes and must appear at the beginning of a line.<\/li>\n<li>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.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>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<\/p>\n","protected":false},"author":1,"featured_media":2684,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[273,231],"tags":[306,276,238,239],"class_list":["post-2680","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mt-700-issue-of-a-documentary-credit","category-swift-messages","tag-field-71b-charges","tag-mt-700-issue-of-a-documentary-credit","tag-swift","tag-swift-messages"],"_links":{"self":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/posts\/2680","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/comments?post=2680"}],"version-history":[{"count":0,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/posts\/2680\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/media\/2684"}],"wp:attachment":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/media?parent=2680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/categories?post=2680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/tags?post=2680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}