MT799 - What is SWIFT MT799?
When dealing with Bank Guarantees (Demand Guarantees) and Letters of Credit (Documentary Letters of Credit), you may often hear someone discuss the use of SWIFT MT799. The MT799 is a type of SWIFT message that banks use to securely communicate authenticated free format messages with other banks. It is important to understand that the MT799 is not used for transferring funds or a promise to do so. SWIFT MT799 messages are mostly used for showing proof of funds or proof of depo
Letter of Credit Tips for Exporters and Importers
Importers When choosing what type of letter of credit to use, the importer should consider the standard payment methods in the exporter's own country. The importer should keep all of the details of the purchase short and concise. The importer should use a bank that is experienced in foreign trade as its issuing bank. The importer should be prepared to re-negotiate or amend terms of the letter of credit with the exporter. This is a common procedure in international trade. With
What Is An At Sight Letter Of Credit?
An At Sight Letter of Credit is a letter of credit (LC) that is payable once the exporter/seller meets all of the requirements of the letter of credit. This type of LC provides the fastest mode of payment to the exporter/seller, when selling to their overseas importers/buyers. Letters of Credit All letters of credit, including at sight letters of credit, are reliant on certain documents. In order to be paid, the beneficiary (seller/exporter) must submit all the required docum
