MT700/MT710

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Mt700
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MT700/MT710

Post by Mt700 »

Hello friends:

I have a urgent question. The issuing bank send mt700 to advising bank, and advising bank send mt710 to receiving bank. The client of receiving bank reject mt710, they only want mt700 from issuing bank. It’s this normal? Or the receiving bank and clients are new and The receiving bank didn’t educated the client?


Second question.
Mt 700 is confirmed LC. However MT710 advising bank add no confirmation. Will possible the MT710 advising bank add confirmed?
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picant
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Re: MT700/MT710

Post by picant »

Hi Pal,

MT700 has a new field 58A stipulating the bank requested to add confirmation, so you may receive a MT710 with same field 58A
even if field 40 indicates that the sending bank has not add its confirmation. IMHO it is hard to understand that a bank will add confirmation to a doc.credit issued by a no Swift RMA correspondent, but ,,,,,
Other comments appreciated
Ciao
dinesh2476
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MT700/MT710

Post by dinesh2476 »

Hi,

have a urgent question. The issuing bank send mt700 to advising bank, and advising bank send mt710 to receiving bank. The client of receiving bank reject mt710, they only want mt700 from issuing bank. It’s this normal? Or the receiving bank and clients are new and The receiving bank didn’t educated the client?

Advising would like to release MT710 only. Beneficiary may request applicant to keep advising bank as beneficiary bank to get MT700. In SWIFT format, MT700 issuing an LC is more obligatory than a bank releasing MT710( not an confirmed LC)

Not sure why beneficiary is more interested to get MT700 LC when the issuing bank obligation already started by releasing MT700 to advising bank. MT710 adds the same value as MT700



Second question.
Mt 700 is confirmed LC. However MT710 advising bank add no confirmation. Will possible the MT710 advising bank add confirmed?

it is matter of bank that likes to add confirmation and have authorization from issuing bank.

Thanks & Regards
Dinesh Kumar
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