412 Instrument- Advice Of Acceptance

Simple is Beautiful; the only thing came in my mind when thought of documentary collection. And I think more and more people are thinking the same in these days. Documentary Collection offers us far greater security than selling on open account; but not as much as a documentary credit. We should therefore be more cautious before starting selling using this method of payment. Documentary Collection Forum is an effort to help you on this way – admin; besttradesolution.com
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felsin
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412 Instrument- Advice Of Acceptance

Post by felsin » Thu Jul 14, 2016 1:53 pm

I need to know about Issuing of 412 swift mesage by Opening bank to Receiving Bank - accepatance advice.

Will it be taken as Usance LC, if so, will the accepting bank will hanour payment of sale proceeds on meturity date as confirmed in 412 swift message.

Kindly advice.
MurthyBK
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picant
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Collection vs l/c

Post by picant » Thu Jul 21, 2016 8:07 pm

Hi Pal,

IMHO, MT412 means that the collection has been accepted, but, diperse, not representing a bank guarantee of payment at maturity.
Other comments appreciated
Ciao
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Uzay
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Collection

Post by Uzay » Sun Aug 14, 2016 10:06 pm

Swift mt412 is to be sent to advise remitting bank acceptance of the bill by the drawee under documentary collection. Acceptance of a bill under an L/C to be advised via Swift mt756 or mt799.
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Nurun
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Post by Nurun » Mon Aug 22, 2016 11:54 am

MT 412 means authenticate advice of acceptance. Collecting bank is sending authenticate advice of acceptance saying draft has bee accepted by the drawee to mature on ...day, without any undertaking of payment from collecting bank in maturity.
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