Documentary Credit (Mail/SWIFT MT700) Format

bdesh · Post by **bdesh** » Wed Jul 21, 2010 11:26 pm

Hi everybody,
Usually Non-SWIFT DCs are opened in Mail Format/issuing bank's own format. On the other hand, SWIFT DCs are opened in SWIFT MT700 Format.
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Is there any problem if all kinds of DCs are opened/typed in SWIFT Format even if the DCs are Mail DC ?

jmitra · Post by **jmitra** » Thu Jul 22, 2010 7:49 pm

i hardly see mail DCs in these days. yes you can use SWIFT format. it would be better if you use the field name instead of code. not to mention that you wont be enjoying the legal benefits of SWIFT definitions

bdesh · Post by **bdesh** » Sat Jul 24, 2010 6:52 pm

> In our country we hardly see any SWIFT DCs to use in Inland Trade. If all the banks follow the SWIFT Format in Inland Mail DCs, it would be convenient for the parties involved to handle the DCs.

shahriar · Post by **shahriar** » Sat Jul 24, 2010 8:04 pm

Hi!
I see increasing SWIFT DCs for inland use in bangladesh. the growth rate is however slow due to cost i think. in my bank, we have recently introduced SWIFT format DCs for mail LCs as well.