Can Advising Bank Add Details In Field 47A of MT710?

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Finance
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Can Advising Bank Add Details In Field 47A of MT710?

Post by Finance » Thu Feb 16, 2017 2:04 am

Dear Experts,

Kindly provide your thoughts on the following

We have been asked to confirm a letter of credit on behalf of our correspondent.

Our correspondent has sent us their LC via MT 700, and we are now adding our confirmation and will advise the confirmed letter of credit onwards via MT 710.

However, we do not have a direct RMA relationship with the advise through bank in field 57a, so we will send our MT 710 to our RMA relationship in the same country as the advise through bank, and ask our RMA relationship bank to advise the LC onwards to the bank mentioned in field 57a.

We want to make sure that if our RMA relationship sends their MT 710 onwards to the advise through bank, that the MT 710 will carry some notation of our confirmation. Can we add details in field 47a of our MT 710? How would we clarify that these are the details added by us, and not from the LC issuing bank?

Thank you in advance.

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picant
Posts: 2026
Joined: Wed Aug 20, 2008 1:49 pm

It is possible....

Post by picant » Sun Feb 19, 2017 3:39 am

Hi Pal,

I saw many MT710 with receiver bank clauses or request, they are marked as Advising bank instructions in the body of MT or in field 72.
Many banks dont want to modify the wording of an l/c as it possible to incur in extra liabilities.
Other comments appreciated
Ciao

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