Pre advice message
The MT799 is a swift message that banks use to securely communicate with other banks.
Pre advice message
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.
Our swift mt799 messages are mostly used for showing proof of funds or proof of deposits. Since the mt799 is free format, banks can easily send many various types of messages to other banks before funds, a guarantee, or letter of credit is sent via swift.
Types of MT799 messages
Banks have many uses for the MT799 message including:
- Proof of funds letters (POF)
- Ready willing and able letters (RWA)
- Pre-advice letters
How do i use the swift MT-799?
A bank with swift MT-799 capability allows swift electronic verification for proof of funds in compliance with the swift category 7 “treasury markets & syndication” message types. People often believe that in order to show proof of funds, they require a swift mt760 message, but in reality, they simply need a swift mt799 message. More often than not, the mt799 is issued right before a contract is signed and/or before a letter of credit or bank guarantee is issued.
Once the MT799 has been received by the seller’s bank, the seller often sends the buyer a proof of product (pop) to show their capability in the contract as well. Amspex global limited only works with banks that has swift capabilities and can issue a mt799. Banks normally will not issue a mt799 without some type of collateral that we negotiate with our clients and provide on their behalf. If you don’t have the collateral at hand, we can utilize the services of our trade finance as they can often provide you a mt799 without the use of your own collateral.
Here is the most common information needed to send a MT799:
- Applicant’s name and contact information
- Instrument amount
- Advising bank’s information
- Beneficiary’s name and contact information
- Validity of instrument
- Copy of contract / pro forma invoice
- Letter of credit number
- Letter of credit amount
- Letter of credit draft
- Latest shipment date
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