Swift MT 700

Swift MT 700 is used when certain Bank institutions around the world are unable or unwilling to verify account holders funds using the Swift MT 760. Such is the case at the present time with the Bank of China.

A MT700 is the SWIFT format for a Documentary Letter of Credit, but it is also possible to issue a Standby Letter of Credit using the same SWIFT message type.  Similarly, a MT760 is the SWIFT format for a Guarantee, but again you could send a Standby Letter of Credit using the same SWIFT message type.

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