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Is mt799 blocking of funds?

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MT799 is a free text - anything related to a bank guarantee or letter of credit.


If it is a copy of the Bill of Laden of a vessel just loaded, that triggers payment according to terms in the letter of credit, then certainly, it will have an effect on the funds on the client's account.


But it can be anything - pancake recipe.


To clarify, no banks will issue "MT799" unless there is a letter of credit or guarantee in place that is referred to in the header. E.g. MT799 will never be used to provide information about the financial capability of the client. That is only on Yahoo and other Internet sites that this is assumed.("Joker broker term").
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