What would you like to do?

What is form MT799 used for?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

MT799 is a simple text message, sent bank to bank. This is used for a bank to bank proof of funds, only. The MT799 is not a form of payment and it is not a bank undertaking or promise to pay. It is simply a bank to bank confirmation of the funds on deposit, nothing more.



The MT-799 is usually issued before a contract is signed and before a letter of credit or bank guarantee is issued. After the MT-799 has been received by the seller's bank, it is then normally the responsibility of the seller's bank to send a POP (proof of product) to the buyer's bank, at which point the trade continues towards commencement.
The actual payment method commonly used is a documentary letter of credit, which the seller presents to the issuing or confirming bank along with shipping documents. Once the bank confirms the documents, the seller is then paid. An alternative method is to use a bank guarantee in place of a letter of credit. It is normally at the seller's discretion which method of payment is used.


Feel free to drop by your comments and inquiry at mccall.ted@gmail.com
49 people found this useful
Thanks for the feedback!

What is MT799?

MT799 . MT799 is a simple text message, sent bank to bank. This is used for a bank to bank proof of funds, only. The MT799 is not a form of payment and it is not a bank un

List of swift message type Such as MT199 MT799 or MT760?

MTnyy, where the "n" is the Message "Class" - e.g. "7" is Guarantees and Letters of Credit", yy is message number within the class. MT760 is message number 60:i blocking funds

What is the difference between MT760 and MT799 and why will some Lenders only accept MT760?

MT 760 is blocking funds or a guarantee placed by the client. Issue it, and it gone, but beware it has several fields that determines how the funds can be called on. Once in M

Can you use negative form of used to?

This "marginal auxiliary" : used to is used in some peculiar way. It is explained through the following example: ___ Sarah used to sleep early last year. This sentence is neg

Is mt799 blocking of funds?

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
In Uncategorized

Can you use your citizenship form to get into the US?

Only a green card holder already in the US for a minimum 5 year period, staying in the locality where he or she is applying for US citizenship for a minimum 3 month period and