LC swift fields / LC swift messages Fields

What is the meaning of SWIFT?

 “Society for Worldwide Inter-bank Financial Telecommunication” is the shorten form of SWIFT massage. Swift is the communication mechanism used by the Banks to communicate each other. And this is completely standardized system.

 Once SWIFT was developed within the Banking system to facilitate to international financial transactions,

Basically, SWIFT massages provide a secure, fast and reliable communication platform within Banks, Central Banks and Other financial institutions and to provide standard message formats which can be used to acceptable in globally.

Next page 👇

LC swift Fields summary 

MT 700 Issue of a Documentary Credit
Field Ref	Field Name
27	Sequence of Total
40A	Form of Documentary Credit
20	Documentary Credit Number
23	Reference to Pre-Advice
31C	Date of Issue
40E	Applicable Rules
31D	Date and Place of Expiry
51a	Applicant Bank
50	Applicant
59	Beneficiary
32B	Currency Code, Amount
39A	Percentage Credit Amount Tolerance
39B	Maximum Credit Amount
39C	Additional Amounts Covered
41a	Available With ... By ...
42C	Drafts at ...
42a	Drawee
42M	Mixed Payment Details
42P	Deferred Payment Details
43P	Partial Shipments
43T	Transshipment
44A	Place of Taking in Charge/Dispatch from .../ Place of Receipt
44E	Port of Loading/Airport of Departure
44F	Port of Discharge/Airport of Destination
44B	Place of Final Destination/For Transportation to.../ Place of Delivery
44C	Latest Date of Shipment
44D	Shipment Period
45A	Description of Goods and/or Services
46A	Documents Required
47A	Additional Conditions
71B	Charges
48	Period for Presentation
49	Confirmation Instructions
53a	Reimbursing Bank
78	Instructions to the Paying/Accepting/Negotiating Bank
57a	'Advise Through' Bank
72	Sender to Receiver Information

  

What is the major LC swift Fields?

In todays’ world most of the banking transactions are based on the swift massagers. Such as Bank transfer swift advice, Bank Guarantee, letter of credits, and other advices.  Our aim is to understand the major swift massages fields in Letter of credits. Here are some major swift fields used in letter of credit transaction.

 1.   What is Field 20 in LC swift

Transaction Reference Number and LC Number

2.   What is field 31C

Date of Issue

3.   What is field 50

Applicant

4.   What is field 59

Beneficiary

5.   What is field 45A

Discerption of goods and or service

6.   What is field 46A

Required documents under LC swift

   

Example of LC swift / Example of LC advice

:27:1/1

:40A:IRREVOCABLE

:20:xxxxxxxxxxxx

:31C:201020

:40E:UCP LATEST VERSION

:31D:210106JAPAN

:50:xxxxxxxxxxxxx

xxxxxxxx

xxxx

xxxxxxxxxx

:59:xxxxxxxxxxxxxx

xxxxxxxx

:39A:00/00

:41A:BOTKJPJTXXX

BY NEGOTIATION

:42C:120 DAYS FROM BILL OF LADING DATE

:42A:UARBAEAAXXX

:43P:ALLOWED

:43T:ALLOWED

:44E:JAPAN/INDONESIA/THAILAND

:44F:ABU DHABI, UAE.

:44C:201216

:45A:SUPPLY OF XXXXXX

.

CFR - SINGAPORE

:46A:1. BENEFICIARY'S SIGNED COMMERCIAL INVOICE(S) IN ORIGINAL PLUS 4

COPIES, ATTESTED BY CHAMBER OF COMMERCE, ORIGINAL MUST BE

LEGALISED BY CONSULATE / OR LEGATION / OR EMBASSY OF THE UNITED

ARAB EMIRATES, BEARING THE FOLLOWING CLAUSE(S). WE HEREBY CERTIFY

THAT:

(A)   THIS INVOICE IS AUTHENTIC.

(B) IT IS THE ONLY INVOICE ISSUED BY US FOR THE GOODS DESCRIBED

HEREIN.

(C) IT SHOWS THEIR EXACT VALUE WITHOUT DEDUCTION OF ANY DISCOUNT.

(D) THEIR ORIGIN IS JAPAN/INDONESIA/THAILAND.

2. FULL SET (3/3) OF 'SHIPPED ON BOARD' OCEAN BILL(S) OF LADING

BEARING THIS DOCUMENTARY CREDIT NUMBER, ISSUED TO ORDER OF UNITED

ARAB BANK, SHARJAH, UAE, SHOWING FREIGHT PREPAID, NOTIFY ISSUING

BANK AND APPLICANT. THE BILL OF LADING SHOULD ALSO SHOW THE DATE

ON WHICH GOODS WERE LOADED ON BOARD THE CARRYING VESSEL AND THE

NAME, ADDRESS AND TELEPHONE NUMBER OF CARRYING VESSEL'S AGENT AT

THE PORT OF DESTINATION AND / OR UNITED ARAB EMIRATES.

3. INSURANCE ARRANGED BY APPLICANT. SHIPMENTS UNDER THIS CREDIT

MUST BE ADVISED BY FAX BY THE BENEFICIARY, WITHIN 5 DAYS AFTER

SHIPMENT DIRECT TO AXA INSURANCE GULF, PO BOX 5862, DUBAI, UAE,

PH: XXXXXXXXXXXXXX AND ON APPLICANT'S FAX NO.

XXXX REFERRING THEIR POLICY NUMBER XXXX

GIVING FULL DETAILS OF SHIPMENT. A COPY OF SUCH ADVICE ALONGWITH

A CERTIFICATE ISSUED BY BENEFICIARY IN THIS EFFECT TO ACCOMPANY

EACH SET OF DOCUMENTS.

4. CERTIFICATE OF ORIGIN ISSUED IN ENGLISH ONE ORIGINAL PLUS ONE

COPY STATING THAT THE GOODS ARE OF JAPAN/INDONESIA/THAILAND

ORIGIN GIVING NAME AND ADDRESS OF MANUFACTURER, DULY CERTIFIED /

ATTESTED BY A CHAMBER OF COMMERCE. ORIGINAL CERTIFICATE OF

ORIGIN MUST BE LEGALIZED BY CONSULATE / OR LEGATION / OR EMBASSY

OF THE UNITED ARAB EMIRATES.

5. PACKING LIST IN ORIGINAL PLUS 3 COPIES.

6. CERTIFICATE ISSUED BY SHIPPING COMPANY / CARRIER OR THEIR

AGENT CERTIFYING THAT:

(A) THE CARRYING VESSEL IS A REGULAR LINE VESSEL.

(B) THE AGE OF CARRYING VESSEL DOES NOT EXCEED 15 YEARS AT TIME

OF LOADING.

(C) THE VESSEL IS PERMITED TO ENTER INTO UAE PORTS ACCORDING TO

MARITIME LAWS AND REGULATION.

(D) THE OWNERS OR OPERATORS OF THE CARRYING VESSEL, HOLD THE ISM

CODE DOCUMENT OF COMPLIANCE, CURRENT AT THE TIME OF LOADING OF

THE CARGO.

(E) GOODS ARE SHIPPED ON SEAWORTHY VESSELS, SUBJECT TO INSTITUTE

CLASSIFICATION CLAUSE APPLICABLE AS ON 01.01.2001.

:47A:1. ALL DOCUMENTS SHOULD BE DATED ON OR AFTER THE DATE OF THIS

DOCUMENTARY CREDIT AND MUST BE ISSUED IN ENGLISH LANGUAGE.

2. THE NUMBER, THE DATE OF THIS CREDIT AND THE NAME OF OUR BANK

MUST BE QUOTED ON ALL DOCUMENTS.

3. ALL INVOICES MUST INDICATE THE HARMONIZED SYSTEM CODE FOR THE

ITEMS SUPPLIED.

4. A DISCREPANCY FEE EQUIVALENT TO USD 150.00 OR EQUIVALENT WILL

BE DEDUCTED FROM THE PROCEEDS FOR EACH SET OF DOCUMENTS PRESENTED

WITH DISCREPANCIES UNDER THIS DOCUMENTARY CREDIT, IRRESPECTIVE OF

THE CONTENTS OF FIELD 71D.

5. IF DOCUMENTS ARE NEGOTIATED BY ANY BANK OTHER THAN ADVISING

BANK, THE NEGOTIATING BANK MUST CONFIRM ON THEIR COVERING

SCHEDULE THAT ALL CHARGES OF THE ADVISING BANKS HAVE BEEN PAID.

6. IN ACCORDANCE WITH THE PROVISIONS OF ARTICLE 16 C III B OF UCP

600, IF WE GIVE NOTICE OF REFUSAL OF DOCUMENTS PRESENTED UNDER

THIS CREDIT WE SHALL HOWEVER RETAIN THE RIGHT TO ACCEPT A WAIVER

OF DISCREPANCIES FROM THE APPLICANT AND, SUBJECT TO SUCH WAIVER

BEING ACCEPTABLE TO US, TO RELEASE DOCUMENTS AGAINST THAT WAIVER

WITHOUT REFERANCE TO THE PRESENTER PROVIDED THAT NO WRITTEN

INSTRUCTIONS TO THE CONTRARY HAVE BEEN RECEIVED BY US FROM THE

PRESENTER BEFORE THE RELEASE OF THE DOCUMENTS. ANY SUCH RELEASE

PRIOR TO RECIEPT OF CONTRARY INSTRUCTIONS SHALL NOT CONSTITUTE A

FAILURE ON OUR PART TO HOLD THE DOCUMENTS AT THE PRESENTER'S RISK

AND DISPOSAL, AND WE WILL HAVE NO LIABILITY TO THE PRESENTER IN

RESPECT OF ANY SUCH RELEASE.

7. UNITED ARAB BANK WILL NOT ACCEPT OR HANDLE ANY TRANSACTIONS

THAT ARE IN BREACH OF ANY APPLICABLE REGULATORY SANCTIONS.

8. THIRD PARTY DOCUMENTS ARE ACCEPTABLE EXCEPT INVOICE AND DRAFT

9. CERTIFICATE OF ORIGIN NOT MANUALLY SIGNED NOT SHOWING ISSUING

BANK AND LC NUMBER IS ACCEPTABLE.

10. NON LEGALIZED COMMERCIAL INVOICE AND CERTIFICATE OF ORIGIN

ARE ACCEPTABLE FOR NEGOTIATION. WE WILL DEDUCT LEGALIZATION FEES

FROM THE PROCEEDS AS PER BELOW LEGALIZATION TARIF WITHOUT

REFERRING TO NEGOTIATING / PRESENTING BANK:

FROM USD 1 TO USD 2,722.00 FEE: USD 41.00

FROM USD 2,722.01 TO USD 8,169.00 FEE: USD 82.00

FROM USD 8,169.01 TO USD 16,338.00 FEE: USD 164.00

FROM USD 16,338.01 TO USD 24,506.00 FEE: USD 218.00

FROM USD 24,506.01 TO USD 40,844.00 FEE: USD 273.00

FROM USD 40,844.01 TO USD 68,073.00 FEE: USD 354.00

FROM USD 68,073.01 TO USD 136,147.00 FEE: USD 409.00

FROM USD 136,147.01 TO USD 272,294.00 FEE: USD 545.00

FROM USD 272,294.01 TO USD 544,588.00 FEE: USD 817.00

AMOUNT GREATER THAN USD 544,588.00 FEE: 0.20 PERCENT OF INVOICE

VALUE PLUS USD 28.00 FLAT FOR EACH CERTIFICATE OF ORIGIN.

11. PRESENTATION PERIOD FIELD 48: DOCUMENTS TO BE PRESENTED

WITHIN THE VALIDITY OF THE CREDIT.

12. PLEASE BE INFORMED THAT FRIDAYAND SATURDAY IS TO BE

CONSIDERED A NON-BANKING BUSINESS DAY FOR OUR TRADE FINANCE

PROCESSING / OPERATIONS UNIT ALTHOUGH OUR BANK MAY OTHERWISE BE

OPEN FOR BUSINESS. IF THE PAYMENT DUE DATE FALL ON A

U.A.E./NY/EU/ OR ANY OTHER LOCAL HOLIDAYS THE PAYMENT WILL

BEEFFECTED ON SUCCEEDING BANKING DAY.

13. BILLS OF LADING SHOWING CHARGES ADDITIONAL TO THE FREIGHT

MENTIONED IN ARTICLE 26 (C ) OF THE UCP FOR DOCUMENTARY CREDITS

2007 REVISION PUBLICATION NO. 600 ARE NOT ACCEPTABLE EXCEPT WHERE

SUCH ADDITIONAL CHARGES ARE DEMURRAGE FEES FOR CONTAINERS.

:71D:ALL BANK CHARGES ARE ON ACCOUNT OF

BENEFICIARY EXCEPT LC OPENING AND

ACCEPTANCE.

:49:WITHOUT

:78:UPON RECEIPT OF COMPLYING DOCUMENTS WE SHALL REMIT THE PROCEEDS

AS PER YOUR INSTRUCTION ON MATURITY. PRESENTING BANK TO DESPATCH

THE DOCUMENTS BY COURIER TO UNITED ARAB BANK, HEAD OFFICE, 15TH

FLOOR TRADE FINANCE DEPARTMENT, UAB TOWER, BUHEIRA CORNICHE

SHARJAH, U.A.E. TEL XXXXX IN ONE

SET AT BENEFICARY'S COST.

:72Z:PLEASE ACKNOWLEDGE RECEIPT.