MT-760 SWIFT

The MT-760 is a type of SWIFT message, which acts as a bank guarantee. It carries a higher level of higher risk to the sender, and a reduced degree of risk to the receiver.

Essentially, a MT-760 is a SWIFT message, which ensures that one bank will pay on behalf of a customer from another bank. When a MT-760 is issued, the issuing bank places a pool of customer funds, which it ensures that the funds were established for payment to the beneficiary MT-760.

The cost of a MT-760 varies from bank to bank. However, due to the amount of risk involved for a bank payment guarantee, MT-760 is usually very expensive, with its issue costing between 0.3% and 1.5% of the total value of the MT-760.

Since a MT-760 has been published, it is not negotiable. For this reason, many merchants prefer a Letter of Credit, which is negotiable and can be modified in response to changes in unforeseen circumstances, such as a delay in scheduled transfer or other events.

MT-799 SWIFT

There are times when an MT799 SWIFT is required as electronic communication from bank to bank to verify the funds in the account. The SWIFT MT799 can also be used to do what is called "pre-advise" or "early warning" from one bank to another. The follow-up to the measures could be a SWIFT MT760 message.

The SWIFT MT799 is commonly needed for: international import / export trade, foreign trade financing, bank debenture purchase / sale operations, and before a SWIFT MT760 is shipped; for the issuance of bank instruments such as a letter of credit (SBLC), or a bank guarantee (BG); or for funds locked into a cash collateral account.