Table of Contents
What is field 53B?
:53B::Account to be debited Use this field to indicate your five-digit Cash Account that must be debited, optionally and immediately followed by the two-digit currency subdivision code of your Cash Account.
What is field 71G in MT103?
:71G::Receiver’s charges Use this 18-character field to specify the currency and amount of the charges to be paid by the receiver.
Why is field 21 in a MT202 mandatory?
This field will contain a reference to the related transaction which is meaningful to the beneficiary institution, for example, the common reference in an MT 300 Foreign Exchange Confirmation, field 21 of an MT 202 General Financial Institution Transfer , an MT 205 Financial Institution Transfer Execution or an MT 400 …
What is field 57D in Swift?
Tag 57A or 57C or 57D – Account with Institution BIC (8 or 11 characters)
What is Field 50K in MT103?
:50K::Ordering customer Use this field to identify, in a maximum of four lines of 35 characters, the name and address of the customer (i.e. not a financial institution) that initiated the transaction.
What is Field 70 in a swift message?
The field 70 (:70:/INV/18042-090715) contains the remittance information. Usually the remittance information is generated by the beneficiary and sent to the ordering customer (or debtor).
What is the difference between MT202 and mt202cov?
Difference between MT202 and MT202 COV MT202 COV is now mandated for cover payments. MT202 is strictly for bank-to-bank payments. In MT202 COV sequence B, 50a and 59a i.e; ordering customer and beneficiary customer details respectively are made mandatory fields and thus it overcomes the loopholes of MT202.
What is Field 59 in a swift message?
What is Field 59: Beneficiary? Field 59: Beneficiary is a field in MT 700 swift message type that is used to specify the party in favour of which the documentary credit is being issued. This is a mandatory field, which means that it must be stated in all of the letters of credit issued via MT 700 swift format.