MT 700 Explained: Every Field in a SWIFT Documentary Credit Message

MT 700 is the SWIFT message type an issuing bank uses to open a documentary Letter of Credit (LC) and transmit it to the advising bank in the beneficiary's country. It's built from a fixed set of numbered fields, each carrying one specific piece of the credit's terms — the amount, the expiry, who can present documents, what those documents must show, and so on. Because payment under an LC depends on documents matching the credit exactly, understanding what each field means (and how it's usually filled in) is the difference between a smooth negotiation and a discrepancy that delays payment.

This is a field-by-field reference. For how the LC process works end to end, see our Letter of Credit basics article first — and if you're looking for the SWIFT message that actually moves money rather than opens a credit, see MT 103 explained.

Reference and form of credit

27 — Sequence of Total: Shows the message as, for example, 1/1. Long credits that exceed SWIFT's field-length limits are split across multiple linked messages; this field says which part you're reading and how many parts exist in total.
40A — Form of Documentary Credit: Almost always IRREVOCABLE — the issuing bank cannot amend or cancel the credit without the beneficiary's and confirming bank's consent. A revocable LC is permitted under the field but effectively never used in practice.
20 — Documentary Credit Number: The issuing bank's own reference number for this LC. Every subsequent SWIFT message about this credit (amendments, advices, claims) quotes this number.
23 — Reference to Pre-Advice: Present only if the issuing bank sent a short pre-advice (an MT 705) before the full credit — links the two messages together.
31C — Date of Issue: The date the credit takes effect. If left blank, it defaults to the date the MT 700 itself is sent.
40E — Applicable Rules: Which rulebook governs the credit — almost always UCP LATEST VERSION (currently UCP 600), sometimes with UCPURR LATEST VERSION added if the Uniform Rules for Bank-to-Bank Reimbursements also apply.

Expiry and the parties

31D — Date and Place of Expiry: The last date documents can be presented, and where. A credit expiring "at the counters of the negotiating bank" gives the beneficiary more time than one expiring at the issuing bank's counters overseas.
51a — Applicant Bank: Used only when the applicant's own bank is different from the issuing bank (for example, in back-to-back or transferable structures).
50 — Applicant: The buyer/importer who instructed their bank to open the credit — name and address.
59 — Beneficiary: The seller/exporter who gets paid once compliant documents are presented — name and address.

Amount and tolerance

32B — Currency Code, Amount: The credit's face value — a 3-letter currency code (for example USD) plus the amount.
39A — Percentage Credit Amount Tolerance: A plus/minus band (e.g. 05/05 for ±5%) allowing the drawn amount to vary from 32B without being treated as a discrepancy — common for bulk commodities where exact loaded weight isn't known in advance.
39B — Maximum Credit Amount: An alternative to 39A — a hard cap phrase like "NOT EXCEEDING" instead of a percentage band.
39C — Additional Amounts Covered: Extra costs the credit also covers beyond the goods value — freight, insurance premium, interest, and similar.

Availability and drafts

41A / 41D — Available With… By…: Names the bank where the credit is available (issuing, advising, or any bank) and how — BY PAYMENT, BY ACCEPTANCE, BY NEGOTIATION, or BY DEFERRED PAYMENT. This single field shapes the entire settlement mechanics of the credit.
42C — Drafts at…: The tenor of the bill of exchange the beneficiary must draw, if any — SIGHT for immediate payment, or a usance period like 90 DAYS FROM B/L DATE for deferred payment.
42A / 42D — Drawee: Who the draft in 42C is drawn on — usually the issuing or a nominated bank, not the applicant.
42M / 42P — Mixed / Deferred Payment Details: Spells out a mixed payment schedule (part sight, part usance) or the exact deferred-payment formula when 41a specifies deferred payment without a simple draft tenor.

Shipment terms

43P — Partial Shipments: ALLOWED or NOT ALLOWED. Under UCP 600, silence on this field means partial shipments are permitted by default.
43T — Transhipment: ALLOWED or NOT ALLOWED — whether goods can be transferred between vessels/modes of transport en route. Also permitted by default under UCP 600 if the field is silent.
44A — Place of Taking in Charge / Dispatch from / Place of Receipt: Where the goods enter the carrier's custody.
44E — Port of Loading / Airport of Departure and 44F — Port of Discharge / Airport of Destination: The two ends of the main international carriage leg.
44B — Place of Final Destination / Place of Delivery: Where the goods are ultimately delivered, if different from the discharge port (relevant for combined/multimodal transport).
44C — Latest Date of Shipment: The last date the goods can be shipped — distinct from, and always earlier than, the credit's expiry date (31D).
44D — Shipment Period: An alternative to a single latest-shipment date — a window during which shipment must occur.

Goods, documents, and conditions

45A — Description of Goods and/or Services: What's being sold, usually with quantity, unit price, and the agreed Incoterm (FOB, CIF, etc.). Every commercial document presented must describe the goods consistently with this field — the single most common source of discrepancies.
46A — Documents Required: The checklist the beneficiary must present — typically a commercial invoice, transport document (bill of lading / airway bill), packing list, certificate of origin, and, if applicable, an insurance certificate. Each document is specified with exactly how many originals and copies are needed.
47A — Additional Conditions: Any further requirements not covered by 46A's document list — for example a requirement that the invoice show a specific incoterm, or that shipping marks match across all documents.

Charges, presentation, and confirmation

71B — Charges: Who bears which bank charges — commonly "all charges outside the issuing bank's country are for the beneficiary's account."
48 — Period for Presentation: How many days after the shipment date documents must be presented (commonly 21 days). If silent, UCP 600 defaults to 21 days — but presentation must still fall within the credit's overall expiry.
49 — Confirmation Instructions: CONFIRM (the advising bank must add its own payment undertaking), MAY ADD (confirmation is optional, at the advising bank's discretion), or WITHOUT (no confirmation requested).

Reimbursement and instructions between banks

53a — Reimbursing Bank: The bank the paying/negotiating bank should claim funds from, when it isn't the issuing bank itself — common in credits settled through a correspondent in the currency's home country.
78 — Instructions to Paying/Accepting/Negotiating Bank: Free-text operational instructions between the banks — how and when to claim reimbursement, document-dispatch instructions, and similar.
57a — 'Advise Through' Bank: Used when the credit should reach the beneficiary via a second bank rather than directly from the advising bank named in the message header.
72Z — Sender to Receiver Information: A free-text field for anything that doesn't fit a structured field — used sparingly, since UCP 600 discourages relying on it for substantive terms.

Not every field appears on every MT 700 — many are conditional on earlier choices (42C only matters if drafts are called for; 44B only if final destination differs from the discharge port). But 27, 40A, 20, 40E, 31D, 50, 59, 32B, 41a, and 49 are effectively always present, since together they define who's involved, how much is at stake, where and how it's paid, and by when.