SWIFT MT700 Field Reference
Every field of the SWIFT MT700 Issue of a Documentary Credit message, with mandatory/optional status, format specification and practitioner notes.
What is an MT700?
MT700 is the SWIFT message an issuing bank sends to issue a documentary credit (letter of credit). Mandatory fields such as 20, 31C, 31D, 32B, 50, 59 and 49 fix the frame of every credit. Fields 45A (goods), 46A (documents required) and 47A (additional conditions) are written for each transaction rather than fixed, so they are where most discrepancies start. Field 71D (71B before SWIFT SR 2018) sets who pays bank charges and is a frequent source of disputes over deductions from proceeds.
Related: pull fields from a real credit with the MT700 field extractor, prepare your presentation with the LC documents checklist, and check documents before bank presentation with the LC discrepancy auto-scanner (free account required).
Last reviewed against the SWIFT MT700 format specification (SR 2018 onward), UCP 600 and ISBP 821, September 2026.
Filter by tag (27, 40A, 44C), field name, or any keyword in the practitioner note.
| Tag | Field name | Mandatory or optional | Validation rules | Common discrepancy |
|---|---|---|---|---|
| 27 | Sequence of Total | Mandatory | 1!n/1!nSequence number of a message and total number of messages. For a single-message LC: 1/1. | Rarely an issue for the beneficiary; a missing continuation message (MT701) leaves the LC terms incomplete. |
| 40A | Form of Documentary Credit | Mandatory | 24xIRREVOCABLE, IRREVOCABLE TRANSFERABLE, IRREVOCABLE STANDBY, etc. Governs enforceability. | Transfer requested under a credit not marked TRANSFERABLE (UCP 600 Art. 38). |
| 20 | Documentary Credit Number | Mandatory | 16xUnique reference from issuing bank. Quoted on every subsequent MT message and every presentation. | Wrong or missing LC number on documents where 46A or 47A requires it to be quoted. |
| 23 | Reference to Pre-Advice | Optional | 16xOnly if a pre-advice MT705 was previously issued. | Acting on a pre-advice before the operative MT700 is received. |
| 31C | Date of Issue | Mandatory | 6!n (YYMMDD)Date the issuing bank issued the credit. | Documents dated before issuance are acceptable unless the LC says otherwise (UCP 600 Art. 14(i)); treating them as discrepant is a common examiner error. |
| 40E | Applicable Rules | Mandatory | 30xUCP LATEST VERSION, EUCP LATEST VERSION, ISP LATEST VERSION, OTHR. UCP LATEST VERSION means UCP 600. | Rules left as OTHR with no narrative, leaving examination standards unclear. |
| 31D | Date and Place of Expiry | Mandatory | 6!n29xExpiry date + place. Presentation must reach place stated by this date. Critical field. | Late presentation, or presentation at a place other than the one stated, when documents arrive after expiry. |
| 50 | Applicant | Mandatory | 4*35xBuyer's full name and address as it must appear on documents. Ensures Art. 18 invoice compliance. | Invoice not made out in the name of the applicant (UCP 600 Art. 18(a)(ii)). |
| 59 | Beneficiary | Mandatory | [/34x] 4*35xExporter's exact legal name and address. | Beneficiary name on the invoice differs from 59, one of the most frequent LC rejection causes. |
| 32B | Currency Code and Amount | Mandatory | 3!a15dISO 4217 currency + amount. Combines with 39A to define tolerance. | Drawing exceeds the credit amount, or invoice currency differs from 32B (UCP 600 Art. 18(a)(iii), 18(b)). |
| 39A | Percentage Credit Amount Tolerance | Optional | 2!n/2!ne.g. 05/05 = +/-5% on the credit amount. | Assuming 39A widens quantity tolerance. Quantity tolerance comes from UCP 600 Art. 30(a) or 30(b), not from 39A alone. |
| 39B | Maximum Credit Amount | Optional | 13xRemoved from MT700 in SWIFT Standards Release 2018; appears only in legacy messages. | Legacy NOT EXCEEDING wording read as a tolerance rather than a cap. |
| 39C | Additional Amounts Covered | Optional | 4*35xe.g. insurance, freight, interest, up to a stated amount over 32B. | Additional amounts claimed without the supporting evidence the credit requires. |
| 41A/41D | Available With ... By ... | Mandatory | BIC or name + text41A: BIC of nominated bank. 41D: name/address. 'BY': PAYMENT / DEF PAYMENT / ACCEPTANCE / NEGOTIATION / MIXED PYMT. | Presentation made to a bank that is not nominated, or draft terms inconsistent with the availability method. |
| 42C | Drafts at ... | Optional | 3*35x'AT SIGHT', 'AT 180 DAYS AFTER B/L DATE', etc. Not used for straight payment credits. | Draft tenor does not match 42C, or maturity cannot be calculated from the documents. |
| 42A/42D | Drawee | Optional | BIC or nameBank on which drafts are drawn. Usually the issuing bank. | Draft drawn on the applicant (UCP 600 Art. 6(c) says a credit must not be issued available by a draft drawn on the applicant). |
| 42M | Mixed Payment Details | Optional | 4*35xOnly with 41x BY = MIXED PYMT. | Split between sight and deferred portions not reflected in the drawing. |
| 42P | Negotiation / Deferred Payment Details | Optional | 4*35xOnly with 41x BY = DEF PAYMENT or NEGOTIATION. States maturity formula, e.g. '90 DAYS FROM B/L DATE'. | Maturity formula ambiguous, causing disputes over the due date. |
| 43P | Partial Shipments | Optional | ALLOWED / NOT ALLOWED / CONDITIONALIf silent, partial shipments are allowed under UCP 600 Art. 31(a). | Multiple B/Ls with different dates or ports read as partial shipment when 43P says NOT ALLOWED (UCP 600 Art. 31(b)). |
| 43T | Transhipment | Optional | ALLOWED / NOT ALLOWED / CONDITIONALUnder UCP 600 Art. 20(c)(ii), a B/L indicating transhipment is acceptable for containerised goods even if the credit prohibits it. | Transhipment of bulk cargo on a non-container B/L where 43T says NOT ALLOWED. |
| 44A | Place of Taking in Charge / Dispatch / Loading | Optional | 65xFor multimodal or FCA - origin location. | Transport document shows a different place of receipt from 44A. |
| 44E | Port of Loading / Airport of Departure | Optional | 65xOcean or air. | B/L port of loading differs from 44E, or a geographic area in 44E is not matched by an actual port. |
| 44F | Port of Discharge / Airport of Destination | Optional | 65xOcean or air. | B/L port of discharge differs from 44F. |
| 44B | Place of Final Destination / For Transportation to | Optional | 65xFinal destination for multimodal. | Final destination missing from a multimodal transport document. |
| 44C | Latest Date of Shipment | Optional | 6!n (YYMMDD)On-board date on B/L must be on or before this. Not extended by Art. 29. | Late shipment: on-board date after 44C. The latest shipment date is not extended by UCP 600 Art. 29(c). |
| 44D | Shipment Period | Optional | 6*65xAlternative to 44C - a period, not a fixed date. | Both 44C and 44D used, which SWIFT rules do not allow. |
| 45A | Description of Goods and/or Services | Optional | 100*65zCustomised per transaction. Must correspond with commercial invoice (UCP 600 Art. 18(c)). Include Incoterm and named place. | Invoice goods description does not correspond with 45A. |
| 46A | Documents Required | Optional | 100*65zCustomised per transaction. The document list: be specific about issuer, number of originals, endorsement and language. | Required document missing, wrong number of originals, or issued by a party other than the one named. |
| 47A | Additional Conditions | Optional | 100*65zCustomised per transaction. Avoid non-documentary conditions: under UCP 600 Art. 14(h) banks disregard them. | A 47A condition, such as quoting the LC number on all documents, not met. |
| 71D | Charges (formerly 71B) | Optional | 6*35zTypical wording: ALL BANKING CHARGES OUTSIDE ISSUING BANK'S COUNTRY ARE FOR BENEFICIARY'S ACCOUNT. Renamed 71D in SWIFT SR 2018. | Charges allocation is a frequent source of disputes, especially discrepancy fees deducted from proceeds. |
| 48 | Period for Presentation in Days | Optional | 3n[/35x]Days after shipment for presentation. If absent, 21 calendar days apply under UCP 600 Art. 14(c), never later than expiry. | Stale documents: presented more than the 48 period (or 21 days) after shipment. |
| 49 | Confirmation Instructions | Mandatory | CONFIRM / MAY ADD / WITHOUTInstruction to advising bank on adding its confirmation. | Beneficiary assumes the credit is confirmed when 49 says MAY ADD and no confirmation was actually added. |
| 53A | Reimbursing Bank | Optional | BICIf different from issuing bank. Triggers URR 725 for reimbursement. | Reimbursement claim delayed because authorisation to the reimbursing bank was not issued. |
| 78 | Instructions to Paying / Accepting / Negotiating Bank | Optional | 12*65xReimbursement mechanism, remittance instructions. | Documents sent to the wrong address or courier method, delaying payment. |
| 72Z | Sender to Receiver Information | Optional | 6*35zFree-form bank-to-bank information. | Terms placed in 72Z instead of 47A, where they may not bind the beneficiary. |
Frequently asked questions
What is Field 47A on an MT700?
Additional Conditions. Free-text conditions the applicant/issuing bank impose beyond the standard fields - e.g. specific inspection certificates, third-party B/L endorsements, or presentation restrictions. 47A is examined under UCP 600 Art. 14 like any other condition.
Which MT700 fields are mandatory?
Under the SWIFT MT700 format specification (Standards Release 2018 onward) the mandatory fields are 27 Sequence of Total, 40A Form of Credit, 20 Documentary Credit Number, 31C Date of Issue, 40E Applicable Rules, 31D Date and Place of Expiry, 50 Applicant, 59 Beneficiary, 32B Currency and Amount, 41a Available With/By and 49 Confirmation Instructions. Fields such as 45A, 46A and 47A are optional in the message format but are written for almost every commercial credit.
Which MT700 fields cause the most discrepancies?
45A (goods description), 46A (documents required) and 47A (additional conditions), because they are written for each transaction. 44C latest shipment date, 48 presentation period and 31D expiry cause most timing discrepancies, and 71D (formerly 71B) charges allocation causes frequent disputes over deductions.
What is the difference between field 71B and 71D?
They are the same Charges field. SWIFT renamed 71B to 71D in Standards Release 2018. It states which party pays banking charges, commonly all charges outside the issuing bank's country for the beneficiary's account.