What is SWIFT MT799 and its importance in Global Trade Market?
Do you know the importance of the SWIFT MT799 message in the global trade market? Why do suppliers demand buyers to provide SWIFT MT799; before signing the bulk import contract? Let us discuss – What is SWIFT MT799 & the demand for BCL MT 799 in the global trade market.
What is SWIFT MT799?
SWIFT MT799 is the authenticated swift message issued by a bank on behalf of its client to confirm the fiscal ability of the buyer to cover bulk imports. Please be noted that MT 799 doesn’t provide any assurance or guarantee of payment to the counterparty.
Why Supplier Demand Buyers to Provide SWIFT MT799?
In today’s global trade market, suppliers always wish to work with financially competent buyers who can pay for the supplied goods on time without any default. So, before signing the contract, suppliers want to check the financial worth of the buyer. Here comes the importance of having a Comfort Letter – BCL MT 799.
The main function of this SWIFT MT 799 is to assure the seller that the buyer does have the necessary funds available to complete the trade. So, once the supplier receives the SWIFT MT 799 from the buyer’s bank; they are sure about the financial condition of the buyer. And so, they will get an assurance that the buyer is financially capable to make the payment for the supplied goods.
Get Proof for your Financial Ability – Apply BCL MT799
After the receipt of MT799, the seller’s bank will confirm that the seller owns the product & is capable of delivering the goods by issuing the POP (proof of product) to the buyer’s bank. All these communications usually happen between the buyer’s bank & seller’s bank via SWIFT Message MT799. With this swift message, the seller is assured of the financial capability of the buyer & the buyer is assured of the product availability from the seller’s end.
How to Get SWIFT MT799?
Is your supplier demanding you to show proof of your financial capability? So, how you will get a Bank Comfort Letter?
If you contact your bank to get the comfort letter; then your bank will provide you with the required BCL by blocking your bank limit as per your trade deal. In case, if you don’t have enough cash funds available; or if you don’t want to block your capital; then you can’t able to get the MT799 from your bank. Also, without proving your financial capability, you can’t able to embark on the new project & it may create a big loss for your business.
If you don’t want to lose any opportunities because of a lack of cash funds; then you can contact us with your BCL request. We can provide the required BCL MT799 from our bank account; which states that the buyer is financially capable to proceed with the purchase of bulk goods! With this swift mt799, your supplier will verify your fiscal ability & will be ready to deal with you!
So, what are you waiting for? Submit your BCL request to us & get the MT799 issued in 2 days!
Prove Your Fiscal Ability with SWIFT MT799
Recent Videos
Are you finding it hard to get Bank Guarantee from banks? You’re not alone! As per the statistics revealed in 2021, more than 80% of SMEs lose their trade deals; because of a lack of access to Commodity Finance. If you’re in need of Bank Guarantees to sign a new trade deal or contract, then […]
COVID-19 pandemic has affected both local and global trade dealings. Even, the world trade bounced back to normal in the year 2021, the SMEs still face financial hurdles to do their imports & exports. This is mainly due to the lack of cash funds or lack of access to Trade Finance Instruments. Are you in […]
COVID-19 has harmed the entire global trade market, especially SMEs. The effects of COVID-19 had made it tough for SMEs to secure a credit line or bank support; to restore their business. Those days were really a dark period for SMEs. Now, as per the recent study by UNCTAD’s Update; world trade recovery from the […]
