SWIFT MT-760. An Explanation
This is a Swift class 7 which is for Bank Guarantees and Letters of Credit. Specifically this is procedure 60, which is Blocked Funds.
When does a Bank Issue a SWIFT MT-760?
It is important to realize that these transactions can be risky and expensive but they don’t have to be. It is not wise to issue an MT-760 before being absolutely certain of your contract and financing arrangements. You will normally need to have money upfront to complete a SWIFT MT-760.
What Does an MT-760 Looks Like?
An MT-760 is actually an inter bank communication, so you will not see an MT-760. It is a text message sent from bank to bank. You may see the text or language (this should have been pre-negotiated) for these messages but you will never actually see the message itself.
What does a SWIFT MT-760 cost?
This is similar to asking how much a car costs. There are many variables to consider before an actual cost can be determined. The cost of an MT-760 varies greatly from bank to bank. Be aware however, that due to the amount of risk involved for a bank in guaranteeing payment an MT-760 is fairly
Post MT-760 Negotiations
Expensive. Prices will vary depending on where the Guarantee is issued from, the amount being guaranteed, and the amount of time the guarantee is good for. To find out more contact Windsor Funds today.
Not a chance. Once an MT-760 has been issued it is completely non-negotiable. Thus our earlier advice regarding the high risk and need to have your arrangements taken care of in advance.
How can I get a SWIFT MT-760
You can get your SWIFT MT-760 by contacting Windsor Funds here. SWIFT MT-760′s can only be obtained from a bank on the international SWIFT bank network. Standards are strict and not all banks or financial institutions are accepted.
Many banks in the US will not or can not issue SWIFT MT-760′s due to regulations which leads many clients to seek offshore banks and relationships. In these cases they will sometimes offer a Standby Letter of Credit that Windsor Funds can also help you acquire.
Windsor Funds has extensive relationships with offshore banks, trust and financial organizations that are SWIFT capable. These financial institutions specialize in import/export finance, trade finance, and project funding.
Working with Windsor Funds can you save you from wasting valuable time on options that will never work out. Contact us today to discuss the options available for your business.