MT-799 POF

                                     MT-799 POF ( NO UPFRONT PAYMENT REQUIRED )

MT799 is a simple text message, sent bank to bank. This is used for a bank to bank proof of funds, only. The MT-799 is not a form of payment and it is not a bank undertaking or promise to pay. It is simply a bank to bank confirmation of the funds on deposit, nothing more.

Proof of Funds service is not a loan, but is a perfect, inexpensive and fast way to add strength to your current financial profile, show reserves and help facilitate your transactions.

MT-799 POF Transmission And Formats.

Different formats may include phone/fax verification or bank to bank Swift confirmation.

We can arrange Proof Of Funds to facilitate various trading requirements, providing you the capability to meet your supplier’s needs. The investment process is simple and secure, and can be completed within four (4) banking days with no upfront payment required.

When trading, there are multiple documents and forms requested by both parties. One of the more commonly requested, but lesser understood documents is the MT-799. Many sellers will request that the buyer issue an MT-799 before they provide proof of product, or proceed beyond the initial stages of the sale. For new traders who are not familiar with international banking systems, this can be a rather confusing request. We assist buyers/traders issue MT-799 POF to their suppliers

MT-799

The MT-799 is a free format SWIFT message type in which a banking institution confirms that funds are in place and available to cover a possible trade. This can on occasion, be used as an irrevocable undertaking, depending on the language used in the MT-799, but is not a promise to pay or any form of bank guarantee in its standard format. The function of the MT-799 is simply to assure the seller that the buyer does have the necessary funds to complete the trade.

The MT-799 is usually issued before or after a contract is signed, and before a letter of credit or bank guarantee is issued. After the MT-799 has been received by seller’s bank, it is then responsibility of the seller’s bank to send POP documents (proof of product) to buyer’s bank, at which point the trade continues.

The actual payment method commonly used is a documentary letter of credit, which the seller presents to the issuing or confirming bank along with shipping documents. Once the bank confirms the documents, the seller is then paid. An alternative method is the use of bank guarantee in place of a letter of credit. It is normally at the seller’s discretion which method of payment is more desirable.

Can All Banks Issue MT-799 POF To A Supplier

Due to definite course of action adopted for the sake of expediency some bank may not issue MT-799 POF in favor of their clients. Approach your bank and sign a contract with them to have MT-799 POF transmitted to seller’s bank in your favor. However, some banks lack desire to issue MT-799 POF, as that makes them legally responsible for the full cost of the trade, which can sometimes equal in value to millions. Some bank will not issue an MT-799 POF without some form of collateral to secure their own interests. If your bank decline to accept your application to issue MT-799 POF to a supplier we can help you issue it through a AAA rated bank.

The MT 799 is a swift message used between banks to communicate in written form, and is usually referred to as Pre-advice.  For example, HSBC may send a MT-799 to Citibank stating: We confirm “$$$” amount on deposit and are ready to use this amount via MT 760 in favour of account “505” at your bank.  Please confirm readiness and receipt.” Typically, the MT 799 will be needed directly before the MT 760 is issued, and there will be small fees to be paid after transmission.

Note: The MT-799 POF we provide to clients is not blocked funds type. It cannot be used as collateral, or used to enter a private placement program. It is only a proof of funds which indicate that the buyer has funds on deposit.

What Are The Requirements To Transmit MT-799 POF To A Supplier

You will provide the following information to send MT-799 POF to a supplier.

• Name of the advising bank.

• LC / BG Amount.

• Product shipment date.

• Details of the company legally responsible for confirmation fee after MT-799 is

   issued and confirmed.

• Description of the merchandise.

• Port and country where product will be loaded.

• Port and country where product will be unloaded.

Mateo Henson
Bayrock Services Ltd
Tel. +1-646 3568996
Email: bg4lease@gmail.com / inquiry@mt760bg.com

Skype: bayrock.services

146 Shirley Street. Island: Nassau / Paradise Island
Website: www.mt760bg.com