SWIFT MT799 Proof of Funds
There are times when a SWIFT MT799 is required as a bank to bank electronic communication to verify funds on account. The SWIFT MT799 can also be used to do what is called a “pre-advise” from one bank to another that another action is about to take place. The follow up action could be a SWIFT MT760 message.
Common times when a SWIFT MT799 is required are for international import/export trade, trade finance, bank debenture buy/sell transactions, and prior to a SWIFT MT760 being sent; whether for the issuances of bank instruments like a Standby Letter of Credit (SBLC), or a Bank Guarantee (BG); or for blocked funds on a cash collateral account.
How to Get a SWIFT MT799
When applying for a proof of funds cash account one of the services Balboa Trade provides is a SWIFT messaging. Various SWIFT messaging can be provided. A SWIFT MT799 can be issued from a top world money center bank, such as HSBC or Credit Suisse, to the applicants receiving bank to verify funds are on account, or to communicate a series of other messages from the bank shall follow.
Procedures for Receiving a SWIFT MT799 Proof of Funds
Balboa Trade works with top banks across the globe in the United States, Europe, and Asia. In order to receive a SWIFT MT799 proof of funds there is a simple process that needs to be followed.
First, Apply on our Contact Balboa page and fill out the simple questionnaire. If you have a specific text that the SWIFT MT799 needs to follow please attach it to the submission.
A Balboa Trade representative will contact you shortly to review the online submission with you and answer any questions you may have. We will send you a Client Intake Application required for all Applicants.
Once you have submitted your Client Intake Application back to Balboa Trade with the necessary documentation the appropriate service agreements and escrow instructions will be prepared promptly for you and delivered by email for your review.
Balboa Trade requires for all proof of funds services, including SWIFT MT799, the Applicant to place up front the Facilitation Fee into escrow. This is to protect both parties. Escrow is never released until after both parties to the escrow have given their approval for the release of funds per the agreed upon Service Agreement.
No fees are ever released from escrow prior to a service being performed. We will deliver the SWIFT MT799 to your receiving bank and get proper bank to bank confirmation and acceptance of the SWIFT MT799 prior to releasing escrow and moving forward with the service. It is our goal to see your transaction be successful. We would never ask you do something we would not be willing to do ourselves.
Proceed to Proof of Funds Procedures