When a bank received a Transferable Standby Letter of Credit from another bank, so what number of message type (SWIFT) will we use to transferable of that standby letter of credit? and a bank which received transferable LC and process of that transferable LC to second beneficiary has liable or not?
Standby Letter of Credit
Swift message type will be MT700 and for amedment MT707
Infact whole process of advising will also remain same as normal LOC process.
No change for advising bank and swift format...
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