Mt103 conditional and mt103 unconditional
Posted in the Banking Forum
Please explain me the difference between mt103 conditional and unconditional.
Please visit: www.SWIFT.com
MT 103 is an outright payment and banks truly dislike placing any conditions (as "conditional") to the payment because the bank will be held liable for monitoring this transaction.
Once you visit the website you will read about the correct procedures. Anyone that request you send them a payment with a condition is asking you to take a huge chance. It is like you handing them a payment (certified check) with the understanding that the receiving party will not deposit it until certain conditions are met. What will prevent the receiving party to simply deposit and collect on that check?
Stay away from such transaction.
Since: Sep 11
Thanks for your following message.
In short, there is no condition in MT 103 Swift.
We can provide all swifts including BG SBLC and MTNs & CMO services. We need LOI before sending a contract. In MT 103, We prefer to work only with third party escrow account. A client must put 1.25% of the total amount in escrow account after signing a contract and after delivering the swift, additional 1.25% will be charged and delivered by the client to provider immediately. So in total provider charge 2.5% of the total amount as the fees, provided what amount, a client applied for?. We do not work in any other procedure in delivering MT 103, MT799 OR MT999 (The Services) other than escrow. For your knowledge, We have faced two bad experiences in near past. A Russian client and one more client in Tokyo who hasn't pay provider fees.
Feel Free to contact us anytime.
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