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MT999

Banking

Banking at a Glance
Bank Swift Messages used by Real Buyers and Sellers

 

SWIFT MT999
The difference between MT799 and MT999 is that for an MT799, banks must exchange a so called BKE authenticator which means a test key is automatically coded into the sent message, and decoded at the receiving end.

An MT999 is the same, just without this test code. Therefore it’s considered unauthenticated, and MT999 messages have no value whatsoever, unless confirmed via a separate test key. Whatever so called “Bankers” or “Experts” tell you – there is no way that an MT999 has any effect on an account! In particular the MT999 can never block any cent – remember: it is just a free format message in a Swift envelope.

What your bank will use for us – MT799 or MT999 we don’t care. Our banks accept both as we need it basically as communication starter between buyer’s bank and our bank to discuss what is needed to close the deal successfully.

In our opinion Buyers not willing to issue MT799 or MT999 are just tire kickers, Brokers, Agents, Scammers or Fraudsters. There is no serious desire to buy due to lack of funds.

Both - MT799 and MT999 - are classified by SWIFT as “free format message”, as mentioned above the difference is that for an MT799 banks must exchange a BKE authenticator which means a test key is automatically coded into the sent message, and decoded at the receiving end.

An MT999 is the same as MT799, just without this test code. Therefore it is considered unauthenticated, and MT999 messages have no value or evidence whatsoever, unless confirmed via a separate test key. MT999 Swift messages are more like an email sent through the Swift message system.



How do I issue an MT799 or MT999 SWIFT Message
Approach your bank, and make an arrangement with them to have an MT799 wired to the seller’s bank. Some banks are reluctant to issue MT799’s, as these make them liable for the full cost of the trade, which can sometimes be in the millions.

A bank will normally not issue an MT799 without some form of collateral to secure their own interests, so be prepared to put up a hefty amount of collateral. But if you want to buy the fuel from us you will have the funds ready anyways for the guarantee. The MT799 or MT999 itself will cost you between 50 and 100 bucks, as a good customer of your bank you might even get it issued for free.

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