Receiving a Bank Guarantee
Receiving a Bank Guarantee.
In order to receive a bank guarantee, your company must bank with an internationally acceptable institution that is part of the swift communication system.
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If the Receiving Bank has received a swift MT 799 pre-advice, informing them that a Bank Guarantee is about be transferred, they will advise the beneficiary.
Upon actual receipt of the MT 760, the bank will credit a separate account in the beneficiaries name usually an electronic safe custody or keeping account. The Beneficiary will then receive a print-out of the swift message as proof of receipt.
The client or Beneficiary is now free to use the Guarantee for the intended purpose and if being utilised for monetisation, the LTV (Loan to Value), will need to have already been previously agreed with their bankers.
It is important to note, if a company intends to enter into a contract where they will receive a Guarantee, they must bank with an internationally acceptable institution that is part of the swift communication system.
For further details on the swift system, please go to our Swift page.
If you have any further questions on this or any other subject related to bank guarantees, then you can search our frequently asked questions where you will hopefully find the answer you are looking for. Alternatively you can ask us a question and we will answer it for you.