Trade Finance Officer Interview Questions and Answers

MT codes are used in the SWIFT messaging system to categorize different types of messages.

• MT 700 - Issue of a Documentary Credit

• MT 710 - Advice of a Documentary Credit

• MT 740 - Authorisation to Reimburse

• MT 799 - Free Format Message

SWIFT is a messaging network used by financial institutions to securely and quickly communicate information for international transactions.

• SWIFT stands for Society for Worldwide Interbank Financial Telecommunication.

• It provides a secure messaging platform for financial institutions to communicate information such as payment instructions, confirmations, and statements.

• SWIFT codes are unique identifiers assigned to each financial institution that is part of the network.

• It enabl...read more

Bg stands for Bank Guarantee and Lc stands for Letter of Credit.

• Bank Guarantee (Bg) is a commitment by a bank to pay a specified amount to a beneficiary if the applicant fails to fulfill their obligations.

• Letter of Credit (Lc) is a financial instrument issued by a bank on behalf of a buyer, guaranteeing payment to the seller upon meeting certain conditions.

• Bg and Lc are commonly used in international trade to provide assurance to parties involved in transactions.

• Bg and Lc hel...read more