02 January 2008

LC SWIFT Format: Field 50, 59 and 32B

Field 50 (Applicant) is another mandatory field which requires bank to expressly indicate the name of the applicant or buyer together with the address. (Sample of LC issued: SWIFT Format).

Field 59 (Beneficiary) is also a mandatory field where the the name of the buyer is to be indicated with full address.

Field 32B (Currency Code, Amount) is where the amount of the credit should be indicated. The currency code used in this field is ISO approved codes such as GBP (Great Britain Pound), USD (United States Dollar), MYR (Malaysian Ringgit), NLG (Netherland Guilder), FRF (French Franc), HKD (Hong Kong Dollar), SGD (Singapore Dollar), EUR (Euro) etc. This field is a mandatory field.

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