what is mt700
1 MT 700 is a swift message type that is used by issuing banks when openning a letter of credit. 2  This swift message is sent by the issuing bank to the advising bank. 3  It is used to indicate the terms and conditions of a documentary credit which has been originated by the Sender (issuing bank). This swift message is sent by the issuing bank to the advising bank. 2  It is used to indicate the terms and conditions of a documentary credit which has been originated by the Sender (issuing bank).