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A surprising number of people read the phrase “free format message” next to an MT799 or MT199 and conclude that the message costs nothing to send. Some go further and ask why their bank wants to charge them for something “free.” The word has nothing to do with price. It describes the structure of the message. If you want a bank or a lender to take you seriously, this is one of the first pieces of vocabulary to get right.
SWIFT is the secure messaging network banks use to talk to each other. Every message on it has a type, and most types are rigidly structured. Free format messages are the exception, and that exception is exactly what the name refers to.
Most SWIFT messages are built from mandatory, numbered fields. An MT700 that issues a documentary credit or an MT103 that sends a customer payment places each piece of data in a specific field, in a specific format, so that bank systems can process it automatically.
A free format message has no such structure. Beyond the header and a reference, the body is a single narrative text field that the sending bank writes in plain language. The MT199 sits in the payments category, the MT799 sits in the trade finance category, and other categories have their own equivalents. “Free” means the text is free of fixed fields. That is the entire definition.
| Feature | Structured Message (e.g. MT700, MT760, MT103) | Free Format Message (e.g. MT799, MT199) |
|---|---|---|
| Body | Mandatory numbered fields with defined content | One narrative text field written by the bank |
| Purpose | Issues an instrument or moves money | Correspondence, pre-advice, queries and confirmations |
| Creates an obligation by itself | Yes, according to its type and terms | No, unless its text expressly says so under proper authority |
| Network | Secure, authenticated SWIFT network | The same secure, authenticated SWIFT network |
| Bank charges | Yes, per the bank’s tariff | Yes, per the bank’s tariff |
Think of a structured message as a bank form with labelled boxes, and a free format message as a letter on the bank’s letterhead. Both are official, both travel through the same secure channel, and neither is sent for free.
A free format message uses the same authenticated network as every other SWIFT message. The sending bank pays for network access and for the staff who draft, check and authorise the text, and that cost is passed on to the customer. Tariffs vary by bank, by relationship and by whether the message relates to a trade transaction, so check your own bank’s schedule of charges rather than assuming anything.
Cost is only part of the picture. Many banks will not send a free format message on a customer’s instruction at all unless there is an underlying relationship or transaction that justifies it. The bank is putting its name to the words, and its compliance team will want to know why.
If you are asking your bank for a “free” MT799, you are telling them you have not done this before. Relationship managers, compliance officers and lenders notice terminology, and getting the basics wrong is one of the fastest ways to lose credibility on a transaction.
Carry authenticated bank-to-bank correspondence, pre-advise an instrument that is about to be issued, answer a query, or confirm a fact such as an account relationship or available balance.
Move money, issue a letter of credit, or create a guarantee or standby by itself. It is correspondence, and its weight depends entirely on what the text says and who authorised it.
The operative structured message. An MT700 issues a documentary credit and an MT760 issues a guarantee or standby letter of credit. These are what lenders and beneficiaries rely on.
As a supporting step around a real transaction, never as a substitute for the instrument itself. A deal that never moves past free format messages is not progressing.
One of the most common reasons counterparties ask for a free format message is to evidence that a buyer has the funds to perform. A bank-to-bank confirmation of available funds can serve that purpose when it is issued by a real bank, about a real account, for a real transaction. If your counterparty needs to see that kind of evidence, the right starting point is a properly structured proof of funds that a bank will actually stand behind, rather than a request for a “free” message.
Getting the format, the issuing bank and the wording right matters far more than the price of the message itself. A poorly drafted or unverifiable confirmation helps nobody, and the cost of sending it is the least of the problems.
Financely is a debt-side capital advisory and arrangement firm with a network of more than 12,700 verified lenders. We help corporate borrowers structure proof of funds, letters of credit and standby facilities around real transactions, presented to banks and lenders in language they recognise. Our USD 500 deal assessment is credited against the arranger fee on any subsequent full mandate.
No. Free format refers to the structure of the message, a single narrative text field instead of fixed fields. Banks charge to send free format messages according to their own tariffs.
Both are free format messages. The MT799 belongs to the trade finance category and the MT199 belongs to the customer payments category. The structure is the same, and the category signals the context.
No. An MT799 moves no money and does not issue a guarantee by itself. Instruments are issued through structured messages such as the MT700 for documentary credits and the MT760 for guarantees and standby letters of credit.
Yes. Banks decide what they are willing to put their name to, and many will only send a free format message where there is an underlying relationship or transaction that justifies it.
This article is informational only and does not constitute legal, banking or investment advice. Bank charges and practices vary, so confirm fees and requirements directly with your bank. Financely is an advisory and arranging firm and does not act as a bank, direct lender or broker-dealer. Any financing or instrument-related engagement remains subject to underwriting, KYC, AML, sanctions screening, documentation, counterparty acceptance and final approval by the relevant providers.
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