SWIFT Format: Field 71B

Field 71B (Charges) is also an optional field. This field is meant for the following charges:

1. Agent’s commission (AGENT)
2. Commission (COMM)
3. Our Correspondent’s commission (CORCOM)
4. Commercial discount (DISC)
5. Insurance premium (INSUR)
6. Postage (POST)
7. Stamp duty (STAMP)
8. Teletransmisson charges (TELECHAR)
9. Wharfing and warehouse (WAREHOUS)

This field is accommodated for 35 characters (alpha numeric) per line subject to a maximum of 6 lines. By indicating either one or combination of some of the charges above, the proceeds received by the seller is the net amount after deducting the said charges.

As a general rule as well as to avoid disputes, in most cases, all the charges incurred in the country of the buyer will be paid by the buyer and those charges incurred in the country of the seller is to be paid by the seller. Therefore, this field is normally indicated as follow:

‘all charges outside Malaysia (country of the buyer) is for the account of the beneficiary’.

Having indicated as such, the seller would be able to account his actual cost up to delivery (handing over to carrier / on board the vessel) of the goods and buyer on the other hand would know his actual cost before selling the goods.

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