You’re looking to buy a property or goods such as machinery or commodities, but you need cash and financing in place before the seller will accept your offer.
You want to get your hands on an MT799 proof of funds so you can make that offer and secure the purchase, but how much does it cost?
First, what is a Swift MT799 Proof of Funds?
It’s essentially a letter from one bank to another that guarantees that you have sufficient funds available in your account.
This “soft credit inquiry” doesn’t affect your score at all and can be used to prove credit worthiness without actually drawing down on any available lines of credit or taking out new loans.
Once you know how much money you can spend (or borrow), you can allocate that amount towards buying real estate or other assets.
In many cases, it is acceptable to accept a proof of funds issued by a third party on your behalf.
For example, if you are purchasing goods, the third party known as the liquidity provider can issue the MT799 on your behalf to the beneficiary.
This will allow you to qualify for the contract, sign with an end user/buyer and ultimately receive funding to close the purchase.
The most important factor when considering whether or not to accept a proof of funds issued by a third party is whether or not you can trust that third party.
If you don’t know who they are or what their reputation is, then it’s probably best not to use them.
However, if you do know who they are and feel confident in their ability to issue MT799s on your behalf, then it may be worth looking into further!
Why Do You Need A Swift Mt799 Proof Of Funds Service?
If you are looking to buy goods from a supplier, then it is important that you have enough money in your bank account.
This is because the supplier will ask for proof of funds before they agree to sell their goods to you.
The reason why they require this kind of proof is because they need to know that the payment will be made on time and in full.
They also want to make sure that you can afford their prices as well as their shipping costs.
So, what does an MT799 Proof of Funds cost?
Well, it depends on your needs and the type of service you require.
If you’re looking for a bank-issued and reputable proof, then you should expect to pay around 20,000 US$ per million.
Such a proof of funds is always backed by a third party liquidity provider, making underlying funds available for at least 90 days.
On the other hand, if you’re willing to take a risk with a non-bank issued proof, then you could potentially get away with paying as little as 5000 US$.
But remember: risks are not worth taking when it comes to your finances.
We’re here to help you get the proof of funds you need for your next transaction.
Schedule a consultation with us today on calendly.com/financelygroup.
