More simply put; The SWIFT MT-799 is a text like message sent between banks and is often referred to as “pre-advice”. An example would be, Bank 1 would send a SWIFT MT-799 to Bank 2 with language such as (this is over simplified): “Bank 1 confirms $1 on deposit and are prepared to block this $1 via SWIFT MT-760 in favor of account 12345 at your bank. Please confirm readiness and receipt.” Normally, the MT 799 is needed shortly before the SWIFT MT-760 is issued, and there are fees associated with it. Your account must meet the minimum requirement of 1 million dollars. Regardless of what some brokers will say, the swift MT 799 is NOT actually collateral, and may NOT be used for a private placement program. A SWIFT MT-799 is used for proof of funds only. A SWIFT MT-799 is not a form of payment and it is not a bank undertaking or guarantee to pay. It is nothing more than a bank-to-bank confirmation of the availability of funds on deposit.