The following guidelines apply when sending an MT 350:
For the actual transfer of funds or the confirmation of credits and debits, other messages outside Category 3 are available, such as the MTs 202/203/205, Financial Institution Transfer messages and the MTs 900/910/950, Confirmation of Debit/Credit and Statement messages, respectively.
In all cases, the common reference of the MT 350 must be quoted in the relevant reference field, ie, field 21 of the MTs 202, 203, 205.
When cancelling a previously sent message (field 22A is CANC) using MT 350:
field 21 must contain the reference (ie, the content of field 20) of the message containing the instruction to be cancelled
the cancellation message must contain a copy of at least the mandatory fields of the original advice.
To amend a previously sent message (field 22A is AMND):
field 21 must contain the reference (ie, the content of field 20) of the message containing the instruction to be amended
the amendment message must contain both the unchanged and the changed/new fields of the original message
the amendment message replaces the original message.
In the case of a fixed loan/deposit, this message is sent when interest is paid periodically during the life of the contract (ie, at the end of the interest period specified in field 30F). It is also used to advise payment of interest, when a fixed loan/deposit is renewed/rolled over and the interest amount is remitted rather than added or subtracted. If the financial institutions exchange liquidation notices at maturity (ie, MT 320, with code word MATU), the MT 320 will account for any interest payment due at that time, therefore, an MT 350 need not be sent.
This message is also sent to advise payment of interest relative to a call/notice loan/deposit, except when the account/contract is closed. In this case, an MT 330 (with code word 22B ='SETT') shall be sent.
The MT 350 is not used for negative interest amounts. Negative interests will be deducted from the outstanding balance.