Jargon Busters

What is an MT103 and when do I need it?

If you sent a payment via SWIFT, chances are you’ve heard of the MT103 document, a standardised proof of payment which can be provided by any bank or institution sending money through the SWIFT network. It’s used specifically for international wire transfers.

What is an MT103?

It’s a detailed document that is generated when you complete an international transfer at your bank. It acts as a confirmation of payment made from your bank and provides the beneficiary with all the details of the transaction, including any fees applied. It offers greater visibility and transparency over your international payments.

An MT103 is globally accepted as proof of payment and includes all payment details such as date, amount, currency, charges, sender and recipient. All banks and financial institutions that make payments via SWIFT will have an MT103 for every payment.

When do I need an MT103?

You won’t need proof of payment every time you move money overseas, sometimes the transaction record that shows in your online account will be enough.

But if there is a dispute about the transfer you sent, if your payment is missing or delayed, or if there are any problems with the transaction, you will need an MT103 as a proof of payment. This document is a useful resource as it includes all the details of your payment and can help our partners check if their banking partner has received the payment.

What are the benefits of using an MT103?

On top of giving you confirmation that your payment has been sent, an MT103 provides you with all the important details such as recipient information and payment amount. It gives you greater control and information:

  • You have confirmation your payment has been sent.
  • It serves you as a valid proof of payment, whether to send to your vendor, supplier, or client for reconciliation purposes.
  • It helps with payment location and tracking if the funds are held up in regional clearing banks on the way to your beneficiaries.

How do I access my MT103?

You can either contact your relationship manager directly or email our support team at [email protected]

Processing times can vary but it usually takes up to a day. We recommend requesting an MT103 if your payment is more than 24 hours late.

Do I have to pay for it?

Banks will most likely charge you an extra fee to provide a copy of an MT103. This is because they don’t automatically produce this document when they process international transfers.

However, if you’ve made your international payment with CurrencyTransfer, you won’t be charged anything.

What are the MT103 fields?

The SWIFT MT103 fields show all you need to know about the transaction, you can use the table below to view the definition of the MT103 fields. You would expect to see the below on your document:

Field
Field Name

:20
Transaction Reference Number

:23B
Bank Operation Code

:32A
Value Date / Currency / Interbank Settled

:33B
Currency / Original Ordered Amount

:50A, F or K
Ordering Customer (Payer)

:52A or D
Ordering Institution (Payer’s Bank)

:53A, B or D
Sender’s Correspondent (Bank)

:54A, B or D
Receiver’s Correspondent (Bank)

:56A, C or D
Intermediary (Bank)

:57A, B, C or D
Account with Institution (Beneficiary’s Bank)

:59 or 59A
Beneficiary

:70
Remittance Information (Payment Reference)

:71A
Details of Charges (BEN / OUR / SHA)

:72
Sender to Receiver Information

:77B
Regulatory Reporting

Send money abroad with CurrencyTransfer

You can save time and money on international payments with CurrencyTransfer. Payments are instant and can be deposited within 24 hours for all major currencies.

We offer better-than-bank rates on international money transfers, giving you access to live quotes displaying the real mid-market exchange rate next to your client rate. No hidden fees, 100% transparency. You’ll see instantly how much your payment will cost to process, and how much your recipient will get in the end.