SWIFT Money Transfer

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MT103 is a SWIFT payment message type/format used for cash transfer specifically for cross border/international wire transfer.

Specification of SWIFT MT

SWIFT messages consist of five blocks of the data including three headers, message content, and a trailer. Message types are crucial to identifying content.

Below are different SWIFT message types

Message Type	Description
MT0xx	System Messages
MT1xx	Customer Payments and Cheques
MT2xx	Financial Institution Transfers
MT3xx	Treasury Markets
MT4xx	Collection and Cash Letters
MT5xx	Securities Markets
MT6xx	Treasury Markets - Metals and Syndications
MT7xx	Documentary Credits and Guarantees
MT8xx	Travelers Cheques
MT9xx	Cash Management and Customer Status

All SWIFT messages include the literal "MT" (Message Type). This is followed by a three-digit number that denotes the message category, group and type. Consider the following example -- MT103:

The first digit (1) represents the category. A category denotes messages that relate to particular financial instruments or services such as Cash Transfer(1), Treasury (3), or Cash Management (9). The category denoted by 1 is Cash Transfer.

The second digit (0) represents a group of related parts in a transaction life cycle. The group indicated by 0 is a Financial Institution Transfer.

The third digit (3) is the type that denotes the specific message. There are several hundred message types across the categories. The type represented by 3 is a notification.

MT103 Fields

Below are the fields of an MT 103 message . These fields are referred to as tags.

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) or Address of the remitter.
: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
:71A	Details of Charges (OUR/SHA/BEN)
:72	Sender to Receiver Information
:77A	Regulatory Reporting

In the above table, tags 52, 53, 54, 56, and 57 preferably contain Business Identifier Codes BIC, whereas tags 50 and 59 preferably contain an account number or BIC.