An MT103 is a standardized financial message format used in international banking and finance.

It is part of the SWIFT messaging system (Society for Worldwide Interbank Financial Telecommunication) and is primarily used for international wire transfers. The MT103 message contains specific information about the transfer of funds from one financial institution to another.

What information is in an MT103?

An MT103 message normally contains the following key information:

Sender and receiver information:

• The sender's and receiver's financial institution details, including their names, addresses, and SWIFT/BIC codes

Payment instructions:

• Clear instructions about the transfer, including the amount to be transferred, currency, and the date of the transfer.

Beneficiary information:

• Details about the recipient of the funds, including their account number and name

Payment reference:

• A reference code or information that helps identify the purpose of the payment

Charges:

• Information about who's responsible for bears the charges associated with the transfer - whether it's the sender, receiver or shared by both parties

Intermediary banks:

• If applicable, the details of any intermediary banks (banks which the money might pass through before reaching the recipient) involved in the transaction will be included.

Additional Information:

• Any extra details or comments about the payment

In summary, an MT103 gives you:

• confirmation that your payment has been sent to the recipient
• proof of payment for your recipient's reconciliation purposes
• visibility of the payment status - particularly important if the payment is delayed at any point (i.e. it gets held up in an intermediary bank)

What do the MT103 fields show?

Here are the standard MT103 fields that you'll see on the document: