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What is an MT103? Examples, Elements, And Where to Find It

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An MT103 is a standard SWIFT message used to make international transfers, and it is recognized by international banks around the world. All banks can provide an MT103 after an international transfer is made. Furthermore, once payment is made using the instructions contained in an MT103, it is irrevocable.

Details included in an MT103 are payment instructions, the sender's and recipient's information, the amount transferred, and the fees. 

What Is an MT103?

An MT103 is a comprehensive document issued after you make a SWIFT international transfer through your bank. It serves as proof of payment from your bank and provides the recipient with all transaction details, including applicable fees, and any currency exchange rates.

To explain this, let’s say that you initiated a transaction, such as a telegraphic transfer or wire transfer, your bank will prepare an MT103 document that includes all necessary details about this transaction. 

These details include but are not limited to, your name, your recipient’s name, address, amount, currency, and SWIFT/BIC code. Your bank securely sends this document through the SWIFT network, a dedicated messaging platform for financial institutions. 

The beneficiary's bank receives the MT103, verifies the information, and upon confirmation, credits the recipient’s account with the transferred funds, deducting fees as applicable.

In essence, an MT103 includes a detailed record of all the standardized information required for international transactions, can be used as confirmation of payment, and is recognized by institutions worldwide.

A dropdown of some supported currencies by the Statrys business account.

What Information Is on an MT103? 

With the MT103, there is a standard format that includes specific information to ensure the validity of the document. This information includes the sender and recipient's information, the payment amount, and any additional information or instructions. It's important that the message is accurate and complete to ensure the payment processes correctly.

Here is the common information included in an MT103:

  • Payment reference
  • Name, address, and account details of the individual or company sending the money. The sender may be called the remitter or the ordering customer.
  • Name, address, and account details of the individual or company receiving the money. The receiver is called the beneficiary.
  • The sending bank’s code 
  • The receiving bank’s code
  • Settlement date
  • The amount of money being sent
  • The currency in which the money is being sent
  • The date the transfer was initiated
  • The payment route between the banks
  • Intermediary banks
  • Details of fees 
  • Who pays the fee

Example of MT103

The appearance of an MT103 that the customer gets after the request can vary by bank, but it must include a SWIFT payment message that provides tracking information for the payment destination.

Here's an example of what an MT103 might look like.

An example of what an MT103 document might look like

How to Read the MT103 

The format of MT103 documents can differ from one bank to another. You might find some documents straightforward to read, while others use predominantly banking abbreviations. 

To help you understand them better, here is a simplified breakdown of the references and abbreviations you may find on MT103 documents. 


Tip: Within the document, you will find details organized in specific fields called “tags”. 

MT103 Mandatory Tags





Sender's reference

Unique identifier to reference the transaction.


Bank operation code

Indicates the general type of banking operation being performed. This includes:

  • CRED: Standard transfer. It's the most popular and economical option but the slowest.  
  • SPAY: Transfer via SWIFT Pay Service Level. Faster than CRED but may have additional fees.
  • SSTD: Transfer via SWIFT Standard Service Level. Balanced speed and cost.
  • SPRI: Transfer via SWIFT Priority Service Level. Fastest option with the highest fees.


Value date/currency/interbank settled amount

Shown as date-currency-amount. For example, 250624USD2000 represents a payment made on June 25, 2024, in US dollars, totaling 2000. 

The date may differ slightly from your original transfer request due to bank processing times.

50A, F or K

Ordering customer 

The payer's details, usually the account,  identifier code, name, and address.

59, 59A or F

Beneficiary Customer

The payee’s details, usually the account, name,  address and Identifier code.


Details of Charges

his field indicates who will cover the costs of the SWIFT transfer:

  • BEN: The beneficiary covers all fees.
  • OUR: The sender covers all fees.
  • SHA: Fees are shared between the sender and the beneficiary.

Tags 50 and 59 may use account numbers in BBAN format for domestic payments or IBAN format for international payments.

MT103 Optional Tags





Time Indication

This field indicates the times for processing the payment, such as

  • /SNDTIME/: Debit time at sending bank (CET).
  • /RNCTIME/: Credit time at receiving bank (CET).


Instruction Code

This field specifies an instruction, such as:

  • /CHQB/: Cheque - Pay by cheque
  • /CORT/: Corporate Trade - Payment settles a trade.
  • /SDVA/: Same Day Value - The transaction is processed on the same day.


Transaction Type Code

The purpose of each transaction, such as salaries, pensions, or dividends.


Currency/Instructed Amount

This field shows the amount requested by the customer. It's included when the sender's bank converts currency.

If there are no fees or currency conversions, field 32A will match 33B (if 33B is included).


Exchange Rate

The conversion rate for the amount in field 33B.


Sending Institution

This field specifies the message’s sender.


Ordering Institution

The ordering customer's financial institution, if different from the sender.


Sender's Correspondent

This is where the sender will reimburse the receiver if needed.


Receiver's Correspondent

This is where the receiver can access the funds, either at their branch or another financial institution.


Third Reimbursement Institution

This is the receiver's branch, where funds are available through a different financial institution than stated in field 53A.


Intermediary Institution

The bank or financial institution through which the transaction must pass to reach the recipient's account.


Account With Institution

This indicates the bank that manages the account for the beneficiary customer.


Remittance Information

Transaction details or a reference to another message with information.


Sender's Charges

The currency and amount of transaction fees deducted by the sender and the previous banks in the transaction chain.


Receiver's Charges

The currency and amount of charges that the receiver will have to pay.


Sender to Receiver Information

This is a field for any additional information.


Regulatory Reporting

Codes for statutory and regulatory information required by authorities in the country of the Receiver (written as BENEFRES) or Sender (written as ORDERRES).

Tags 50, 52, 53, 54, 55, 56, and 57 primarily use BICs (Business Identifier Codes) to identify the involved banks.

Why Is the MT103 Important?

The MT103 is important because it serves as proof of payment, much like a transaction receipt. Once a recipient bank receives the MT103, instructions are given to credit the relevant accounts with the appropriate funds, ensuring secure and reliable international telegraphic transfers. 

In addition, the MT103 provides comprehensive and transparent information that can reduce delays and frustrations, particularly with international transfers. It also simplifies payment tracking and offers visibility to all parties involved.

 How to Find an MT103 Document?

Although an MT103 is always generated for SWIFT transfers, banks do not automatically provide this document to customers. Customers need to request the MT103 from their bank if they require it.

Banks often charge a fee for this document, whereas alternatives to banks, like fintech companies, often offer this document for free upon request. 

The time it takes to receive the MT103 document also varies. Banks may take a few business days or more to retrieve and deliver the MT103 because it's not immediately formatted for customer viewing, so they need to process it first before making it available.

This is an example of what a request form for an MT103 might look like. Please note that this can vary from bank to bank.

a screenshot example of a mt103 document

The MT103 is used for SWIFT payments. If your bank can't provide this document, it could be because the transaction isn't processed via the SWIFT network.

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Note:  If you have a business account with Statrys, you can request an MT103 via support@statrys.com or live chat for free. You'll normally get your MT103 within a few hours on business days. Alternatively, use the SWIFT real-time tracking on the Statrys dashboard for instant updates.

Statrys mobile application dashboard showing a total balance in a business account.


What is an MT103 Document

An MT103 is a standardized SWIFT message that is used by banks and financial institutions to make international transfers between accounts.

How to use an MT103?


Who has to send an MT103?


Where to get an MT103?


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