In the world of international bank transfers, sending money is not just a click of a button. Behind the scenes, encrypted banking messages travel between banks to ensure your funds arrive accurately and securely. Among these messages, the MT103 stands out as a pivotal document, serving as the official proof of a money transfer via the SWIFT network.
In this blog, we break down the MT103 line by line, explaining what each code means and why you should understand it—especially if you rely on international transfers for your business or personal transactions.
What Is the MT103 SWIFT Message?
An MT103 message is a standardized format used within the global SWIFT network to send payment instructions from one bank to another during an international money transfer. It includes precise details such as the sender and beneficiary names, amount, currency, fees, and intermediary banks.
MT103 is globally recognized as official proof of payment, making it a critical tool for tracking bank transactions and resolving disputes.
Key Tags in the MT103 Message – What Do They Mean?
The message is divided into encoded “fields” known as tags, each with a specific purpose:
| Tag | Name | Function / Content |
|---|---|---|
| :20: | Sender’s Reference | Unique transaction tracking number |
| :23B: | Transaction Type | e.g., CRED for credit transfer |
| :32A: | Date/Currency/Amount | Transfer details |
| :50A/F/K : | Ordering Customer | Sender’s account details |
| :52A: | Ordering Institution | Sending bank’s code (optional) |
| :53B: | Sender’s Correspondent | Account used by the sending bank |
| :54A: | Receiver’s Correspondent | Intermediary bank for the receiver |
| :57A: | Account with Institution | Beneficiary’s bank |
| :59: | Beneficiary | Recipient’s name and account |
| :70: | Remittance Information | Invoice number or payment reason |
| :71A: | Details of Charges | OUR (sender pays), BEN (beneficiary pays), SHA (shared) |
| :72: | Sender to Receiver Information | Optional notes for the receiving bank |
A Simplified Example of an MT103 Message
This represents a Bank Transfer from John Doe to Jane Smith for €123,456.78, with the Transfer fees shared between both parties (SHA). Notice how all essential data is included in a unified format.
How Is an MT103 SWIFT Message Structured?
The message is built using five core blocks:
1️⃣ Block 1 (Basic Header): Identifies the sender and message type.
2️⃣ Block 2 (Application Header): Contains routing information.
3️⃣ Block 3 (User Header): Optional details per sender needs.
4️⃣ Block 4 (Text Block): The main body with financial details.
5️⃣ Block 5 (Trailer): Contains digital verification and security seals.
Why Is the MT103 an Important Document?
✅ Legal proof and internationally recognized payment evidence.
✅ Reduces banking errors through standardized formatting.
✅ Total transparency in tracking your funds.
✅ Powerful tool for resolving banking disputes.
Whether you are a business owner, an individual sending remittances to your family, or managing an international team, retaining a copy of the MT103 enhances your financial security and control.
Conclusion
The MT103 message is more than just a banking document—it’s the language of global money transfers. Understanding it empowers you to protect your funds, improve your banking experience, and stay safe.
With Towb, the mystery of Transfer codes is gone. We give you the keys to understand them—clearly and confidently.
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