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Decoding the MT103 SWIFT Message: What Do All These Codes Mean?

A clear, line-by-line breakdown of the MT103 SWIFT message, explaining each tag, its meaning, and why it matters for your international transfers.

27 Jun 2025 | Share this post in

Decoding the MT103 SWIFT Message: What Do All These Codes Mean?

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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:

Block 1 (Basic Header): Identifies the sender and message type.
Block 2 (Application Header): Contains routing information.
Block 3 (User Header): Optional details per sender needs.
Block 4 (Text Block): The main body with financial details.
Block 5 (Trailer): Contains digital verification and security seals.

MT103 Structure

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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