MT103 is a SWIFT financial messaging standard for single customer credit transfers — in plain language, it is the standardised format for an international wire transfer between banks.
What MT103 Contains
| Field | Content |
|---|---|
| :20: | Transaction Reference Number |
| :23B: | Bank Operation Code (CRED for credit transfer) |
| :32A: | Value date, currency, and amount |
| :50K/50F: | Ordering customer (sender) |
| :57A/57D: | Account with institution (receiving bank) |
| :59: | Beneficiary customer (recipient) |
| :70: | Remittance information (payment reference) |
| :71A: | Details of charges (OUR/SHA/BEN) |
MT103 Fraud in Commodity Trade
Verify any claimed incoming wire transfer by contacting your bank directly. Never act on MT103 documents sent by the counterparty — always wait for your bank's own confirmation (MT910 or account credit).
Frequently Asked Questions
- What is MT103?
MT103 is a SWIFT message type used for international wire transfers (single customer credit transfers). It is the electronic record of a payment being sent from one bank account to another internationally.
- Is MT103 a payment confirmation?
MT103 is the instruction sent by the sending bank to the receiving bank — it is not a proof of receipt. An MT910 (confirmation of credit) from the receiving bank is the confirmation that funds have been received.
- What is MT103 one-way in commodity fraud?
MT103 one-way is a fraudulent scheme where scammers claim to send a large wire transfer (MT103) conditional on the recipient first paying fees, taxes, or insurance. Legitimate wire transfers have no such conditions.