What is an MT103?
An MT103 is the Swift message format for a single customer credit transfer: the instruction one bank sends to another to pay a customer's international wire. A copy of it is the standard proof that a payment was sent, and it records the value date, the amount, the banks involved and the charges. Example (invented, for illustration only): a US importer's MT103 copy shows a value date of 29 October 2026, an instructed amount of USD 18,000.00, charges code OUR and the supplier's bank in Shenzhen as the account-with institution.
- MT103 field 32A holds the value date, currency and interbank settled amount, and field 33B the amount originally instructed.
- Field 71A holds the charge code OUR, SHA or BEN, and field 71F records charges deducted by a bank in the chain.
- Field 56a names any intermediary institution, and if it is present, field 57a, the bank holding the beneficiary's account, must be present too.
- Swift reported in September 2019 that more than 60% of cross-border MT103 payments were already sent as gpi, with a tracking reference.
How an MT103 works
When you send an international wire, your bank turns the instruction into a Swift message and sends it to the next bank in the chain. For a customer payment, that message has traditionally been the MT103, "MT" standing for message type. Each field has a number, and some have a letter option that sets its format, written as "a" when several are possible.
| Field | Name | What it shows |
|---|---|---|
| 32A | Value date, currency, interbank settled amount | The amount actually passed to the next bank, after any sender's charges |
| 33B | Currency, instructed amount | The amount originally instructed; mandatory when any charges field is present |
| 56a | Intermediary institution | The bank through which the payment must pass |
| 57a | Account with institution | The bank that holds the beneficiary's account |
| 71A | Details of charges | The charge code: OUR, SHA or BEN |
| 71F | Sender's charges | Charges deducted by a bank in the chain; may repeat for each bank |
| 71G | Receiver's charges | Charges prepaid by the sender under OUR |
Source: Swift, Standards MT November 2021, Message Reference Guide, MT 103 Single Customer Credit Transfer (copy published by BNZ). As published on 29 October 2026.
The charge fields follow strict rules. If field 71A says OUR, field 71F is not allowed and 71G is optional. If it says SHA, 71F is optional and 71G is not allowed. If it says BEN, at least one 71F entry is mandatory.
Where a business meets an MT103
Suppliers often ask for an "MT103 copy" as proof that a payment left. It is better evidence than a screenshot of online banking, because it shows the value date, the banks and the charges. Send it to the supplier with the invoice number on the day you pay, so its bank can match the incoming funds.
An MT103 also explains a short payment. The difference between the instructed amount in field 33B and the settled amount in field 32A, plus any 71F entries, shows what each bank deducted. If the message does not explain a gap, ask your bank to look up the payment's tracking reference, the UETR. Banks now also send customer payments in the ISO 20022 format, where the equivalent message is the pacs.008 and the charge codes OUR, SHA and BEN become DEBT, SHAR and CRED.
Common mistakes with MT103s
- Accepting a forged MT103. A copy can be altered. A supplier should rely on its own bank confirming the credit, and a buyer on its bank's confirmation and the tracking reference.
- Asking for an MT103 for a domestic payment. ACH, Fedwire, SEPA and Faster Payments are not Swift messages, so there is no MT103.
- Reading field 32A as the amount the supplier received. It is the amount passed to the next bank. Later banks may deduct more.
- Sending without the charge code you agreed. Field 71A decides who pays the fees. Check the payment template before sending.
Related terms and how Helm handles it
The MT103 carries the SWIFT codes of the banks involved, the charge code and the value date. It passes through any intermediary bank on the way.
Helm sends international payments by SWIFT and by local rails where available, with the rate, fee and expected arrival shown before you send, and a named account manager answers payment questions in writing within one business day.
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What is an MT103?
The Swift message format for a single customer credit transfer, the instruction a bank sends when a customer makes an international wire. A copy is the usual proof that a payment was sent.
What does an MT103 show?
Among other fields, the value date and settled amount (32A), the instructed amount (33B), any intermediary bank (56a), the beneficiary's bank (57a), the charge code (71A) and charges deducted (71F).
Is an MT103 proof that the supplier was paid?
It proves the payment was sent by your bank. The supplier is paid when its own bank credits the account, which the supplier's bank confirms.
How do I get an MT103 copy?
Ask the bank or provider that sent the wire for a copy of the Swift message or its payment confirmation, with the payment's UETR.
What replaced the MT103?
Banks now also use ISO 20022 messages for cross-border payments, where the customer credit transfer is the pacs.008. The information is similar, in a more structured form.
References
- Swift: MT 103 Single Customer Credit Transfer, Message Reference Guide, Standards MT November 2021 (copy published by BNZ)
- Swift: gpi for corporates (Association of Corporate Treasurers)
- BNY: ISO 20022 Module 4, pacs.008.001.08
- Ohmyfin: Intermediary bank fees: who takes the cut, and how much (25 October 2026)
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.