What is a value date?
A value date is the date on which a payment is settled and the funds count as available in the receiving account, which can differ from the date the payment was sent or the date it appears on a statement. On a Swift payment, it is part of field 32A of the MT103. Example (invented, for illustration only): a US buyer instructs a wire on Friday 30 October 2026 after its bank's cut-off; the confirmation shows a value date of Monday 2 November 2026, the date the dollars settle.
- In the Swift MT103 message, field 32A holds the value date together with the currency and the interbank settled amount.
- BBVA México states that incoming dollar transfers received by 13:30 are credited with same-day value, and later ones on the next business day.
- Crédit du Maroc's tariff lists a value date of two working days after receipt for an export transfer, showing how much banks differ.
- Saturdays and Sundays are Federal Reserve holidays, so a US dollar payment cannot take a weekend value date.
How a value date works
Three dates can attach to one payment. The instruction date is when the payer asks its bank to pay. The value date is when the money settles and is treated as available. The booking date is when the entry appears on the statement. For most domestic real-time payments they are the same day; for international wires they often are not.
On a Swift payment, the value date sits in field 32A of the MT103, next to the currency and the amount passed to the next bank. The receiving bank then applies its own rule for crediting its customer, and banks publish those rules differently.
| Bank or system | What it publishes about value or credit timing |
|---|---|
| BBVA México | Dollar transfers received by 13:30 credited with same-day value; later ones the next business day |
| Crédit du Maroc | Value date of two working days after receipt for an export transfer |
| SEPA Credit Transfer | Payee's bank credited within one banking business day |
| Fedwire | Transfers immediate, final and irrevocable once processed, on Federal Reserve business days |
Sources: BBVA México, international transfers; Crédit du Maroc tariff brochure (rates in force from 9 March 2026); EPC 2025 SCT Rulebook; Federal Reserve Board, Fedwire Funds Services. As published on 29 October 2026.
Where a business meets a value date
A finance team meets the value date in three situations. When it reconciles, the value date tells it which day the cash was really available. When a supplier says a payment is late, the value date on the payment confirmation, together with the UETR, settles the question faster than any email. And when it pays to a deadline, such as a letter of credit expiry or a contract due date, it needs the value date, not the instruction date, to fall in time.
Weekends and holidays move value dates. Saturdays and Sundays are Federal Reserve holidays, so a US dollar payment instructed on Friday after the cut-off takes Monday's value date, or Tuesday's if Monday is a holiday. A holiday in the beneficiary's country can add another day at the other end.
Value dates also explain why a supplier and a buyer can both be right about a late payment. The buyer's statement shows the money left on the instruction date; the supplier's bank shows it arrived on the value date, or later under its own credit rule. Comparing the two dates on the confirmation usually shows where the time went.
Common mistakes with value dates
- Treating the instruction date as the payment date. A contract that says "paid by" usually means funds received, which depends on the value date.
- Ignoring the bank's credit rule. A receiving bank may credit on a later day than the settlement date. Check its published terms.
- Forgetting holidays in both countries. A US holiday and a holiday in the beneficiary's country can each add a day.
- Sending after the cut-off. An instruction after the payment cut-off time takes the next business day's value date.
Related terms and how Helm handles it
The value date depends on the cut-off time and on each currency's settlement system, such as Fedwire for US dollars.
Helm shows the expected arrival before you send an international payment, so you can see in advance whether it will meet a due date.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
What is the value date of a payment?
The date on which the payment is settled and the funds count as available in the receiving account. It can differ from the date the payment was instructed and from the date it appears on a statement.
Where is the value date on a SWIFT payment?
In field 32A of the MT103 message, together with the currency and the interbank settled amount.
Why is my value date later than the day I sent the payment?
Usually because the instruction reached the bank after its cut-off, or because the day was a weekend or holiday in the currency's home country.
Can a US dollar payment have a weekend value date?
No. Saturdays and Sundays are Federal Reserve holidays, so US dollar payments settle on the next business day.
Do banks credit on the value date?
Rules differ. BBVA México credits dollar transfers received by 13:30 with same-day value, while Crédit du Maroc's tariff lists a value date two working days after receipt for an export transfer.
References
- Swift: MT 103 Single Customer Credit Transfer, Message Reference Guide, Standards MT November 2021 (copy published by BNZ)
- BBVA México: Transferencias internacionales para empresas
- Crédit du Maroc: Tariff brochure (rates in force from 9 March 2026)
- Board of Governors of the Federal Reserve System: Holidays Observed (K.8)
- European Payments Council: 2025 SEPA Credit Transfer Rulebook, version 1.0 (EPC125-05)
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.