How do I read MT103 messages?

Once your payment has been dispatched, you can retrieve your MT103 by logging into your Money Mover account, selecting your completed payments and clicking ‘View’. Your MT103 will appear at the bottom of the record. There’s even a ‘copy to clipboard’ function so you can forward it to your recipient.

What is an MT103 payment?

An MT103 is an international standard message format that banks and financial institutions use in the SWIFT network in order to instruct a transfer of funds from one customer to another customer.

How do I know if a SWIFT message is real?

SWIFT codes

1. First 4 letters: Institution Code or bank code.
2. Next 2 letters: ISO 3166-1 alpha-2 country code.
3. Next 2 letters or digits: location code.
4. Last 3 letters or digits: branch code ((In case of last 3 digits/letters are ‘XXX’ it means message is meant for primary office)

What do you need to know about a MT103?

What is an MT103? An MT103 is a standardised SWIFT payment message used specifically for cross border/international wire transfers. We use SWIFT for all payments made via Money Mover. MT103s are globally accepted as proofs of payment and include all payment details such as date, amount, currency, sender and recipient.

What does MT103 mean in a swift payment?

When an international payment transfer has been completed by the sending bank, an MT103 document is produced, and is a detailed confirmation of a swift payment. This will provide the sender and beneficiary with details of the payment and confirmation of the payment having been sent.

Why do I need MT103 confirmation for payments?

Having direct access to MT103s for each of your payments gives you greater control and information. You have confirmation that your payment has been sent, including all the important details such as recipient information and payment amount.

Can a blocked payment be released from Mt 103 / 23?

“As soon as the Buyer’s Transportation arrives in Paris with the desired product, the BLOCKED PAYMENT shall be released from MT 103/23 to MT 103”. I hear now and then that MT103/23 would be used by scammers to defraud innocent sellers.