What is a SWIFT MT103 document in banking?

Ever sent money abroad to pay for a business deal or help family and wondered what proof you actually get? Enter the SWIFT MT103. It’s not a form you fill out—it’s a message generated by banks when you initiate an international wire transfer. Think of it as a global receipt that says, “Yes, your money is on its way.”

In international banking, the MT103 is a standardized SWIFT message that provides detailed information about a money transfer. It’s often used by banks, businesses, and even individuals to trace, verify, or confirm a cross-border payment. 

If you’ve ever sent money internationally, especially through traditional banks, chances are an MT103 was generated behind the scenes.

In this article, we’ll unpack what the MT103 is, why it matters, and how services like BOSS Money simplify international transfers.

MT103 meaning and basic overview

So, what is MT103 in the context of SWIFT? Let’s break it down:

• MT103 (Message Type 103) is a payment message format used by financial institutions on the SWIFT network, which is a global messaging system for secure financial communication. 

• It contains all transaction details, including the sender, recipient, banks involved, and payment specifics.

• It’s typically used for cross-border business payments, but individuals can benefit from it too. 

Governed by SWIFT standards, the MT103 ensures that international transactions are traceable and transparent. 

Moreover, because it contains embedded fields for information like reference numbers and regulatory data, MT103 helps with tracking and compliance measures such as anti-money laundering and compliance checks, shares Senior Business Analyst Ankush Vyawahare¹. 

According to SWIFT², since November 2020, every MT103 sent on its network includes the outcome’s final confirmation. This means that eligible financial institutions must be able to update their Tracker whenever a payment has been credited to the recipient. This also applies in situations where a payment has been rejected or transferred outside the SWIFT network. 

SWIFT adds that these payment confirmations are crucial for two main reasons:

• This allows financial institutions like banks to create better experiences for their customers.

• It can help improve future payment services. 

It’s also worth noting that while the MT103 has an array of use cases, such as for international transfers, it does have limitations. For instance, it doesn’t actually move the funds. Instead, it’s like a letter or set of instructions that lets financial institutions communicate with each other.

Alternatives to MT103 or when it’s not available

Not every money transfer generates an MT103, especially if you’re using domestic or peer-to-peer platforms. Here are a few alternatives:

• Bank confirmations: Some banks issue a PDF receipt instead of a full MT103.

• Transaction receipts from banking apps: These usually include a transaction ID and summary.  

• Transaction IDs: Most banks or apps give you a unique reference number that can be used for inquiries.

• Tracking within apps: Services like BOSS Money provide simple, user-friendly tracking via the app, often negating the need for a technical document like the MT103.

What information is in an MT103 SWIFT message?

Here are the essential data fields you’ll find in a typical MT103 SWIFT message:

• Sender and recipient names: Aside from the names, the sender’s (or remitter's) and recipient’s (also known as beneficiary) addresses are also included. 

• IBAN/account numbers of both parties: Both of your account details also appear on the MT103.

• Bank identifiers (Business Identifier Code or BIC/SWIFT codes) for each institution involved: This includes the sending bank’s code, as well as the receiving bank’s code.

• Transaction reference number: This serves as the transaction’s identifier.

• Amount and currency sent

• Purpose of payment: This is optional but often included.

• Information on charges:
  - OUR: Sender pays all transfer fees, and the beneficiary receives the full amount.
  - SHA: Fees are shared, which means some charges will be paid prior to the transfer, and - the rest will be deducted from the payment you’re transferring. 
  - BEN: Recipient pays all fees, meaning transfer fees will be deducted from the money you’re sending.

This information helps banks, regulators, and businesses trace payments and resolve issues quickly. It’s especially valuable when dealing with compliance reviews, delayed funds, or disputes over payment confirmation.

What is the SWIFT MT103 document used for?

If you’re thinking, “Do I even need this thing?” here’s when an MT103 document becomes your best friend:

• Dispute resolution: Used in disputes to prove funds were sent, especially in international transactions.
• Compliance audits: It may be requested during compliance or regulatory reviews and is useful for audits or financial reconciliation. 
• Business reconciliation: Businesses can request an MT103 form from banks to verify funds sent.
• Tracking delays: Helps in tracking or tracing delays in cross-border payments.

How to request an MT103 form?

Financial institutions, such as your bank and that of the recipient, share the MT103. When you initiate an international transfer, your bank generates an MT103 form, which will be received by the beneficiary’s bank via the SWIFT network. 

You don’t generate an MT103 form; your bank does it for you. However, you can request it if needed through channels like:

• Online banking portals: Some banks let you download an MT103 after a transfer.

• Customer service: You may need to email or call your bank to ask for the MT103.

Be prepared to provide the following:

• The date of the transfer

• The recipient’s name and account

• The transfer amount and currency

• Any reference number or transaction ID

Note that not all banks issue it automatically, and some might take a day or two to send it. Also, while BOSS Money doesn’t issue MT103s (since it’s not an international wire service in the traditional SWIFT sense), the user-friendly app provides detailed transaction receipts and real-time tracking, which, for most purposes, are just as effective. 

Also, your bank may charge an extra fee if you request a copy of your MT103. 

Sample MT103 format

Here’s a simplified version of what an MT103 might look like. Note that each field begins with a colon and a tag number. Think of it like a coded receipt. It might look intimidating, but every field serves a purpose. 

Image source ³

For those curious about how SWIFT fields work, you can see this information as field codes or mandatory tags, such as:

• :20: Transaction reference number (UETR), which is the transaction’s unique identifier generated by the bank.

• :23B: The bank operation code, which also indicates if the transaction is a standard transfer (CRED) or transfers via the SWIFT system, which has different service levels (SWIFT Pay Service Level, SWIFT Standard Service Level, and SWIFT Priority Service Level).

• :32A: The value date, currency, and amount. For example, if you sent the payment amounting to USD 1,500 on 09 June 2025, your 32A will look like this: 090625USD1500.

• :71A: Details of the charges. In the example above, the code is OUR, meaning the sender covers all transfer fees. 

MT103 vs. other SWIFT messages

There are many types of SWIFT messages, and each serves a specific purpose. For instance, there are MT messages specifically for payments like MT103 and MT202. There are also specific MT messages for securities like the MT540 to MT548. 

Here’s how MT103 compares:

• MT103: For single-customer credit transfers (you to someone else)

• MT202: For bank-to-bank (interbank) transfers, used by financial institutions to settle amounts

• MT199: Free-format for miscellaneous messages between banks, such as inquiries or confirmations, within the SWIFT network

• MT940: Used to provide information on account or cross-border transactions, usually through one statement covering daily financial transactions

The MT103 is unique because it confirms a customer-level payment, not just movement of funds between banks. If you’re looking to confirm that your money reached its destination, MT103 is what you need. 

Is MT103 secure and legally binding?

The MT103 is sent through the SWIFT network, one of the world’s most secure and trusted financial systems⁴. SWIFT employs state-of-the-art encryption, ensuring that your message data is protected. The network also has a comprehensive risk management strategy, which has three lines of defense:

• Management: Responsible for the development and implementation of security frameworks

• Risk and compliance functions: These oversee the network’s risk frameworks

• Audit functions: The network makes use of internal and external security audits. Reporting is done by an external security audit firm, which complies with international standards. 

But is it legally binding? Not always. It’s often considered strong evidence, but depending on the laws in your country, it may not stand alone in court. Still, it’s your best shot at proving that a transfer happened.

While it’s not a contract, it may be helpful in legal proceedings, especially those related to financial transactions. For example, if there’s a disagreement on whether or not fund was actually sent, the MT103 can serve as evidence to support claims made by the sender or remitter. 

It’s worth noting that in legal or compliance disputes, banks may use MT103s alongside other documentation, such as account statements, contracts, agreements, or SWIFT confirmations. 

Final thoughts

Whether you’re sending money to pay a supplier in Berlin or to support your family in Mexico, the MT103 document helps provide clarity, control, and confidence.

But if you’re using modern transfer services like BOSS Money, you probably won’t even need it. No need to learn banking codes or request special documents. 

The app gives you real-time updates, easy tracking, and the convenience of sending money. All you need is a debit or credit card to get started. 

To start using BOSS Money for international transfers, download the app on the App Store or Google Play. Select the destination country and delivery method. BOSS Money offers several delivery options: cash pickup, bank deposit, mobile wallet, home delivery, or direct debit. Then, pay using your debit or credit card and track your transfer via the app. 

Sources: all third party information obtained from applicable website as of June 05, 2025

1. https://www.linkedin.com/pulse/understanding-mt103-swift-message-core-pillar-vyawahare-cbap-pspo--aa1mf
2. https://www.swift.com/payments/payment-confirmations
3. https://github.com/luboid/Swift/blob/master/TestApp/examples/MT103-72.txt
4. https://www.swift.com/about-us/discover-swift/information-security

This article is provided for general information purposes only and is not intended to address every aspect of the matters discussed herein. The information in this article is not intended as specific personal advice. The information in this article does not constitute legal, tax, regulatory or other professional advice from IDT Payment Services, Inc. and its affiliates (collectively, “IDT”), and should not be taken or used as such by any individual. IDT makes no representation, warranty or guaranty, whether express or implied, that the content in this article is current, accurate, or complete. You should obtain professional or other substantive advice before taking, or refraining from, any action on the basis of the information in this article.