What is an MT103?
MT103 is the SWIFT message type used for a single customer credit transfer — the instruction that moves money from one bank customer to another across the SWIFT network. In trade it is often referred to simply as 'the MT103' or the wire confirmation.
At a glance
| Term | MT-103 |
|---|---|
| Definition | SWIFT message format for a single customer credit transfer between banks. |
| Category | Payment & banking |
| Related terms | LC (Letter of Credit), MT-700, MT-799, T/T Payment, POF (Proof of Funds), BCL (Bank Comfort Letter), Performance Bond |
What it is used for
A payer's bank sends the MT103 to the beneficiary's bank. Traders commonly request a copy as evidence that a payment has been sent, particularly for advance payments or partial deposits.
Key points
- Carries payer and beneficiary details, amount, currency, value date and the routing chain of banks.
- Includes a field for payment reference so the receiving party can match the funds to an invoice or contract.
- Generated by the sending bank; the customer receives a copy or confirmation, not the live message.
- Being replaced in many corridors by ISO 20022 equivalents as banks migrate away from legacy MT formats.
What to watch for
- A copy of an MT103 is not proof that funds arrived. Only your own bank confirming credit to your account proves that.
- MT103 copies are easy to fabricate as PDFs and are a staple of advance-fee fraud.
- A valid MT103 can still be recalled or blocked in compliance screening before the funds settle.
Frequently asked questions
Is an MT103 proof of payment?
It is evidence that a payment instruction was issued. It is not evidence that funds were received — confirm credit with your own bank before shipping.
What is the difference between MT103 and MT202?
MT103 is a customer transfer, carrying the underlying customer details. MT202 is a bank-to-bank transfer used to move cover between financial institutions.
How long does an MT103 take to settle?
Commonly same day to three business days depending on currency, corridor and compliance checks, though the value date on the message states the intended settlement.
Related terms
Lodfy verifies every company on the platform — registration, ownership and sanctions screening — before they can trade.