MT103: What Is It, Format, Fields and How to Obtain

What Is a SWIFT MT103 Message?

An MT103 is the standardized SWIFT message for international wire transfers. Every time money moves across borders through the SWIFT network, an MT103 is generated at the sending bank to record the transfer. It is not the money itself, but it is the structured message that instructs and records the transfer, carrying all the key details of the transaction. This document becomes highly useful to track a payment, resolve disputes over a short amount or to reconcile your records.

What Information Does a SWIFT MT103 Contain?

An MT103 contains the following information: 

Each of these sits in a specific field tagged with a code like :20: or :32A:. Once you know what each tag means, the document becomes easy to read. 

Why Do We Need SWIFT MT103 in International Payments?

The MT103 is useful in four situations: proving a payment was sent, tracking a delayed payment, resolving a dispute over a short amount, and reconciling your records.

Tracking delayed payments: Every MT103 carries a UETR, a 36-character tracking code mandatory for all SWIFT payments. Share this with your bank and they can trace exactly where the payment is in the SWIFT network, provided all banks in the chain support SWIFT gpi.

Proof of payment: The MT103 proves whether a SWIFT wire was actually sent. It shows the date, amount, reference number, and which banks were involved. If a sender claims they paid and you have not received anything, this is the document that settles it.

Resolving payment disputes: Field 71A shows the charge arrangement between the sender and the receiver. OUR means the sender paid all fees and you should receive the full amount. SHA means charges are to be shared by the sender and the receiver. BEN means all charges fall on you. If you received less than invoiced, Field 71A tells you whether the deduction was due to the charge arrangement.

Reconciliation: The MT103 shows the original amount sent and the final amount settled between banks. If your client sent $5,000 but only $4,960 reached you, the MT103 shows the fees deducted along the way. If the payment involved a currency conversion, it may also show the exchange rate used.

What Is the Format of an MT103?

An MT103 contains numbered fields, each identified by a tag that begins with a colon. The fields appear in a standard sequence and each one carries a specific, consistent meaning regardless of which bank issued it.

Below is what a sample SWIFT MT103 looks like:

SWIFT MT103 Sample

Here are some of the most essential fields you need to know to understand the SWIFT MT103 document.

How To Get a SWIFT MT103?

The MT103 is generated and held by the sending bank. As the receiver, the only way to get it is to ask the sender to request a copy from their bank and share it with you.

Here is a step-by-step process on how you can get a copy of the SWIFT MT103. 

How To Track a SWIFT Payment Using MT103?

When a payment is delayed, you have two ways to trace it depending on what you have.

Using Field 20: Ask the sender to contact their bank and request a payment status update using the Field 20 transaction reference. The sending bank can query the SWIFT system and tell them where the payment is.

Using the UETR: The UETR is a 36-character code mandatory on all SWIFT payments since 2018. Unlike Field 20, it travels unchanged across every bank in the chain. The sender shares the UETR with you, and you can give it to your own bank's forex desk and ask them to run a gpi trace. If your bank supports SWIFT gpi, they can see the real-time status of the payment, whether it is still with the sending bank, in transit at a correspondent bank, or held at your bank pending compliance checks.

If the payment has been stuck for more than three business days after the value date in Field 32A, escalate formally using both references.

Is MT103 Being Replaced?

As of November 22, 2025, SWIFT replaced MT103 with PACS.008 on FINplus, its upgraded messaging network that supports the new ISO 20022 standard. Banks that have not yet migrated can still send MT103 messages, which SWIFT automatically converts to PACS.008 before delivery to the receiving bank. This is why you may still encounter MT103-formatted documents depending on which bank the sender uses.

What Is PACS.008?

PACS.008 is the ISO 20022 replacement for MT103. It carries the same core information, sender, recipient, amount, currency, routing, but uses a more structured data format that supports richer remittance details and handles Indian names and addresses correctly, which the old MT103 character set could not always do.

What Does This Mean for Indian Freelancers and Exporters?

Nothing changes practically. When you ask the sender to request a payment confirmation from their bank and share it with you, that document may now be formatted as PACS.008 rather than MT103. It serves the same purpose. When someone says "ask for the MT103," what they mean going forward is "ask for the SWIFT payment confirmation document."

How Virtual Account Platforms Eliminate the Need for MT103

When Indian exporters and freelancers use virtual usd account platforms like Skydo, the need for MT103 in routine situations largely disappears. This is because virtual accounts receive payments through local rails, ACH in the US, SEPA in Europe, Faster Payments in the UK, rather than SWIFT. When a sender pays via local rails into a virtual account, no SWIFT message is generated, which means no MT103, but also no intermediary bank fees, no multi-day delays, and no need to chase documentation.

The platform itself provides the payment confirmation, generates your e-FIRA automatically, and gives you a clean record for compliance purposes. The SWIFT-and-MT103 process only becomes relevant when a sender insists on a traditional wire transfer.

Most of your international payments do not need to go through SWIFT at all. Skydo gives you local USD, GBP, EUR and SGD accounts so your clients pay locally and you receive faster, with zero intermediary deductions. Get your virtual account