Asking What Is MT103? MT103 is a specific SWIFT message types/format used on the Society for Worldwide Interbank Financial Telecommunication payment system to send for cross border/international wire transfer messages between financial institutions for customer cash transfers.
With our MT103 for swift payments you can carry out your transfers without hassles, alot of people who have frequently asked us the purpose of MT103 and we have decided to put out the explanation in a detailed way on this article. Read on below 👇
What is the purpose of 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.
Is MT103 Transaction Revocable?
Some cross boarder transactions are revocable or reversible, however, once payment is made on the instructions contained in an MT103, it is irrevocable and the obligation of the sending bank to reimburse the receiving bank is fully operative. If payment has not been made, there is no reason why a receiving bank should refuse a request for cancellation of the MT103.
With our MT103 you can send payments to any bank account in the world, it is widely used by hackers or fraudsters such as romance scammers on their victims mostly. MT103 varies though from 103 to 202 and 202 plus however, it all does same thing but depends on what you really want or how you want your transaction. I will explain the differences and you should indicate which you want when you want to get the MT program
What is difference between MT103 and MT202?
MT 103 is a single direct payment. MT 202 is an interbank order from a Corresponding bank(s) that confirms the issuing banks obligation to Fulfill the beneficiary or Receiving bank. However they both have different formats,
MT202 COV is used only to move funds related to an underlying customer credit transfer that was sent with the cover method. Back to the whole structure of a SWIFT message or Back to the payment messages page.
How can I get MT103?
to get mt103 you should click here or contact our customer support to enable you get it along with the guide on how to do payment with mt103
For more info or questions contact our customer support and don’t forget to be respectful when contacting our customer support. Good luck!