MT103

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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.

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