Q:

What is a SWIFT MT103?

A:

Quick Answer

The MT103 is a Society for Worldwide Interbank Financial Telecommunication (SWIFT) message format, which is specifically for making payments. International wire transfers, telegraphic transfers, Large Value Transfer System payments in Canada and Single Euro Payments Area payments are all SWIFT MT103 payments.

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Full Answer

The term "wire transfer" generally refers to only two types of payments, FedWire or SWIFT MT103. FedWire is a local electronic payment in the United States only. The term "telegraphic transfer," on the other hand, refers exclusively to SWIFT MT103 international payments. LVTS payments in Canada also use the SWIFT MT103 message format for local electronic bank transfers in Canadian dollars. SEPA payments, which use the SWIFT MT103 message format, are inexpensive electronic bank transfers made in Euros in over 30 European countries.

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