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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Related Questions

  • Q:

    What is the SWIFT code for Bank of America?

    A:

    The Bank of America SWIFT code for U.S. dollar wire transfers is BOFAUS3N, while the code for wire transfers sent to Bank of America in foreign currency is BOFAUS6S, according to the bank's official website. Not all banks require SWIFT codes to complete a wire transfer.

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  • Q:

    How do you look up SWIFT codes?

    A:

    People can find a SWIFT code, also known as a bank identification code, by using the BIC search on the official Society for Worldwide Interbank Financial Telecommunication website at Swift.com. Customers who need this information to transfer money can also call a representative of the bank.

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  • Q:

    How do you find SWIFT codes for banks?

    A:

    SWIFT codes, also known as Bank Identifier Codes, or BICs, can be looked up on websites such as Swift.com, Iban.com,and Xe.com, or in directories maintained for each country that uses them. They uniquely identify banks and facilitate electronic communications and transactions between them.

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  • Q:

    What is Chase Bank's swift code?

    A:

    Chase Bank has multiple SWIFT codes. The specific one desired depends on which department or branch of Chase Bank is the desired end location. The first SWIFT code listed for Chase Bank is CHASUS33ARP. Chase Bank is formally known as JP Morgan Chase Bank.

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