Q:

What is a SWIFT MT103?

A:

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.

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.

Learn More

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.

    Full Answer >
    Filed Under:
  • 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.

    Full Answer >
    Filed Under:
  • Q:

    What is the SWIFT code for TD Canada Trust bank?

    A:

    The SWIFT code for TD Canada Trust Bank is TDOMCATTTOR. If asked by the originator of the wire transfer for the full name and location of the bank, it is: Toronto-Dominion Bank, Toronto, Ontario, Canada.

    Full Answer >
    Filed Under:
  • Q:

    Are banks closed on Veterans Day?

    A:

    Banks in the United States are closed on Veterans Day. For the most part, banks follow the same national holiday schedule throughout the year and in every state.

    Full Answer >
    Filed Under:

Explore