What Is MT103? How to Get It & Why Skydo Makes It Optional (2026)

Updated on: 19th January 2026 

What is SWIFT MT103 ?

An MT103 is a standardised SWIFT payment message used for international wire transfers. When you send or receive money across borders, the MT103 serves as the official record of the transaction between banks.

Think of it as a digital receipt that travels with your money through the global banking network. It contains all the essential details: who sent the money, who should receive it, how much was transferred, and which banks are involved.

What Does MT103 Contain?

When you send money internationally through the SWIFT network, your bank generates an MT103 message and shares it securely with the recipient's bank. This SWIFT MT103 document contains all the essential transaction details, including:

MT103 vs. Other SWIFT Messages

MT103 and MT202 are both SWIFT messages but serve distinct purposes in international payments.

MT103 is generated when you initiate an international payment and includes all customer transaction details. This document serves as your proof of payment.

MT202 operates behind the scenes between banks to settle or cover MT103 transactions. It contains no customer information.

Key Difference: MT103 provides customer payment proof whereas MT202 handles interbank settlement.

When sending money abroad, you'll receive the MT103. The MT202 processes automatically between financial institutions without customer involvement.

What is MT103 SWIFT document used for?

Imagine you’ve paid an overseas supplier, but they claim the funds haven’t arrived. You check with your bank, and they confirm the SWIFT transfer was sent – now you’re stuck in the middle, unsure who to believe. This is where the MT103 comes in. By obtaining the MT103 document, you get a detailed record of the payment showing when and where the money was sent, and through which banks.

You can forward this to the beneficiary as proof of payment, and your bank can use the reference information in the MT103 to help trace the payment’s path and find any bottlenecks in the process. Often, just providing the MT103 to the beneficiary’s bank is enough for them to locate a pending credit in their system.

MT103 Format and Fields (Understanding the Details)

Figure 1: Sample MT103 document with key fields highlighted. Notice Field 71A shows charge allocation.

An MT103 includes all the details necessary for processing an international transfer. Here's what a typical MT103 message contains:

For most users, the critical things to check on an MT103 are: transaction reference number (to track it), dates and amount (to confirm timing), beneficiary details (to ensure correct account), and charges field (to see fees deducted).

Optional Fields: Some MT103s include additional tags like Time Indication (:13C:), Transaction Type Code (:26T:), Exchange Rate (:36:), and Sender to Receiver Info (:72:) for extra details when needed.

How to Get MT103 from Your Bank (Step-by-Step)

Getting an MT103 isn't automatic – you usually have to request it. Here's how to get an MT103 from your bank, step by step:

Step 1: Make the Transfer First : You must have made an international payment via SWIFT. An MT103 is automatically generated in the banking system whenever a SWIFT transfer is initiated, but it remains behind the scenes unless someone retrieves it.

Step 2: Contact Your Bank's Support : Reach out to your bank's customer service via phone or through your online banking message centre and request a copy of the SWIFT MT103. Some banks have a dedicated option to request a "SWIFT payment confirmation" or "SWIFT MT103 copy" in their online banking portal.

Step 3: Provide Necessary Details : The bank will need to locate the exact transaction. Be ready to provide the date of transfer, amount, currency, and recipient's account details. If you have a transaction reference or confirmation number, that's very helpful.

Step 4: Wait for the MT103 Document : It can take a few hours up to a few days for the bank to retrieve and send you the MT103. Some banks charge a fee for issuing an MT103 copy, typically around $20 to $40 USD.

Step 5: Receiving the MT103 : The bank will usually email you the MT103 as a PDF document. Keep it secure — it contains sensitive information including your name, account number, and beneficiary's details.

Important: If you are the receiver of the payment, you usually cannot request the MT103 directly. Only the sender's bank can issue the MT103. Ask the sender to request it from their bank and share it with you.

When should you request an MT103?

Since some banks charge for it and it can take effort to obtain, it’s best to request an MT103 only when you need it. Good scenarios are: a payment is significantly delayed or stuck with an intermediary bank, you need the MT103 for compliance documentation or audits, or the beneficiary is insisting on proof to investigate a missing transfer. If everything went smoothly and the beneficiary already got the money, you typically wouldn’t bother getting an MT103 (your regular bank statement or transfer confirmation would suffice in that case).

Case Study: The True Cost of Chasing MT103s

Who Can Request an MT103?

Generally, the sender of the international payment is the one who can request the MT103 from their bank. The MT103 is generated by the sending bank and is considered that bank's record of the transaction, so they usually release it only to their account holder.

If you are the sender, you have the right to ask your bank for the MT103 as proof of payment. Whether it's a personal transfer or a company transfer — the account holder can obtain it.

If you're the recipient waiting on a payment, you cannot directly get the MT103 from the sender's bank. You'd have to ask the sender to request and share it with you.

This sometimes causes frustration in international deals, because the receiver might want to independently verify a payment. But due to privacy and banking rules, the receiving bank won't issue an MT103 for an incoming payment. So it often becomes part of business workflows: the recipient asks the sender to provide the MT103 for reassurance or tracking.

Tip for businesses: If your company sends wires frequently, set up a process with your bank where they automatically send you the SWIFT confirmation for each transfer. Some banks can email you the MT103 for every outgoing payment — this saves time if proof is often required.

How to Track a SWIFT Payment Using MT103 

International wire transfers via SWIFT typically take 1-5 business days. Delays occur when payments route through multiple correspondent banks or undergo compliance checks. If your payment hasn't arrived after a week, the MT103 message becomes your essential tracking tool.

Using MT103 to Trace Your Payment

Every MT103 contains a unique transaction reference code (Field 20) and often a UETR (Unique End-to-End Transaction Reference) for SWIFT gpi transfers. These identifiers function as your payment's tracking number.

How To Track Your Payment:

SWIFT gpi: Real-Time Payment Tracking

SWIFT gpi (Global Payments Innovation) provides live status updates for international transfers. Banks participating in SWIFT gpi can show real-time information such as:

Some banks offer customer portals for self-service tracking, while others provide updates through customer support.

MT103 vs SWIFT gpi: Key Differences

MT103 is a payment confirmation message containing transaction details and reference numbers—like a shipping receipt.

SWIFT gpi is the real-time tracking system where you use those reference numbers to monitor payment status—like an online package tracker.

Many banks now embed the UETR from SWIFT gpi directly into MT103 messages, linking both systems together.

Tracking Without SWIFT gpi

Banks can still trace payments using standard MT103 references even without SWIFT gpi. This manual process checks SWIFT logs to locate stuck transfers, though it takes longer than real-time tracking.

MT103 vs. SWIFT gpi: What's the Difference?

Common MT103 Mistakes (And How to Avoid Them)

Skydo vs Traditional SWIFT: Do You Need MT103?

While MT103 is the banking standard, requesting one is slow and costly. Here's how traditional SWIFT compares to modern alternatives like Skydo:

While MT103s are undoubtedly helpful (even essential) when payments go missing, they’re not always the most convenient solution for everyday needs. In 2025, businesses want faster and simpler ways to confirm transactions. Obtaining an MT103 means waiting for the transfer to be sent, then requesting the document, waiting again for it to be issued (and possibly paying for it). If you have multiple international payments a month, that’s a lot of overhead just to get confirmations.

That’s why modern fintech platforms have reimagined the experience of sending and receiving international payments. Instead of relying on SWIFT messages and then chasing documents for tracking, these platforms often provide built-in tracking and local payment routes that bypass some of SWIFT’s limitations.

For example, Skydo (our platform) offers real-time payment tracking in your dashboard. When you receive an international payment through Skydo, you can see the status of that payment in real time – whether it’s been initiated, is in transit, or has been credited to your account – without needing to ask for an MT103. Essentially, the platform provides the transparency that SWIFT gpi does, but directly to you as the user.

Moreover, with solutions like Skydo, you can avoid traditional SWIFT fees and delays altogether. Skydo provides you with local virtual accounts in countries like the US, UK, and EU. So if you’re an exporter in India awaiting payment from a US client, your client can pay into a local US account (ACH transfer) which is faster and cheaper, and Skydo then settles the money to you in INR. No $25-$40 SWIFT wire fee, no multiple correspondent banks holding your funds, and no need to wait days wondering where the money is. This means:

Sometimes, not needing an MT103 is the best-case scenario. If you can skip the uncertainty and the fees associated with SWIFT by using a platform that provides instant confirmation and tracking, it makes life easier for both sender and receiver. Of course, SWIFT isn’t going away – it’s a backbone of international finance – but for many transactions, especially business payments, these new methods are gaining favor.