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SWIFT Formats For Money Transfers

The document describes how to transfer money between banks using SWIFT cover payment messages. The buyer's bank needs to send two SWIFT messages: an MT 103 to the seller's bank to effect payment, and an MT 202 to its intermediary bank to credit the account it holds with the intermediary bank. It provides examples of an MT 103 and MT 202 that would be used for a USD payment from a buyer in South Africa to a seller in Nepal, going through intermediary banks in New York.

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Bhairab Pd. Pandey
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2K views3 pages

SWIFT Formats For Money Transfers

The document describes how to transfer money between banks using SWIFT cover payment messages. The buyer's bank needs to send two SWIFT messages: an MT 103 to the seller's bank to effect payment, and an MT 202 to its intermediary bank to credit the account it holds with the intermediary bank. It provides examples of an MT 103 and MT 202 that would be used for a USD payment from a buyer in South Africa to a seller in Nepal, going through intermediary banks in New York.

Uploaded by

Bhairab Pd. Pandey
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOC, PDF, TXT or read online on Scribd
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SWIFT Formats for money transfers using a cover payment mode.

The buyer’s bank will have to send 2 SWIFT messages.

- Message 1 (MT 103) to BOK directly to effect payment.


- Message 2 (MT 202) to their intermediary bank (nostro A/C held correspondent) to
credit the account of BOK held with BOK’s intermediary.

In the enclosed SWIFT formats, we have taken an example of a USD payment by the
following:

Buyer: ABC Ltd., 45 Johannesburg, South Africa

Buyer’s Bank: HSBC, Johannesburg, South Africa

Intermediary (HSBC): American Express Bank Ltd., New York

Seller: XYZ Ltd., Thamel, Kathmandu, Nepal

Seller’s Bank: BOK, Bank of Kathmandu Ltd.

Intermediary (BOK): American Express Bank Ltd., New York


SWIFT Message type - FIN MT 103 / 999

(The Buyer’s Bank may send a MT 999 with instructions to treat the message as a MT 103
if they do not have SWIFT BKE relationship with us)

SENDER: HSBCZAJJ
HSBC, JOHANNESBURG, SOUTH AFRICA
RECEIVER: BOKLNPKA
BANK OF KATHMANDU LTD.

PLEASE TREAT THIS MESSAGE AS A MT 103

:20: Sender’s Reference


123xxx
:23B Bank Operation Code
CRED
:32A Value date, currency, amount
070320USD10000,00
:33B Instructed Amount
USD10000,00
:50K Ordering Customer
/00112086
ABC LTD.
45 JOHANNESBURG, SOUTH AFRICA
:53A: Sender’s Correspondent
AEIBUSS33
AMERICAN EXPRESS BANK LTD, NY
:54A: Receiver’s Correspondent
AEIBUSS33
AMERICAN EXPRESS BANK LTD, NY
:57A: Account with Institution
BOKLNPKA
BANK OF KATHMANDU LTD.
NEPAL
:59: Beneficiary
/01010000XXXXNPR
XYZ LTD.
THAMEL, KATHMANDU, NEPAL
:70: Originator to Beneficiary Info
PAYMENT OF INV NO.123XXX DT MAR 20, 07
:71A: Charges
OUR
:72: Bank to Bank Information
/INFO/FOR COVER WE HAVE CREDITED YR AC WITH
//AEIBUSS33, AMERICAN EXPRESS BANK, NY VALUE
//DATED MARCH 20, 2007
SWIFT Message type - FIN MT 202

SENDER: HSBCZAJJ
HSBC, JOHANNESBURG, SOUTH AFRICA
RECEIVER: AEIBUSS33
AMERICAN EXPRESS BANK LTD.
NEW YORK

:20: Transaction Reference Number


123xxx
:21: Related Reference
Non
:32A Value date,currency,amount
070209USD10000,00
:52A Ordering Institution – BIC
HSBCZAJJ
HSBC, JOHANNESBURG
SOUTH AFRICA
:57A Account with Institution – BIC
AEIBUSS33
AMERICAN EXPRESS BANK LTD.
NEW YORK
:58A: Beneficiary Institution – NM&ADDR
BOKLNPKA
BANK OF KATHMANDU LTD.
NEPAL
:72: Sender to Receiver Information
/INFO/ COVER PAYMENT FOR
//INVOICE NO. 123XXX DT MAR 20, 07

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