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Is a money transfer from your Saxo account taking longer than expected? If after 5 business days the funds are not yet in your account, you can share the MT103 message with your bank.
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What is the MT103?
An MT103 is a standardized SWIFT payment message used specifically for cross-border/international wire transfers.
MT103s are globally accepted as proofs of payment and include all payment details such as date, amount, currency, sender, and recipient. So MT103s can be used for tracing payments that are missing or delayed because they track the route of the payment between the banks.
Tracing money transfers, using MT103
Once Saxo releases your funds after you have requested a cash withdrawal, you will receive a payment notification message including the MT103, in the platform Inbox.
If it has been more than 5 business days since you received the payment notification and still hasn't received the money in your bank account, please provide the MT103 to your bank to check.
How to read the MT103
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Field |
Field Name |
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:20 |
Transaction Reference Number |
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:23B |
Bank Operation Code |
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:32A |
Value Date / Currency / Interbank Settled |
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:33B |
Currency / Original Ordered Amount |
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:50A, F, or K |
Ordering Customer (Payer) |
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:52A or D |
Ordering Institution (Payer's Bank) |
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:53A, B, or D |
Sender's Correspondent (Bank) |
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:54A, B, or D |
Receiver's Correspondent (Bank) |
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:56A, C, or D |
Intermediary (Bank) |
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:57A, B, C, or D |
Account with Institution (Beneficiary's Bank) |
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:59 or 59A |
Beneficiary |
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:70 |
Remittance Information (Payment Reference) |
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:71A |
Details of Charges (BEN / OUR / SHA) |
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:72 |
Sender to Receiver Information |
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:77B |
Regulatory Reporting |