“What are MT103 & MT199 SWIFT messages?” 🤔

Pranjal Parihar
2 min readApr 15


Fundraising for a startup in itself is a long-drawn process. Where a founder has to go through different stages of scrutiny. But the buck doesn’t stop there and post the fundraising the founders have to be mindful of the FEMA compliance that follows in India.

An important part of it is knowing what is the MT103 and MT199 swift copies that everyone keeps referring to.

Let’s understand the same ;

MT103 and MT199 are both types of messages used by banks to facilitate international money transfers.

An MT103 is a standardized SWIFT payment message used for cross-border payments. It’s the most commonly used message type for wire transfers around the world. When a bank receives an MT103 message, it means that another bank has “instructed it to transfer money to a specified account”. The message contains information about the sender, the recipient, and the amount being transferred.

An MT199 is also a SWIFT payment message, but it’s used for “communication between banks” rather than for actual money transfers. An MT199 message is typically used to request information about a specific transaction or to confirm that a payment has been made. It’s often referred to as a “free format” message because it can contain any type of text.

In simpler terms, think of MT103 as the message that moves money between banks, while MT199 is more like a request for information or confirmation about payment, and in most cases, it is normally called KYC swift.

MT103 is like a FedEx package that carries your money from one bank to another, while MT199 is like a phone call between banks to check on the status of the package or to ask for more information.

Hope this was helpful. Let me know in the comment section below.




Pranjal Parihar

I AM - BBaller | #StartupBanker | #Dancer | #Gamer | Sometimes I Write ! Pretty much sums it up