SWIFT Payment Tracking Explained

3 min read

If you are a company doing business globally, you must be familiar with SWIFT transfers. All banks and financial institutions which make payments via SWIFT will have an MT103 for every payment, but they are unlikely to let you have them.

Here at Wallex, we value transparency and accountability above all else. Knowing where your money is at all times during the transaction process is both convenient and reassuring.

That's why we give you direct access to the MT103 for every one of your SWIFT payments made through our platform.

If you’re not very familiar with what MT103 is and how to utilize it for your business payments, in this article, we explain it all.

What is an MT103?

We receive receipts or confirmation of things every day. When we send an instant message to a friend, we get a tick to let us know they have received it, or when we make an online purchase, we get a notification from the courier and we are able to trace our parcels every step of the way.

The same principle applies to payments. An MT103 is a detailed document that is generated when you complete an international transfer at your bank. It acts as a Proof of Payment made from your bank and informs the beneficiary of all the details of the transaction, including any fees applied.

MT103s are also great for tracing payments which are missing or delayed because they show the route of the payment between the banks. It provides certainty to transactions needed to keep the wheels of trade turning.

That’s why we want to bring the benefits of payment proofs and end-to-end tracking to our customers.

Why do you need an MT103 document

In general, having direct access to MT103s for each of your payments will give you greater control and information.


You have confirmation that your payment has been sent, including all the important details such as beneficiary information and payment amount.


Serves as a valid proof of payment, whether to send to your vendor, supplier, or client to serve as proof of payment or to accounts payable for reconciliation purposes. In the case where funds are being delayed, the MT103 can be used as a guarantee so that business operations can still go on whether or not the funds have actually been credited.


An MT103 can help with payment location and tracking if the funds are held up in regional clearing banks on the way to your beneficiaries.

How to download your MT103

Log in to your Wallex account and go to the Send Money History page, where you will see all your payment history.

You can identify whether it’s a SWIFT Transaction or Local Transfer by its Charge Type. To understand more about the difference between SWIFT vs Local Transfers and when to use one, read our guide.

Select the SWIFT transaction that you want to retrieve the MT103 for by clicking “View”.

Here’s a sample of what an MT103 document looks like.

Do I have to pay to get it?

Banks typically charge $25 and take a week to provide a copy of an MT103. If you're a Wallex user, you get them as soon as your SWIFT payment is completed and for free!

Simplify your cross-border payments with Wallex

Wallex uses an intelligent routing system that deploys Local transfers or SWIFT depending on a combination of factors like urgency of transaction, amount, currency corridor amongst many others.

Businesses of all shapes and sizes use a Wallex business account to make and receive cross border payments, hold balance in and convert funds in over 46 currencies. With Wallex, our clients can efficiently plan, manage and hedge their currency needs all from one secure online platform.

If you would like to know more about how Wallex can help your business, visit www.wallex.asia to schedule a demo.  

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