Simple Guide to the SWIFT MT101 Format (2024)

Two of the most popular posts on this blog are the Structure Of A SWIFT Message, Explained and the Difference between a SWIFT ACK and SWIFT NACK. Many of the readers of those posts have asked if i could do something similar detailing the SWIFT MT101 format. In this post, the idea is to give you a quick taster of the SWIFT MT101 format and request that you follow up on the specific details with your target bank. Let’s jump straight into the MT101 format….

What is a SWIFT MT101 Message?

The SWIFT MT101 message is a request for transfer, enabling the electronic transfer of funds from one account to another. Funds are transferred from ordering customers account to a receiving financial institution or account servicingfinancial institution. For us right now, the important thing to note is that the message format that enables this transfer is the SWIFT MT101 format.

Valid SWIFT MT101 Characters:

The following SWIFT character set is permitted in the SWIFT MT101 message:

a b c d e f g h i j k l m n o p q r s t u v w x y z
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
0 1 2 3 4 5 6 7 8 9
/ – ? : ( ) . , ‘ + { }
CR LF Space

Keep in mind that the:

• Curly brackets {} cannot be used in the message, only as delimiters to identify the different SWIFT structure blocks
• The dash “-” should not be used as the first character on any line

SWIFT MT101 Format:

General Information:

Tag 20 – Sender Reference:

• Mandatory
• Tag is shown as :20:
• 16 characters

Tag 21 – Customer Specified Reference

• Optional
• Tag is shown as :21R:
• 16 characters

Tag 28D – Message Index / Total

• Mandatory
• Tag is shown as :28D:
• 5n/5n

Tag 50C or 50L – Instructing Party

• Optional
• Tag is shown as :50C: or :50L:
• Depends on which reference is used 50C (BIC) or 50L (35 characters)

Tag 50F or 50G or 50H – Ordering Customer

• Optional
• Tag is shown as :50F: or :50G: or :50H:
• Ordering Customer
• Depends on which reference is used 50F , 50G or 50H
  • :50F:
    • 35 characters (account number)
    • 4 x 35 characters (name and address)
  • :50G:
    • /34 characters (account)
    • BIC (8 or 11 characters)
  • :50H:
    • /34 characters (account)
    • 4 x 35 characters

Tag 52A or 52C – Account Servicing Institution

• Optional
• Tag is shown as :52A: or :52C:
• Depends on which reference is used 52A or 52C
  • 52A:
    • BIC (8 or 11 characters)
  • 52C:
    • /34 characters

Tag 51A – Sending Institution

• Optional
• Tag is shown as :51A:
• BIC (either 8 or 11 characters)

Tag 30 – Requested Execution Date

• Mandatory
• Tag is shown as :30:
• YYMMDD

Tag 25 – Authorisation

• Optional
• Tag is shown as :25:
• 35 characters

Transaction Details:

Tag 21 – Transaction Reference

• Mandatory
• Tag is shown as :21:
• 16 characters

Tag 21F – F/X Deal Reference

• Optional
• Tag is shown as 21F:
• 16 characters

Tag 23E – Instruction Code

• Optional
• Tag is shown as :23E:
• 4 character code followed by up to 30 optional characters
  • Only the following 4 letter codes are valid: CHQB, CMSW, CMTO, CMZB, CORT, EQUI, INTC, NETS, OTHR, PHON, REPA, RTGS, URGP
  • If you choose to indicate characters after the 4 letter code, you should indicate it as follows :23E:URGP/ITSGETTINGLATE

Tag 32B – Currency / Transaction Amount

• Mandatory
• Tag is shown as :32B:
• 3 character currency code (ISO 4217 currency code) followed by 15 digits representing the amount

Tag 50C or 50L – Instructing Party

• Optional
• Tag is shown as :50C: or :50L:
• Depends on which reference is used 50C or 50L
  • :50c:
    • BIC – 8 or 11 BIC reference
  • :50L:
    • 35 characters for account reference

Tag 50F or 50G or 50H – Ordering Customer

• Optional
• Tag is shown as :50F: or :50G: or :50H:
• Depends on which reference is used 50F, 50G or 50H
  • :50F:
    • 35 characters (account number)
    • 4 x 35 characters (name and address)
  • :50G:
    • /34 characters (account)
    • BIC (8 or 11 characters)
  • :50H:
    • /34 characters (account)
    • 4 x 35 characters

Tag 52A or 52C – Account Servicing Institution

• Optional
• Tag is shown as :52A: or :52C:
• Depends on which reference is used 52A or 52C
  • 52A:
    • BIC (8 or 11 characters)
  • 52C:
    • /34 characters

Tag 56A or 56C or 56D – Intermediary

• Optional
• Tag is shown as :56A: or :56C: or :56D:
• Depends on which reference is used 56A or 56C or 56D

Tag 57A or 57C or 57D – Account with Institution

• Optional
• Tag is shown as :57A: or :57C: or :57D:
• Depends on which reference is used 57A or 57C or 57D
  • 57A:
    • BIC (8 or 11 characters)
  • 57C:
    • /34 characters
  • 57D:
    • /34 characters (account)
    • 4 x 35 characters

Tag 59 or 59A – Beneficiary

• Mandatory
• Tag is shown as :59: or :59A:
• Depends on which reference is used 59 or 59A
  • :59:
    • / 34 characters (account number)
    • 4 x 35 characters (name address)
  • :59A
    • / 34 characters (account number)
    • BIC – 8 or 11 character

Tag 70 – Remittance Information

• Optional
• Tag is shown as :70:
• 4 x 35 characters
  • The following codes can be used : /INV/ , /IPI/ , /RFB/ , /ROC/ /TSU/

Tag 77B – Regulatory Reporting

• Optional
• Tag is shown as :77B:
• 3 x 35 characters
  • Line 1: 8 character code/country/text
  • Line 2-3 : additional text
  • Valid codes:
    • BENEFRES – Residence of beneficiary customer
    • ORDERRES – Residence of ordering customer

Tag 33B – Currency / Original Ordered Amount

• Optional
• Tag is shown as :33B:
• 3 character currency code (ISO 4217 currency code) followed by 15 digits representing the amount

Tag 71A – Details of Charges

• Mandatory
• Tag is shown as :71A:
• 3 character code
  • Valid codes:
    • BEN – All transaction charges to be picked up by the beneficiary customer
    • OUR – All transaction charges to be picked up by the ordering customer
    • SHA – Transaction charges are shared

Tag 25A – Charges Account

• Optional
• Tag is shown as :25A:
• 34 characters

Tag 36 – Exchange Rate

• Optional
• Tag is shown as :36:
• 12 digits

SWIFT MT101 Example:

Following is a simple example of a single MT101 message paying EUR 123.45 from accountGB12SEPA12341234123412 atBANKGB01XXX to supplier (James Bond), in his accountGB12SEPA12341234123498 atBANKGB02XXX. The remittance information indicates it is a payment forSUPPLIER-INV-REF1

:20:123456789
:28D:1/1
:50H:/GB12SEPA12341234123412
ORDERING CUST NAME
ORDERING CUST ADDR LINE 1
ORDERING CUST ADDR LINE 2
ORDERING CUST ADDR LINE 3
:52A:BANKGB01XXX
:30:160211
:21:11FEB2016INV1
:23E:URGP
:32B:EUR123,45
:57A:BANKGB02XXX
:59:/GB12SEPA12341234123498
JAMES BOND
SUPPLIER ADDR LINE 1
SUPPLIER ADDR LINE 2
SUPPLIER ADDR LINE 3
:70:SUPPLIER-INV-REF1
:77B:/BENEFRES/GB
:71A:SHA
-}

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Hope that helps!