Swift Swift Message Types & Formats

Question 1

Which SWIFT message type is used for a customer credit transfer (single customer payment)?

Accepted Answer

MT103

Answer

MT202

Answer

MT300

Answer

MT700

Question 2

What does the SWIFT message category MT2xx primarily cover?

Accepted Answer

Financial institution transfers

Answer

Customer payments

Answer

Documentary credits

Answer

Treasury markets

Question 3

Which field in an MT103 message contains the sender's reference number?

Accepted Answer

Field 20

Answer

Field 32A

Answer

Field 50K

Answer

Field 59

Question 4

What is the maximum length of a SWIFT BIC (Business Identifier Code)?

Accepted Answer

11 characters

Answer

8 characters

Answer

16 characters

Answer

12 characters

Question 5

Which SWIFT message is typically used for a foreign exchange confirmation?

Accepted Answer

MT300

Answer

MT103

Answer

MT202

Answer

MT400

Question 6

In SWIFT messaging, what does the term 'mandatory field' mean?

Accepted Answer

The field must be present in the message

Answer

The field can optionally be included

Answer

The field contains beneficiary information

Answer

The field is used only for domestic payments