Swift Swift Message Types & Formats 1 — Questions and Answers
Question 1: Which SWIFT message type is used for a customer credit transfer (single customer payment)?
- MT103 (Correct answer)
- MT202
- MT300
- MT700
Correct answer: MT103
MT103 is the standard SWIFT message for single customer credit transfers between financial institutions.
Question 2: What does the SWIFT message category MT2xx primarily cover?
- Financial institution transfers (Correct answer)
- Customer payments
- Documentary credits
- Treasury markets
Correct answer: Financial institution transfers
Category 2 (MT2xx) messages cover financial institution transfers, used for bank-to-bank fund movements.
Question 3: Which field in an MT103 message contains the sender's reference number?
- Field 20 (Correct answer)
- Field 32A
- Field 50K
- Field 59
Correct answer: Field 20
Field 20 in MT103 is the Transaction Reference Number, which contains the sender's unique reference.
Question 4: What is the maximum length of a SWIFT BIC (Business Identifier Code)?
- 11 characters (Correct answer)
- 8 characters
- 16 characters
- 12 characters
Correct answer: 11 characters
A SWIFT BIC can be either 8 or 11 characters; the 11-character version includes a 3-character branch code.
Question 5: Which SWIFT message is typically used for a foreign exchange confirmation?
- MT300 (Correct answer)
- MT103
- MT202
- MT400
Correct answer: MT300
MT300 is the Foreign Exchange Confirmation message used to confirm FX deal details between counterparties.
Question 6: In SWIFT messaging, what does the term 'mandatory field' mean?
- The field must be present in the message (Correct answer)
- The field can optionally be included
- The field contains beneficiary information
- The field is used only for domestic payments
Correct answer: The field must be present in the message
A mandatory field must always be present and populated in a SWIFT message for it to be valid.
Swift Swift Message Types & Formats 1
Which SWIFT message type is used for a customer credit transfer (single customer payment)?