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Swift Message Types & Formats Flashcards

6 cards from real Swift practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

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

    Answer: MT103

    MT103 is the standard SWIFT message for single customer credit transfers between financial institutions.

  2. What does the SWIFT message category MT2xx primarily cover?

    Answer: Financial institution transfers

    Category 2 (MT2xx) messages cover financial institution transfers, used for bank-to-bank fund movements.

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

    Answer: Field 20

    Field 20 in MT103 is the Transaction Reference Number, which contains the sender's unique reference.

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

    Answer: 11 characters

    A SWIFT BIC can be either 8 or 11 characters; the 11-character version includes a 3-character branch code.

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

    Answer: MT300

    MT300 is the Foreign Exchange Confirmation message used to confirm FX deal details between counterparties.

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

    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.

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