How to Read an MT103 Wire Confirmation for a Crypto Exchange Deposit

19 October 2026

An MT103 is the standard SWIFT message that proves a wire transfer was sent. If your transfers/exchange-fiat-deposit-not-credited-troubleshooting/">exchange deposit arrived successfully, the MT103 is the document you use to confirm where the money went, when it settled, and which fees were deducted. Reading it correctly lets you verify the deposit was credited to the right account and identify where a delay or failure occurred.

What an MT103 actually shows

An MT103 is not a receipt from your bank. It is the transmission record between the sending bank, any intermediary banks, and the receiving bank. Your bank gives you a copy after the message has been sent. The exchange may also share a version when you request proof of payment.

The message is structured in numbered fields. For a crypto exchange deposit, you care most about fields 50a, 59a, 70, 71G, and 72.

Key fields to check

Field 50a - Ordering Customer

This is you. It shows your name and account number as the sender. If your name here does not match the name on your exchange account, the deposit may be rejected or delayed. Check that your full legal name appears exactly as the exchange has it.

Field 59a - Beneficiary Customer

This is the exchange’s receiving account. It should show the exchange’s name, not your personal exchange username. If the exchange uses an omnibus account structure (which is common), this field will contain the exchange’s corporate name and the omnibus account number. Your personal deposit reference code, if required, appears in a different field.

Field 70 - Remittance Information

This is where the deposit reference code or your exchange user ID should appear. If the exchange requires a reference code and you did not include it, or if the code in field 70 is wrong, the deposit may not be automatically credited. You will then need to contact support with this MT103 as proof.

Field 71G - Charges

This shows who paid the transaction fees. Common values are: - BEN - The beneficiary (the exchange) pays all fees. You see the full amount deducted from your bank account, and the exchange receives that full amount. Intermediary fees are taken from the exchange’s side. - SHA - You and the exchange share fees. The sending bank deducts its fee from your account, and any intermediary or receiving bank fees are deducted from the amount the exchange receives. - OUR - You pay all fees, including intermediary charges. The exchange receives the full amount you sent.

For an exchange deposit, SHA is the most common. If your deposit arrives short by a small amount, check field 71G and field 72 for details on intermediary deductions.

Field 72 - Sender to Receiver Information

This is a free-text field. It may contain instructions like "For further credit to account [your exchange user ID]" or a note about the omnibus arrangement. If you see a message like "Missing reference code" or "Incorrect beneficiary name," the intermediary bank flagged an issue. That is a warning that the deposit may be held.

How to Trace a Delayed Deposit Using the MT103

If the exchange says the deposit has not arrived, compare your MT103 with the exchange’s expected format:

1. Confirm the beneficiary name in field 59a. Does it match the exchange’s published wire instructions exactly? A single character difference can cause a hold.
2. Check the reference code in field 70. If it is missing or wrong, the exchange cannot match the deposit to your account without manual review.
3. Look at field 71G. If the charges are set to OUR but the exchange expects SHA, an intermediary may have rejected the transfer because it could not collect its fee.
4. Note the value date in field 32A. This is the date the funds were debited from your account. The exchange may not credit you until that value date has passed, even if the MT103 was sent earlier.

Common Mistakes When Reading an MT103 for an Exchange Deposit

• Assuming the beneficiary name is your exchange username. It is not. The beneficiary is the exchange’s bank account. Your personal identifier is in field 70.
• Ignoring intermediary bank deductions. If field 71G shows SHA and the amount in field 32A is higher than what the exchange received, an intermediary took a fee. That is normal, but you should verify the shortfall matches the fee.
• Mistaking the SWIFT confirmation for settlement. The MT103 proves the message was sent, not that the receiving bank has credited the exchange. The exchange may wait until the funds actually settle in its account, which can take one to three business days depending on the corridor.

What to Do If the MT103 Shows a Problem

If you see a mismatch in field 50a (your name) or field 70 (reference code), contact the exchange’s support team immediately. Provide a copy of the MT103. Do not ask your bank to reverse the transfer until the exchange confirms the deposit is lost - reversals can take weeks and may incur additional fees.

If the MT103 shows the correct details but the deposit is still missing after three business days, ask the exchange for a copy of the MT103 they received. Compare the two. Discrepancies between the sending and receiving versions reveal where an intermediary bank altered the message, which is often the root cause of a failed credit.

The MT103 is a factual record. It does not guarantee the exchange will accept the deposit, but it is the document you need to prove the transfer was correctly initiated and to push the exchange to investigate. Keep a copy for your records until the deposit shows in your exchange balance.

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