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I have a customer in the US who is trying to send a wire transfer to us (outside the USA) via SWIFT transaction MT103. We have already provided him all fields required in MT103, which are known on our side, namely:
20: Sender's Reference
23B: Bank Operation Code
32A: Val Dte/Curr/Interbnk Settld Amt
50K: Ordering Customer-Name & Address
54A: Receiver's Correspondent - BIC
56A: Intermediary Institution
57A: Account With Institution – BIC
59: Beneficiary Customer-Name & Addr
70: Remittance Information
71A: Details of Charges
Apparently, the TD branch is not used to SWIFT MT103 ... which is not really a surprise, since it's something relatively uncommon. The TD branch sent us a list of information we should provide in order to enter the transaction, but we know beforehand that such sort of procedure will fail, since on our side a MT103 is definitely required... and we know by experience that MT103 requires more information than the list of fields they requested us to provide; fields like "Intermediary Institution" and "Receiver's correspondent", among others.
Could you please assist us on the procedure necessary for entering the transaction onto your system? In particular: which FX desk the branch should contact in order to complete the procedure?
As I said before, aparently the branch is not aware of procedures involved on SWIFT MT103 and they simply don't know how to proceed, trying to make some other sort of transaction which is more common. Could you please recommend a way to sort out this situation?
Thanks a lot,
Richard, Sao Paulo / Brazil
December 8, 2015 05:46:08 PM
1 person recommended this |
In reply to Richard, Sao Paulo / Brazil
Welcome to TD Helps, Richard. We would be happy to help point you in the right direction regarding your concerns.
Based on your inquiry, it sounds like the sender of the wire is attempting to trace the funds. If this is so, we recommend connecting with the Sender as we would need to speak with the TD Customer directly. After account verification, we'd be glad to provide the TD Customer the trace information. If you have any further questions feel free to reach out to us at 888-751-9000.
We hope this helps, Richard. Have a great night.
Shanika A, Mount Laurel
December 8, 2015 05:47:01 PM
1 person recommended this