What is an unconditional MT-103 (no field)? It is payment made to another bank via Swift. Nothing else. It is similar to telling your bank to wire money to another bank for payment. There is no rocket science to it. And the field 23? There is no such thing! Not anymore! There is an actual field 23 that would state the bank would phone the beneficiary before the release of funds. Why would you though? You wouldn’t. If you are the seller and you deliver your product and/or commodity than you want a swift transfer of funds. Nothing more and nothing less.
The next time that you see a document with MT-103/23 then you already know that the seller (broker actually) doesn’t have any idea what is going on. Although those that are in a swift terminal room would use the messages it is very important for you to know the difference when working in the world of commodities.
Now you know the difference. The MT-103/23 would never be used. Only a MT-103 and all anyone would be saying is that the seller of the product would like to have their money wired to a bank account via Swift. Stay away from the MT-103/23 it is a red flag that the person, entity, or group you are dealing with does NOT know what they are doing! If you do not believe us, feel free to do your own due diligence with “bankers” that understand and you will soon realize the MT-103/23 is a thing of the past.
For more information please visit: http://www.thejokerbrokers.com
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