SWIFT (Society for Worldwide Interbank Financial Telecommunication) code is a unique identifier used by banks for international money transfers. It allows banks to communicate securely with each other and ensures that funds are routed to the correct bank and branch.
How should the MT103 message be formatted for FERRATUM BANK P.L.C?
An MT103 for FERRATUM BANK P.L.C must include the SWIFT code in field F57, the recipient's full legal name and IBAN/account in F59, and a clear purpose of payment in F70.
| Field | Guidance |
|---|---|
| F50 (Ordering Customer) | Enter the full legal name and address of the sending entity exactly as registered with your bank. For corporates, use the registered business name, not a trading name or abbreviation. |
| F57 (Beneficiary Bank) | Enter SWIFT code as the BIC. Include the bank's full legal name and branch address if known. For countries where branch-level BICs are required, confirm the 11-character code with your correspondent. |
| F59 (Beneficiary Customer) | Enter the recipient's full legal name and IBAN or account number. For countries where IBANs are not used, include the local account number and sort code or routing equivalent. Do not use shortened names or aliases. |
| F70 (Reason for Payment) | State the purpose of payment clearly in 35 characters or fewer per line (up to 4 lines). Avoid abbreviations. Many corridors require a specific purpose code. Confirm local requirements before sending. |
| F71A (Charges) | SHA (shared): Sender pays outgoing charges, recipient pays incoming. Most common for international wires. OUR: Sender covers all charges including intermediary fees. BEN: Recipient bears all charges. Confirm with your recipient before selecting. |
PRO TIP: Use the recipient's name exactly as registered with FERRATUM BANK P.L.C's KYC. One character mismatch causes 1-5 day compliance hold.
What happens if you use the wrong SWIFT code for FERRATUM BANK P.L.C?
Using the wrong SWIFT code can cause the wire to be rejected, returned in 3-7 days, or routed to the wrong institution. All the charges incurred during the failed transfer might also be charged again when you attempt to send the money another time, including the charges from your bank as well as other banks involved.
Do you also need an IBAN Code?
Many transfers require both IBAN + SWIFT, check out our IBAN validator to quickly validate your IBAN Code.
Data Source
SWIFT/BIC code data sourced from the official SWIFT BIC Directory (ISO 9362) and validated against participating banks' published reference data.
Last Updated: 20/05/2026
