How Swift mt 103 works end to end process If i transfer money from India ABN Amro to London Barklay-our clients acct?

Answer 1

First, the ABN Amro(or any other Bank with Mt 103 Swift processing interface in lieu with ABN Amro) will process the MT 103 as an Intruction from their system which has an interface with Barclay Bank. The details of the MT 103 which are identified with the fields like 32A which indicates the Currency and Amount to be transferred etc ,59 which represents Beneficiary Account details ,33B for currency to which to be converted,70/71A for Currency Conversion Charges likewise. This Message will then be processed through a set of checks done on both Debit and Credit accounts mentioned in the MT 103. The conversion Rate (whether Card/dealer) will be in the Hands of ABN Amro (or the leiu bank). The physical payment could be done with Cheques/DD or can be given Debit Rights by ABN Amro to that Lieu Bank. After this Fund is received ,a corresponding MT 202 will be generated. After all the Local Charges are deducted from the Fund, the remaining will be subjected to Exchange at an international Exchange Interface like Mercury-FX and then comes back to ABN -Amro /Lieu Bank to be credited to the destined Bank i.e Barclays' from Amro's Nostro Account with Barclay's If any or Nostro account with other Corresponding banks in London(in Case of sending Money to Barclay's London). A acknowledgement can be received on request. In between there are many more checks and stand points for security and confidentiality enroute to the detination Bank. Thank You, Sasirekha