When the cover method is used for a customer credit transfer, the originating bank must copy the content of field 20 of the MT 103 unchanged into field 21 of the related MT 202 COV.
There is a relationship between the amount related fields 33B, 36, 71G, 71F and 32A which may be logically expressed in the following formula:
The instructed amount in field 33B, adjusted with the exchange rate in field 36, plus the Receiver's charges in field 71G, minus the Sender's charges in field(s) 71F, equals the interbank settled amount in field 32A.
Presence of the fields mentioned above is subject to the conditional field rules C1, C2, C7 and C8. If a field is not present, that field must not be taken into account in the formula. If field 71F is present more than once, all occurrences of that field must be taken into account in the formula.
Pay the equivalent of EUR 1000,00 in GBP to a beneficiary in the United Kingdom
Exchange rate is 1 EUR for 0,61999 GBP
Transaction charges on the Sender's side are EUR 5,00 (=GBP 3,1)
Transaction charges on the Receiver's side are GBP 4 (=EUR 6,45)
Amount debited from the ordering customer's account:
 Instructed Amount |
EUR |
1000,00 |
| + Sender's charges |
EUR |
5,00 |
| + Receiver's charges |
EUR |
6,45 |
| = Debit Amount |
EUR |
1011,45 |
MT 103 STP extract:
| Field Tag |
Content |
|
|---|---|---|
| 33B |
EUR |
1000,00 |
| 71A |
|
OUR |
| 71G |
GBP |
4,00 |
| 36 |
|
0,61999 |
| 32A |
GBP |
623,99 |
The subsequent MT 950 shows one debit entry for GBP 623,99, that is, field 32A.
Amount credited to the beneficiary:
| Interbank settlement amount |
GBP |
623,99 |
| - Receiver's charges |
GBP |
4,00 |
| = Credit amount |
GBP |
619,99 |
Amount debited from the ordering customer's account:
| Instructed amount |
EUR |
1000,00 |
| + Sender's charges |
EUR |
5,00 |
| = Debit amount |
EUR |
1005,00 |
MT 103 STP extract:
| Field Tag |
Content |
|
|---|---|---|
| 33B |
EUR |
1000,00 |
| 71A |
|
SHA |
| 36 |
|
0,61999 |
| 32A |
GBP |
619,99 |
The subsequent MT 950 shows one debit entry for GBP 619,99, that is, field 32A.
Amount credited to the beneficiary:
| Interbank settlement amount |
GBP |
619,99 |
| - Receiver's charges |
GBP |
4,00 |
| = Credit amount |
GBP |
615,99 |
Amount debited from the ordering customer's account:
| Instructed amount = Debit amount |
EUR |
1000,00 |
MT 103 STP extract:
| Field Tag |
Content |
|
|---|---|---|
| 33B |
EUR |
1000,00 |
| 71A |
|
BEN |
| 71F |
GBP |
3,1 |
| 36 |
|
0,61999 |
| 32A |
GBP |
616,89 |
The subsequent MT 950 shows one debit entry for GBP 616,89, that is, field 32A.
Amount credited to the beneficiary:
| Equivalent of Instructed amount |
GBP |
619,99 |
| - Sender's charges |
GBP |
3,1 |
| - Receiver's charges |
GBP |
4,00 |
| = Credit amount |
GBP |
612,89 |
Note: The beneficiary is also advised of the Sender's charges of GBP 3,1.
Pay GBP 1000,00 to a beneficiary in the United Kingdom
Exchange rate is 1 EUR for 0,61999 GBP
Transaction charges on the Sender's side are EUR 5,00 (=GBP 3,1)
Transaction charges on the Receiver's side are GBP 4,00 (=EUR 6,45)
The ordering customer has an account in euro
Sender and Receiver's BIC are within the EU-country list
Amount debited from the ordering customer's account:
| |
Debit on EUR-account |
|
| Equivalent of Instructed amount |
EUR |
1612,93 |
| + Sender's charges |
EUR |
5,00 |
| + Receiver's charges |
EUR |
6,45 |
| = Debit amount |
EUR |
1624,38 |
MT 103 STP extract
| Field Tag |
Content |
|
|---|---|---|
| 33B |
GBP |
1000 |
| 71A |
|
OUR |
| 71G |
GBP |
4,00 |
| 32A |
GBP |
1004, |
Note: Field 36 does not have to be used since currency in fields 32A and 33B is the same.
The subsequent MT 950 shows one debit entry for GBP 1004, that is, field 32A.
Amount credited to the beneficiary:
| Instructed amount = Credit amount |
GBP |
1000,00 |
Amount debited from the ordering customer's account:
| |
Debit on EUR-account |
|
| Equivalent of Instructed amount |
EUR |
1612,93 |
| + Sender's charges |
EUR |
5,00 |
| = Debit amount |
EUR |
1617,93 |
MT 103 STP extract:
| Field Tag |
Content |
|
|---|---|---|
| 71A |
|
SHA |
| 32A |
GBP |
1000, |
The subsequent MT 950 shows one debit entry for GBP 1000, that is, field 32A.
Amount credited to the beneficiary:
| Amount in 32A |
GBP |
1000,00 |
| - Receiver's charges |
GBP |
4,00 |
| = Credit amount |
GBP |
996,00 |
| Note: |
Field 36 does not have to be used since currency in fields 32A and 33B is the same. |
Amount debited from the ordering customer's account:
| |
Debit on EUR-account |
|
| Equivalent of Instructed amount = Debit amount |
EUR |
1612,93 |
MT 103 STP extract:
| Field Tag |
Content |
|
|---|---|---|
| 33B |
GBP |
1000,00 |
| 71A |
|
BEN |
| 71F |
GBP |
3,10 |
| 32A |
GBP |
996,90 |
The subsequent MT 950 shows one debit entry for GBP 996,9 that is, field 32A.
Amount credited to the beneficiary:
| Instructed amount |
GBP |
1000,00 |
| - Sender's charges |
GBP |
3,10 |
| - Receiver's charges |
GBP |
4,00 |
| = Credit amount |
GBP |
992,90 |
Note: The beneficiary is also advised of the Sender's charges of GBP 3,1.
