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What is a pacs.008 message? ISO 20022 guide
If you've ever sent money internationally, you may have been curious about what happens behind the scenes.
Banks use special message formats to communicate with each other when they're sending your funds across borders, and one of these formats is called pacs.008. It's a standardized way for financial institutions to share payment information through the SWIFT network.
Here's a simple guide on the pacs.008 message and what you need to know.
We'll also introduce Wise — your international money transfer alternative. Use Wise to send stress-free transfers to over 140 countries - all at the standard mid-market exchange rate.
What is the pacs.008 in SWIFT?
Pacs.008 is part of ISO 20022, which is a global standard for financial messaging. The pacs.008 message handles customer credit transfers.
Essentially, it's the instruction one bank sends to another to move money between accounts.
When you initiate an international wire transfer, your bank creates a pacs.008 message containing details like the recipient's account information, the transfer amount, and payment instructions.
This message format uses XML (a structured data language) instead of the older fixed-field format. That means that it can carry more detailed information about both the sender and the recipient, all of which helps your money reach the right place faster.
The pacs.008 travels through the SWIFT network, moving from your bank to intermediary banks (if needed) and finally to the recipient's bank. All of these institutions process the message and pass it along to complete the transfer.
What is the difference between pacs.008 and MT103?
MT103 is another type of message format for international wire transfers.
SWIFT has now moved to using pacs.008 as part of a broader shift to ISO 20022 standards on 22 November 2025.¹
The MT103 used a more rigid structure, which made it reliable but limited in how much information could be included. The pacs.008 offers more flexibility because it can accommodate longer names, detailed addresses, and additional payment context.
Overall, when it comes to pacs.008 vs MT103, the pacs.008 format reduces errors and makes it easier to track payments.
Is ISO 20022 the same as SWIFT?
No, they're different things, but they work together.
SWIFT is the network. It's the big system that the banks use to send secure messages to each other worldwide. ISO 20022 is a messaging standard, which is essentially a set of rules for how those messages should be formatted.
SWIFT has used different message formats over the years, such as the older MT messages (like MT103). But it has now adopted ISO 20022.
How do you request a pacs.008?
You don't need to request a pacs.008. Your bank creates one automatically when you initiate an international wire transfer.
When you provide the recipient's details and submit your transfer request, the bank's system generates the pacs.008 message in the background and sends it through SWIFT.
From your perspective, the process looks the same as any wire transfer.
Some banks might mention that they use ISO 20022 or pacs.008 in their documentation, but you won't really interact with the message format directly.
What are the pacs.008 key elements?
The pacs.008 message has a few different sections. They tell banks everything they need to process your payment:
| Element | What it contains |
|---|---|
| Group header | Basic information about the message, such as when it was created and how many transactions it includes |
| Payment information | Details about the payment, such as the execution date, the person or business initiating the transfer, and their account information |
| Credit transfer transaction | How much money to send, which currency to use, and any fees or charges |
| Creditor information | The recipient's details, including their name, address, and account number (IBAN or other account identifier) |
| Creditor agent | Information about the recipient's bank |
| Remittance information | What the payment is for (ex, invoice number or a note about the purpose) |
| Regulatory reporting | Additional codes or information for compliance |
As a consumer, you don't need to fully understand pacs.008, but it helps demystify what happens when you send money internationally. Banks rely on this format to move your funds, and it affects how quickly your transfer arrives.
What’s the best way to send money internationally?
Banks are certainly one option for sending money internationally, as are services like PayPal. But the problem with banks is they can often be slow, expensive and inconvenient. Luckily, there’s a better alternative out there.
You can send money worldwide with Wise for low fees and the mid-market exchange rate. It’s easy and quick to set up a payment online, and you’re guaranteed secure transfers even when sending large sums.
Wise is a money service business (MSB) regulated by 12 international financial authorities and uses sophisticated security features to keep you and your money safe.
Open a Wise account, and you can send, spend and convert between 40+ currencies whenever you need to. You can even receive money from all over the world using your own local account details.
As if all that wasn’t enough, there’s a Wise Multi-Currency Card too. For a one-time fee of just $9, you can spend in over 150 countries in the local currency. Your USD is automatically converted at the mid-market rate for just a small conversion fee.
💡 Need to make a business payment? With the Wise Business account, you can send up to 1,000,000 USD per transfer from licensed states.
| Some key features of Wise Business include: |
|---|
|
Discover the difference between
Wise Business vs. Personal
Sources
- SWIFT - ISO 20022 for Financial Institutions
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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