Bank Statement Formats Explained: OFX, MT940, QIF, QFX & SEPA

Banks export transaction data in dozens of different file formats. Whether you need to import statements into accounting software, reconcile transactions, or migrate between banking systems, understanding these formats saves hours of manual work. This guide covers every major bank statement format, when to use each one, and how to convert between them.

Why Bank Statement Formats Matter

Every bank, accounting package, and ERP system speaks a different file format dialect. When your bank exports MT940 but your bookkeeper's software only accepts OFX, you are stuck with manual data entry or an error-prone copy-paste workflow.

Common scenarios where format knowledge is essential:

Switching banks: Your new bank exports CAMT.053 but your old records are in QIF
Accounting software migration: Moving from QuickBooks (QFX) to Xero (OFX/CSV)
Corporate treasury: Consolidating statements from multiple banks in different countries
Tax preparation: Converting bank data to spreadsheets for your accountant
Audit compliance: Providing standardized transaction records to auditors

Format Overview: Quick Comparison

Format	Type	Origin	Primary Use	Region
OFX	XML/SGML	Intuit/Microsoft/CheckFree	Personal banking	Global
MT940	Tagged text	SWIFT	Corporate banking	Global
QFX	XML (OFX variant)	Intuit/Quicken	Quicken software	US/Canada
QIF	Plain text	Intuit/Quicken	Legacy Quicken	US/Canada
CAMT.053	XML (ISO 20022)	ISO/EPC	SEPA statements	Europe
ISO 20022	XML	ISO	Global standard	Global
NACHA	Fixed-width text	Nacha (US)	ACH payments	US
BAI2	Delimited text	BAI (US)	Cash management	US
CSV	Comma-separated	Universal	Spreadsheet fallback	Global

OFX (Open Financial Exchange)

OFX is the most widely supported bank statement format for personal and small business banking. Originally developed by Microsoft, Intuit, and CheckFree in 1997, it has become the de facto standard for downloading bank transactions into personal finance software.

OFX File Structure

OFX files use an XML-like structure with headers and tagged transaction blocks:

OFXHEADER:100
DATA:OFXSGML
VERSION:102
CHARSET:1252
<OFX>
<SIGNONMSGSRSV1>
<SONRS>
<STATUS><CODE>0</CODE></STATUS>
<DTSERVER>20260201120000
<LANGUAGE>ENG
</SONRS>
</SIGNONMSGSRSV1>
<BANKMSGSRSV1>
<STMTTRNRS>
<STMTRS>
<CURDEF>USD
<BANKACCTFROM>
<BANKID>123456789
<ACCTID>9876543210
<ACCTTYPE>CHECKING
</BANKACCTFROM>
<BANKTRANLIST>
<STMTTRN>
<TRNTYPE>DEBIT
<DTPOSTED>20260115
<TRNAMT>-42.50
<FITID>2026011501
<NAME>GROCERY STORE
</STMTTRN>
</BANKTRANLIST>
</STMTRS>
</STMTTRNRS>
</BANKMSGSRSV1>
</OFX>

When to Use OFX

Importing into personal finance software (GnuCash, Money, Moneydance)
Bank downloads for small business bookkeeping
As an intermediate format when converting between other formats

Tip: Need to view OFX data in a spreadsheet? Use the OFX to CSV Converter to extract transactions into Excel-friendly format.

MT940 (SWIFT Standard)

MT940 is the SWIFT messaging standard for customer statement messages. Used by banks worldwide for corporate banking, it is the most common format for business-to-bank communication. The format uses cryptic field tags that require knowledge of SWIFT conventions to read.

MT940 Field Structure

MT940 uses numbered field tags. Each tag starts with a colon, followed by the tag number:

:20:STMT202602
:25:DEUTDEFF/DE89370400440532013000
:28C:00001/001
:60F:C260131EUR12500,00
:61:2602010201D42,50N029NONREF
:86:Payment to Supplier ABC GmbH
Invoice 2026-001
:61:2602050205C1500,00N062NONREF
:86:Customer payment received
Order #12345
:62F:C260205EUR13957,50

Key MT940 Field Tags

Tag	Name	Description
`:20:`	Transaction Reference	Unique statement identifier
`:25:`	Account Identification	BIC and account number
`:28C:`	Statement Number	Sequence number / page
`:60F:`	Opening Balance	C/D flag, date, currency, amount
`:61:`	Statement Line	Individual transaction
`:86:`	Information	Transaction details (free text)
`:62F:`	Closing Balance	Final balance after transactions

When to Use MT940

Corporate banking and ERP integration (SAP, Oracle, Microsoft Dynamics)
Multi-bank cash management across countries
Automated bank reconciliation systems
Treasury management workflows

Working with MT940? Parse MT940 files into spreadsheet format with the MT940 to CSV Converter, or convert to OFX for personal finance software using the OFX to MT940 Converter.

QFX and QIF (Quicken Formats)

QFX (Quicken Financial Exchange)

QFX is Intuit's proprietary variant of OFX, specifically designed for Quicken software. It is essentially an OFX file with an additional INTUIT.BID header that identifies the financial institution. Most US and Canadian banks offer QFX downloads.

The key difference from standard OFX:

<!-- QFX adds this Intuit-specific tag -->
<INTU.BID>12345
<INTU.USERID>username

QIF (Quicken Interchange Format)

QIF is the original Quicken format from the 1990s. It uses a simpler line-based structure. Although officially deprecated by Intuit in 2005, many tools and banks still support it due to its simplicity:

!Type:Bank
D01/15/2026
T-42.50
PGrocery Store
LFood:Groceries
^
D02/01/2026
T1500.00
PClient Payment
LIncome:Services
^

Each field starts with a single letter code: D = date, T = amount, P = payee, L = category. The caret (^) marks the end of each transaction.

QFX vs QIF vs OFX

Feature	QFX	QIF	OFX
Structure	XML (OFX + Intuit headers)	Plain text	XML/SGML
Quicken support	Native	Import only	Supported
Bank ID included	Yes	No	Yes
Multi-account	Yes	No	Yes
Status	Active	Deprecated	Active

Need to work with Quicken files?

QFX to CSV Converter — Extract transactions to spreadsheet
QFX to Excel Converter — Open directly in Excel
QIF to CSV Converter — Convert legacy Quicken files
QFX to MT940 Converter — Convert for corporate banking
QIF to MT940 Converter — Upgrade legacy files to SWIFT format

SEPA Formats: CAMT.053 & ISO 20022

CAMT.053 (Bank-to-Customer Statement)

CAMT.053 is the ISO 20022 XML message type for bank account statements, used across the Single Euro Payments Area (SEPA). It replaces MT940 for European banking and provides richer structured data.

<Document xmlns="urn:iso:std:iso:20022:tech:xsd:camt.053.001.08">
<BkToCstmrStmt>
<Stmt>
<Id>STMT-2026-02-001</Id>
<Acct>
<Id><IBAN>DE89370400440532013000</IBAN></Id>
<Ccy>EUR</Ccy>
</Acct>
<Bal>
<Tp><CdOrPrtry><Cd>OPBD</Cd></CdOrPrtry></Tp>
<Amt Ccy="EUR">12500.00</Amt>
<CdtDbtInd>CRDT</CdtDbtInd>
<Dt><Dt>2026-01-31</Dt></Dt>
</Bal>
<Ntry>
<Amt Ccy="EUR">42.50</Amt>
<CdtDbtInd>DBIT</CdtDbtInd>
<BookgDt><Dt>2026-02-01</Dt></BookgDt>
<NtryDtls><TxDtls>
<RmtInf><Ustrd>Invoice 2026-001</Ustrd></RmtInf>
</TxDtls></NtryDtls>
</Ntry>
</Stmt>
</BkToCstmrStmt>
</Document>

CAMT.053 vs MT940

Feature	CAMT.053	MT940
Format	XML	Tagged text
Character set	UTF-8 (full Unicode)	SWIFT charset (limited)
Structured remittance	Yes	No (free text only)
Party identification	Name, IBAN, BIC, address	Limited
Reason codes	ISO standardized codes	Proprietary per bank
File size	Larger (verbose XML)	Compact
Machine readability	Excellent (standard XML parsers)	Requires specialized parser

ISO 20022: The Global Standard

ISO 20022 is the umbrella standard that includes CAMT.053 and many other message types. SWIFT is migrating all cross-border payments to ISO 20022, making it the future of financial messaging worldwide. Key message types include:

CAMT.053: Account statement (replaces MT940)
CAMT.052: Intraday account report
PAIN.001: Payment initiation (credit transfers)
PAIN.008: Direct debit initiation
PACS.008: Interbank credit transfer

European banking? Parse SEPA statements with the CAMT.053 to CSV Converter or handle broader ISO 20022 messages with the ISO 20022 to CSV Converter.

US Formats: NACHA & BAI2

NACHA (ACH File Format)

NACHA defines the file format for Automated Clearing House (ACH) transactions in the United States. ACH handles direct deposits, bill payments, and business-to-business transfers. NACHA files use a strict fixed-width format with 94-character records:

101 091000019 1234567890260201...  File Header
5200ABC Company        1234567890PPDPayroll   ...  Batch Header
62209100001912345678         0000004250Emp001       ...  Entry Detail
8200000001000910000010000000000000000042501234567890  Batch Control
9000001000001000000010009100001000000000000000004250  File Control

Each record type is identified by the first digit: 1 = File Header, 5 = Batch Header, 6 = Entry Detail, 8 = Batch Control, 9 = File Control.

BAI2 (Cash Management)

BAI2 (Bank Administration Institute version 2) is the US standard for corporate cash management reporting. Unlike NACHA, BAI2 is for reporting, not initiating transactions. It uses comma-delimited records with type codes:

01,BANKNAME,COMPANYID,260201,1200,001,80,1,2/
02,123456789,BANKNAME,1,260201,1200,USD/
03,9876543210,USD,010,125000,,015,134575,/
16,195,4250,0,260201,,REF001,Supplier Payment/
49,134575,2/
98,134575,1,2/
99,134575,1,2/

US banking formats? Use the NACHA to CSV Converter to parse ACH files or the BAI2 to CSV Converter for cash management reports.

Which Format Should You Use?

The right format depends on your specific use case:

Scenario	Recommended Format	Why
Personal budgeting app	OFX or QFX	Widest software support for retail banking
Corporate ERP (SAP, Oracle)	MT940 or CAMT.053	Native ERP integration, structured data
Sending to accountant/auditor	CSV or Excel	Universal, readable without special software
European SEPA banking	CAMT.053	EU regulatory standard, richer data than MT940
US payroll/ACH processing	NACHA	Required for ACH network transactions
Archival and long-term storage	ISO 20022 XML or CSV	Open standards with long-term readability
Multi-bank consolidation	CSV (as common denominator)	Every format converts cleanly to CSV

Converting Between Formats

The most common conversion paths and what to watch for:

To CSV (Universal Export)

CSV is the universal fallback. Every bank format converts to CSV with minimal data loss. The main consideration is column mapping, since each source format structures data differently.

MT940 to CSV — Parses SWIFT field tags into columns
OFX to CSV — Extracts transaction elements
QFX to CSV — Strips Intuit headers, extracts data
QIF to CSV — Converts legacy single-letter codes
CAMT.053 to CSV — Flattens XML hierarchy
ISO 20022 to CSV — Handles all ISO 20022 message types
NACHA to CSV — Decodes fixed-width ACH records
BAI2 to CSV — Parses type-coded records

From CSV (Creating Bank Files)

When you need to generate bank-format files from spreadsheet data:

CSV to MT940 — Generate SWIFT-compatible statements
CSV to OFX — Create files for banking software import

Cross-Format Conversions

OFX to MT940 — Retail to corporate format
QFX to MT940 — Quicken to SWIFT
QIF to MT940 — Legacy to modern corporate
QFX to Excel — Direct spreadsheet conversion

Data loss warning: Cross-format conversions may lose format-specific metadata. MT940 transaction type codes (N029, N062) have no OFX equivalent. CAMT.053 structured remittance information flattens to free text in MT940. Always verify converted output against the original.

Encoding and Character Issues

Character encoding is a common source of problems with bank statements, especially when dealing with international transactions:

Common Encoding Problems

MT940: Uses the SWIFT character set (subset of ISO 8859), which does not support all Unicode characters. Currency symbols like € may be written as EUR instead.
OFX: Often uses Windows-1252 (as declared in the CHARSET header), but some banks incorrectly declare encoding.
CAMT.053: Uses UTF-8 by default (XML standard), so encoding issues are rare.
CSV exports: Encoding depends entirely on the source system. European banks frequently use ISO-8859-1 or Windows-1252.

How to Fix Encoding Issues

Check the file header for encoding declarations (CHARSET in OFX, <?xml encoding="..."?> in XML formats)
If characters are garbled, try opening with a different encoding (UTF-8, Windows-1252, ISO-8859-1)
Convert to UTF-8 before processing to standardize on a single encoding

For a deeper dive into text encoding, see our Text Encoding Guide.

Security and Privacy

Bank statements contain highly sensitive financial data. When converting or processing these files:

Use client-side tools: All ToolsDock converters process data entirely in your browser. No financial data is uploaded to any server.
Verify the tool: Check that the conversion tool explicitly states client-side processing. Avoid tools that require file uploads to remote servers.
Secure your files: Delete converted files after importing into your accounting software. Do not store bank statements in cloud storage without encryption.
Validate output: Always compare a few transactions in the converted file against the original to ensure accuracy before importing into financial systems.

Tools and Resources

Bank Statement Converters

To CSV / Excel

Cross-Format & From CSV

Related: E-Invoice Validators

If you work with electronic invoicing alongside bank statements, these validation tools ensure compliance:

UBL Invoice Validator — Check Universal Business Language invoices
PEPPOL Invoice Validator — Verify BIS 3.0 compliance
XRechnung Validator — German e-invoice compliance
Factur-X / ZUGFeRD Viewer — View hybrid PDF invoice data

Frequently Asked Questions

MT940 is SWIFT's corporate banking standard, using a terse field-tagged text format with codes like :60F: and :61:. OFX (Open Financial Exchange) is an XML-based format designed for personal finance software. MT940 handles complex multi-currency corporate transactions; OFX is simpler but has broader retail banking support.

For personal finance software (Quicken, GnuCash): use OFX or QFX. For corporate banking and ERP systems (SAP, Oracle): use MT940. For European SEPA transactions: use CAMT.053 or ISO 20022. For US ACH payments: use NACHA. When in doubt, export to CSV as the universal fallback.

Most conversions preserve transaction amounts, dates, and descriptions. However, format-specific metadata may be lost. MT940 field codes do not map 1:1 to OFX tags. Always verify converted files against originals before importing into accounting software.

This is usually an encoding mismatch. Many European bank files use ISO-8859-1 or Windows-1252 encoding, not UTF-8. Characters like umlauts (Muller instead of Muller) and currency symbols (EUR instead of EUR) get corrupted. Specify the correct source encoding when opening or converting the file.

Yes, when using client-side tools that process data entirely in your browser. No data is uploaded to any server. ToolsDock converters run locally in your browser using JavaScript. Your financial data never leaves your device.

ISO 20022 is the new global standard for financial messaging, replacing older formats like MT940 (SWIFT) and SEPA XML. SWIFT began migration in March 2023 with full adoption expected by November 2025. Banks worldwide are transitioning. Check with your bank for their specific timeline.

MT940 files cannot be opened directly in Excel because they use a proprietary field-tagged format, not tabular data. Convert the MT940 file to CSV first using a parser tool, then open the CSV in Excel. This preserves all transaction data in a spreadsheet-friendly format.

BAI2 (Bank Administration Institute format 2) is a US banking standard for cash management reporting. It contains account balances and transaction details in a fixed-width text format. BAI2 is widely used by US banks for corporate treasury management and automated reconciliation.

Yes. QuickBooks accepts OFX, QFX, and CSV imports. Xero accepts OFX and CSV. Convert your bank statements to the appropriate format, then use the import function in your accounting software. Map columns correctly when importing CSV files.

CAMT.053 is the ISO 20022 XML message for bank-to-customer account statements, replacing MT940 in SEPA countries. It provides richer data with structured remittance information, more detailed party identification, and standardized reason codes. The XML format is more verbose but machine-readable.