MT940 to Excel: How to Convert SWIFT Bank Statements

Quick Answer {#quick-answer}

MT940 is the SWIFT message format used by European and international banks for electronic account statements. To convert an MT940 file to Excel, you need a parser that understands the SWIFT field structure. QuickBankConvert can parse MT940 files and export clean Excel or CSV output — with all processing done locally in your browser for complete privacy.

What Is MT940 and Who Uses It? {#what-is-mt940}

MT940 is a standardized bank statement format defined by SWIFT (Society for Worldwide Interbank Financial Telecommunication). The "MT" stands for "Message Type," and 940 is the specific message type code for Customer Statement Messages.

MT940 is primarily used by:

• European banks: Deutsche Bank, ING, Rabobank, BNP Paribas, and most other major European institutions deliver corporate statements in MT940 format.
• Australian banks: Commonwealth Bank, ANZ, NAB, and Westpac use MT940 for business banking clients.
• Corporate ERP systems: SAP, Oracle Financials, and Microsoft Dynamics can natively import MT940 for bank reconciliation.
• Treasury management systems: Large corporations managing multi-currency, multi-bank cash positions rely on MT940 for automated reconciliation.

If you are a US-based business receiving transactions from international banking partners, or if you work with a European subsidiary, you have likely encountered MT940 files. Individual consumers rarely see MT940 directly — it is primarily a business-to-business format.

Callout: MT940 is not a PDF

MT940 files are plain text files — not PDFs. They use a fixed-field SWIFT format that looks cryptic but follows a strict structure. If you open an MT940 file in Notepad, you will see tags like :20:, :25:, :28C:, :60F:, :61:, and :86: — each representing a specific piece of statement data.

Understanding MT940 File Structure {#mt940-structure}

An MT940 file is composed of a series of tagged fields. Here is a simplified example of what an MT940 transaction block looks like:

:20:STMT20240315
:25:DE89370400440532013000
:28C:00001/001
:60F:C240301EUR1500,00
:61:2403150315DR250,00NTRFNONREF//INVOICE-2024-001
:86:Payment to Supplier ABC
:62F:C240315EUR1250,00

Key fields explained:

The :61: field is the most complex — it contains a compact string encoding the value date, entry date, debit/credit indicator (C/D/RD/RC), amount, transaction type code, customer reference, and bank reference all in a single line.

How to Convert MT940 to Excel {#how-to-convert}

Converting MT940 to Excel requires parsing the SWIFT field structure and mapping each field to a spreadsheet column. Here is how to do it with QuickBankConvert:

Step 1: Locate Your MT940 File

Your bank may deliver MT940 files via:

• Secure file transfer (SFTP)
• Online banking download portal (look for "MT940" or "SWIFT Statement" in the download options)
• Email attachment from your treasury system

MT940 files typically have a .sta, .mt940, .txt, or no extension at all.

Step 2: Upload to QuickBankConvert

Go to QuickBankConvert and upload your MT940 file. The converter recognizes the SWIFT message structure automatically and parses all :61: transaction lines along with :86: narrative fields.

Step 3: Review the Parsed Transactions

The preview will show each transaction with:

• Value Date: The date the transaction is effective
• Entry Date: The date it was booked
• D/C: Debit or Credit indicator
• Amount: Transaction amount in the statement currency
• Description: Extracted from the :86: narrative field
• Reference: From the :61: customer reference field

Step 4: Export to Excel or CSV

Choose Excel for direct spreadsheet work or CSV for importing into accounting software. Click Download to save the file.

Callout: Handling multi-currency MT940 files

If your MT940 covers a multi-currency account, each transaction includes the currency code embedded in the :60F: and :62F: balance fields. QuickBankConvert preserves the currency code as a separate column, preventing silent currency conversion errors that can corrupt financial reports.

MT940 Field Mapping to Excel Columns {#field-mapping}

When QuickBankConvert converts an MT940 file to Excel, it maps SWIFT fields to standard spreadsheet columns:

Note that MT940 amounts use a comma as the decimal separator (European convention) — for example, 1250,00 means 1,250.00. QuickBankConvert automatically converts this to a period decimal separator for Excel compatibility.

MT940 vs OFX vs CSV: Format Comparison {#mt940-vs-other-formats}

MT940 is most appropriate when feeding data into enterprise ERP systems. For small business accounting software, OFX or CSV is usually more practical. See our OFX conversion guide for details on the OFX workflow.

Common Use Cases for MT940 Conversion {#use-cases}

Corporate Treasury Reconciliation

Large corporations receiving MT940 files from their European banking partners often need to convert these to Excel for review before processing in SAP or Oracle. QuickBankConvert provides a quick visual check without requiring ERP system access.

Auditor and Accountant Review

Auditors reviewing European bank accounts may receive MT940 files but work primarily in Excel. Converting to Excel lets them apply audit procedures — searching for round-number transactions, identifying unusual payees, and checking for authorization gaps — using familiar spreadsheet tools.

SME International Banking

Small and medium businesses with European banking relationships often receive MT940 statements but lack enterprise ERP systems. Converting to Excel or CSV allows them to import transactions into QuickBooks, Xero, or Sage using standard CSV import workflows.

Bank Reconciliation for Multi-Country Operations

Companies operating in multiple countries may receive statements in different formats — MT940 from European banks, CSV from US banks, PDF from Australian banks. Converting all formats to a common Excel structure enables consolidated reconciliation in a single spreadsheet.

Historical Data Migration

When migrating from one accounting system to another, historical MT940 statements can be converted to CSV and bulk-imported into the new system, avoiding manual re-entry of years of transaction data.

MT940 to Excel conversion is a niche but essential capability for businesses dealing with European or international banking. QuickBankConvert handles the full SWIFT field parsing — including the complex :61: transaction line structure — and produces a clean, properly formatted Excel or CSV output. Visit QuickBankConvert to convert your MT940 files and get your SWIFT statements into a format you can actually work with.