MT940 to Excel: Parse SWIFT Bank Files Online [2026]

MT940 to Excel: Parse SWIFT Bank Files Online

MT940 files look like gibberish. Lines of colons, numbers, and codes that make no sense at first glance.

But inside that mess is your bank statement. Every transaction, every balance, every detail your accounting software needs.

I spent three hours last month trying to figure out how to get MT940 data into Excel. Here is everything I learned.

What Is an MT940 File?

MT940 is a SWIFT message format. Banks use it to transmit account statements electronically. The "MT" stands for Message Type. The "940" indicates it is a customer statement.

You will encounter MT940 files if you:

Bank with European institutions
Use corporate banking services
Download statements from treasury management systems
Work with international wire transfers

Here is what raw MT940 looks like:

:20:STATEMENT001
:25:IBAN12345678901234
:28C:001/001
:60F:C230115EUR1234,56
:61:2301160116DR500,00NTRFNONREF//REF123
:86:Payment to Supplier ABC
:62F:C230116EUR734,56

Not exactly human-readable. That is why you need a parser.

Why Convert MT940 to Excel?

Excel makes bank data usable:

Filter transactions by date, amount, or description
Run formulas to categorize expenses
Import into accounting software like SAP, Oracle, or QuickBooks
Reconcile accounts against internal records
Audit trails for compliance

Manual transcription is error-prone and slow. One mistyped digit throws off your entire reconciliation.

Method 1: Online MT940 Parser (Fastest)

The quickest way to convert MT940 files.

Steps:

Go to convertbanktoexcel.com
Upload your MT940 file
Select Excel or CSV as output
Download the converted file

What you get:

Transaction date, value date, amount
Credit/debit indicator
Transaction reference
Description fields parsed
Running balance

Conversion takes under 30 seconds for typical files. Try it free - no account required.

Method 2: Python Script

For developers who need automation.

import mt940

# Parse the MT940 file
statements = mt940.parse('statement.sta')

# Extract transactions
for statement in statements:
    for transaction in statement.transactions:
        print(f"{transaction.data['date']} | "
              f"{transaction.data['amount']} | "
              f"{transaction.data['description']}")

The mt940 library handles most standard formats. Install with pip install mt940.

Limitations:

Requires Python knowledge
Some bank-specific variations need custom handling
No GUI for non-technical users

Method 3: Excel Power Query

If you prefer staying in Excel.

Open Excel, go to Data > Get Data > From File > From Text/CSV
Import the MT940 file as text
Use Power Query to parse the colon-delimited structure
Transform columns based on SWIFT field codes

This works but requires manual configuration for each bank's format variations.

Understanding MT940 Fields

Knowing the structure helps troubleshoot conversion issues.

Tag	Name	Description
:20:	Transaction Reference	Unique statement identifier
:25:	Account ID	Your account number or IBAN
:28C:	Statement Number	Page/sequence tracking
:60F:	Opening Balance	Balance at start of period
:61:	Transaction Line	Individual payment or receipt
:86:	Description	Transaction details
:62F:	Closing Balance	Balance at end of period

The :61: Line Decoded

Most conversion problems happen with transaction lines. Here is how to read them:

:61:2301160116DR500,00NTRFNONREF//REF123
     ^^^^^^^^ Date (YYMMDD)
             ^^^^ Value date (MMDD)
                 ^^ Direction (D=Debit, C=Credit, RC=Reversal Credit, RD=Reversal Debit)
                   ^^^^^^^ Amount
                          ^^^^ Transaction type (NTRF=Transfer)
                              ^^^^^^ Reference

Common MT940 Problems

Multi-Currency Statements

Some banks include multiple currencies in one file. Look for currency codes in the balance lines (:60F:, :62F:).

Solution: Use a parser that handles currency fields separately. ConvertBankToExcel detects and separates currencies automatically.

Wrapped Description Lines

Long descriptions continue on multiple lines under tag :86:. Some parsers miss these.

Solution: Choose a parser that concatenates continuation lines correctly.

Regional Date Formats

European banks use DD/MM/YYYY. American banks use MM/DD/YYYY. The MT940 spec uses YYMMDD.

Solution: Verify date parsing before importing to accounting software.

Character Encoding

Special characters (umlauts, accents) can become garbled.

Solution: Ensure UTF-8 encoding when saving and importing.

MT940 vs Other Formats

Format	Use Case	Structure
MT940	SWIFT corporate banking	Tagged fields
MT942	Interim transaction reports	Similar to MT940
CAMT.053	ISO 20022 replacement	XML-based
OFX	Consumer banking (US)	XML-based
CSV	Universal export	Comma-separated

MT940 is being phased out in favor of CAMT.053 (ISO 20022). But millions of legacy files still exist.

Banks That Use MT940

MT940 is common with:

Deutsche Bank
ING Bank
ABN AMRO
Rabobank
BNP Paribas
Commerzbank
UniCredit
Most European corporate banks

North American banks typically provide OFX or QFX instead.

Step-by-Step: MT940 to QuickBooks

Convert MT940 to CSV using convertbanktoexcel.com
Open the CSV in Excel
Verify columns: Date, Description, Amount
Remove any header rows
In QuickBooks, go to Banking > Upload Transactions
Select your CSV file
Map columns to QuickBooks fields
Review and accept transactions

Step-by-Step: MT940 to SAP

SAP can import MT940 directly via Electronic Bank Statement (EBS) configuration. But for ad-hoc analysis:

Convert MT940 to Excel
Format columns to match SAP import template
Use transaction FF.5 or FEBAN
Import the formatted file

Automating MT940 Processing

For recurring imports, set up automation:

Option A: Scheduled Script

Python script runs daily
Pulls files from SFTP
Parses and emails Excel report

Option B: API Integration

Bank provides API access
Your system pulls data directly
Bypasses file handling entirely

Option C: Manual with Tools

Download MT940 weekly
Convert via online parser
Import to accounting software

FAQ

Can I convert MT940 online for free?
Yes. ConvertBankToExcel.com offers free conversions. No software installation needed.

What is the difference between MT940 and MT942?
MT940 is a complete statement. MT942 is an interim report showing transactions since the last MT940. The structure is nearly identical.

Why does my MT940 show wrong balances?
Check the currency. Some files include multiple currencies with separate balance lines. Also verify debit/credit indicators are parsed correctly.

Can Excel open MT940 directly?
No. MT940 is not a delimited format. You need a parser to extract structured data first.

Is MT940 being replaced?
Yes, by ISO 20022 XML formats (CAMT.053). But the transition is slow. Many banks still provide MT940 as the primary format.

How do I handle MT940 from multiple banks?
Each bank may have slight format variations. Use a parser that handles common variations automatically, or configure separate import templates.

Quick Reference: MT940 Tags

:20:  Transaction Reference Number
:21:  Related Reference
:25:  Account Identification
:28C: Statement Number/Sequence
:60F: Opening Balance (First)
:60M: Opening Balance (Intermediate)
:61:  Statement Line (Transaction)
:86:  Information to Account Owner
:62F: Closing Balance (Final)
:62M: Closing Balance (Intermediate)
:64:  Closing Available Balance
:65:  Forward Available Balance

Bottom Line

MT940 files contain valuable bank data locked in an arcane format. Converting to Excel unlocks that data for analysis, reporting, and importing.

For quick conversions, use an online parser. For automation, consider Python scripts or API integrations.

Need to convert an MT940 file right now? Upload it here and get your Excel file in seconds.