Bank Statement Formats: MT940, BAI2, CAMT.053, OFX and QIF
The machine-readable bank statement formats, what each is for, and when converting a PDF is the only option.
Before converting a PDF, it is worth checking whether your bank offers a machine-readable format. If it does, that is strictly better than parsing a document designed for humans.
The formats
| Format | Origin | Typically used for |
|---|---|---|
| MT940 | SWIFT | Corporate cash management, widely used in Europe |
| CAMT.053 | ISO 20022 | The modern XML successor to MT940 |
| BAI2 | Bank Administration Institute | US corporate cash reporting |
| OFX | Open Financial Exchange | Consumer accounting software |
| QFX | Intuit's OFX variant | Quicken and QuickBooks |
| QIF | Quicken Interchange Format | Legacy, still widely accepted |
| CSV | n/a | Universal, but non-standard per bank |
Why they are better than a PDF
A machine-readable format states its own structure. There is no ambiguity about which field is the amount, what the date format is, or whether a value is a debit or a credit. Everything a PDF parser has to infer is explicit.
MT940 and CAMT.053 also carry structured transaction type codes, and CAMT.053 carries full SEPA remittance information in labelled fields.
Why people still convert PDFs
- Retail banking rarely offers them. MT940 and BAI2 are corporate products, often with a fee.
- Historical data is often PDF-only. Machine formats are typically available for recent periods only.
- Closed accounts. Once an account is closed, the PDF you saved is all there is.
- Third-party statements. If you are assessing someone else's statement, you get whatever they send you — and that is a PDF.
- Regional availability. Many banks outside Europe and North America offer nothing but PDF.
The one advantage a PDF has
A PDF statement is the bank's own published document, which makes it the authoritative record for audit purposes. A machine-readable extract is derived data. For most workflows this does not matter — but where a document has to be defensible, the PDF is the source.
What each format actually carries
| Format | Structured references? | Multi-account? | Balances? |
|---|---|---|---|
| CAMT.053 | Yes, full SEPA remittance data | Yes | Opening, closing and interim |
| MT940 | Partly, in tag 86 | One per message | Opening and closing |
| BAI2 | Type codes, limited free text | Yes | Yes, with detailed type codes |
| OFX / QFX | Basic memo field | Yes | Ledger and available |
| QIF | Memo only | No | No |
| As printed, needs parsing | Often, as sections | Yes, as printed |
QIF is the weakest of these and still widely used, largely for historical reasons. If you have a choice, almost anything else is better.
Availability in practice
Retail customers can generally get CSV and sometimes OFX. MT940, CAMT.053 and BAI2 are corporate cash-management products, usually requiring a business banking package and sometimes a monthly fee.
Frequently asked questions
Which format should I ask my bank for?
CAMT.053 if available — it is the current ISO standard and carries the richest data. MT940 is the widely supported older option.
Is QIF good enough?
It is the weakest of the machine-readable formats — no account identification, no structured references, and no standard date format. Prefer anything else where available.
Can you convert MT940 or BAI2 files?
Those formats are already structured, so they do not need conversion — most accounting software imports them directly.
Related posts
- Parsing Bank Statement PDFs with Python
- How to Get a Bank Statement into Google Sheets
- How to Import a Bank Statement into MYOB
Convert a statement now
Bank Statement PDF to OFX, or see every format. More in the guides.