Bank Statement Formats Compared: PDF vs CSV vs OFX vs QIF
Banks export statements in a bewildering variety of formats. This guide compares every major format, explains when to use each, and shows how to convert between them.
The Five Major Formats
| Format | Full Name | Type | Machine Readable | Common Use |
|---|---|---|---|---|
| Portable Document Format | Visual document | No (requires parsing) | Official statements, archival | |
| CSV | Comma-Separated Values | Plain text | Yes | Spreadsheets, data import |
| OFX | Open Financial Exchange | XML-based | Yes | Accounting software import |
| QIF | Quicken Interchange Format | Plain text | Yes | Quicken, older software |
| MT940 | SWIFT MT940 | Fixed-format text | Yes | Corporate banking, ERP systems |
PDF: The Universal (But Frustrating) Format
Every bank provides PDF statements. They are designed for human reading and printing, not for data processing. That is the fundamental problem -- PDFs are visual documents, not data documents.
Pros
- Universally available from all banks
- Official, legally valid document
- Human-readable layout
- Contains account metadata (number, period, balance)
Cons
- Not machine-readable without specialized parsers
- Every bank uses a different layout
- Scanned statements require OCR
- Column alignment is inconsistent
When to use: Archival, auditing, or when no other format is available. If you need data from a PDF, use a PDF-to-Excel converter to extract transactions.
CSV: The Data Workhorse
CSV is the simplest structured format. Each row is a transaction, each column is a field (date, description, amount, balance). However, there is no standard for CSV bank exports -- every bank uses different column names, date formats, separators, and encodings.
Swedish Bank CSV Variations
- Handelsbanken: Semicolon-separated, ISO-8859-1 encoding, YYYY-MM-DD dates
- SEB: Tab-separated, UTF-8, YYYY-MM-DD dates
- Nordea: Semicolon-separated, ISO-8859-1, DD.MM.YYYY dates
- Swedbank: Comma-separated, UTF-8, YYYY-MM-DD dates
See our complete Swedish bank CSV format reference for detailed specifications.
When to use: Excel analysis, custom scripts, database import. CSV is the most flexible format for downstream processing.
OFX: The Accounting Software Standard
OFX (Open Financial Exchange) is an XML-based format designed specifically for financial data exchange. It is the standard import format for most accounting software including QuickBooks, Xero, FreshBooks, and many Nordic solutions.
<OFX>
<BANKMSGSRSV1>
<STMTTRNRS>
<STMTRS>
<CURDEF>SEK</CURDEF>
<BANKACCTFROM>
<BANKID>HANDSESS</BANKID>
<ACCTID>512642591</ACCTID>
</BANKACCTFROM>
<BANKTRANLIST>
<STMTTRN>
<TRNTYPE>DEBIT</TRNTYPE>
<DTPOSTED>20260115</DTPOSTED>
<TRNAMT>-500.00</TRNAMT>
<NAME>Spotify SE</NAME>
</STMTTRN>
</BANKTRANLIST>
</STMTRS>
</STMTTRNRS>
</BANKMSGSRSV1>
</OFX>When to use: Importing transactions into accounting software. OFX preserves transaction types, categories, and currency information that CSV loses.
QIF: The Legacy Format
QIF (Quicken Interchange Format) was developed by Intuit for Quicken in the 1990s. It is still supported by many tools but has been largely superseded by OFX. QIF is simple but lacks standardization for multi-currency and international date formats.
!Type:Bank D01/15/2026 T-500.00 PSpotify SE MMonthly subscription ^ D01/14/2026 T-1500.00 PRevolut Transfer MTransfer to savings ^
When to use: Only if your accounting software specifically requires QIF. In most cases, OFX or CSV is a better choice.
MT940: The Corporate Standard
MT940 is a SWIFT messaging standard used by corporate banks for automated account reconciliation. If you work with ERP systems like SAP, Oracle, or Microsoft Dynamics, you will encounter MT940.
MT940 uses a fixed-format structure with tagged fields (e.g., :20: for transaction reference, :60F: for opening balance, :61: for statement lines). It is highly structured but not human-readable.
When to use: Corporate banking, ERP integration, automated treasury management. Not relevant for most small businesses.
Which Format Should You Choose?
| Use Case | Best Format | Why |
|---|---|---|
| Excel analysis | CSV or XLSX | Opens directly in Excel/Google Sheets |
| Accounting software (Fortnox, Visma) | OFX or JSON | Structured with metadata |
| Tax preparation | CSV | Easy to filter and categorize |
| Auditing / compliance | PDF (original) | Official document, legally valid |
| ERP integration | MT940 or OFX | Standard for automated processing |
| Custom development / API | JSON | Native to web applications |
Converting Between Formats
The most common conversion is PDF to CSV/Excel, since PDF is what banks provide and CSV/Excel is what you need for analysis. BankStatementConverter handles this automatically for 50+ banks, with specialized parsers for each bank's unique PDF layout.
- Upload your PDF bank statement at bsc-converter.vercel.app/convert
- Select your output format: Excel (.xlsx), CSV, or Fortnox JSON
- Download the converted file
- Import into your accounting software or spreadsheet
FAQ
Can I convert OFX to CSV?
Yes. OFX is structured XML, so converting to CSV is straightforward. Most accounting software can export OFX data as CSV. You can also use online converters.
Why do banks still use PDF?
PDFs serve as the official, printable record. They are designed for humans, not machines. Many banks also offer CSV or OFX exports through their online banking, but PDF remains the default statement format.
Is there a universal bank statement format?
ISO 20022 (camt.053) is emerging as the global standard for electronic bank statements, but adoption varies. In the EU, PSD2 APIs provide structured transaction data, but PDF statements remain common for historical data.