What does NTRF mean in an MT940?

N means a non-Swift transfer and TRF means transfer. It is one of the most common codes in subfield 6, used for payments that were not instructed or advised by a Swift message, or where the bank prefers a text code.

What does S103 mean in field 61?

The entry relates to an MT103: for a debit it was caused by an MT103, for a credit it was advised with one. The three digits after S are always the MT number.

What is NONREF in an MT940?

It means there is no reference for the account owner, for example for interest or some charges. The bank should then give the best alternative information in subfield 9 (the second line of field 61).

Why does field 61 have two dates?

The first is the value date (YYMMDD), the second the entry or booking date (MMDD). The entry date is only shown when it differs from the value date, for example for forward-value or back-valued entries.

What is the funds code in field 61?

An optional single letter after the D/C mark: the third character of the account currency code, such as D for USD or P for GBP. Many banks leave it out.

Statements

How do I read field 61 in an MT940 statement?

Written and maintained by ZagTrader. Last reviewed 21 October 2026. How this page is sourced and checked

Field 61 is one booked entry on an MT940 statement: value date, optional entry date, debit or credit mark, optional funds code, amount, transaction type, the account owner’s reference and the bank’s reference, all in one line with no separators except //. An optional second line carries supplementary details. Reading it means knowing which parts are optional, because the parser has to recognise them by their content.

What it means

The format is 6!n[4!n]2a[1!a]15d1!a3!c16x[//16x] followed by an optional new line of [34x]. Square brackets mark optional parts, so the same field can be 30 characters on one statement and 60 on the next. A field 86 (information to the account owner, up to 6 lines of 65 characters) may follow each 61 and must be on the same page as its 61.

Subfield 3, the D/C mark, has four codes: C credit, D debit, RC reversal of credit (a debit entry) and RD reversal of debit (a credit entry). Subfield 4, the funds code, is optional and is the third letter of the currency code, for example P for GBP or D for USD. Because the mark can be one or two letters and the funds code is a letter too, DP150,00 means a debit with funds code P, and RD1200,00 means a reversal of debit with no funds code.

Subfield 6 is four characters: a transaction type letter and a three-character code. S means a Swift transfer: the next three characters are the MT number, the message that caused a debit or that advised a credit, for example S103 or S202. N means a non-Swift transfer, and F means the entry is first advised on this statement, typically items the bank itself originated. After N or F comes a code from the standard list, such as TRF transfer, CHG charges, INT interest, COM commission, FEX foreign exchange, DIV dividends, MSC miscellaneous. The first time a charge is reported it is shown as FCHG.

Subfield 7, the reference for the account owner, is how you match the entry to your own records. For a debit it is the field 20 reference of the instruction that caused it. For a credit it is the reference the account owner can recognise, such as the related reference of the incoming payment. When no reference exists the bank must write NONREF and put the best alternative information in subfield 9. Subfield 8, after //, is the bank’s own reference and can be left out when it is the same as subfield 7.

The value date (subfield 1) is when the money counts for interest and availability; the entry date (subfield 2, MMDD) is when it was booked. The entry date is normally given only when it differs, for example a payment booked on 23 October with value 24 October. The entry date has no year: it takes the year from context, which matters at year end.

Common causes

A parser that expects fixed positions breaks on the optional entry date or funds code and shifts every following subfield.
RC and RD read as R plus a funds code, or with the wrong sign, which throws the balance off by twice the amount.
The S transaction type read as a bank code rather than a message type, so S103 is not linked to the MT103 that caused it.
Matching on subfield 8 (the bank’s reference) instead of subfield 7 (your reference), or failing to match on NONREF entries that need subfield 9 or field 86.
Supplementary details on the second line treated as a separate field or lost.
An entry date without a year placed in the wrong year around 31 December.
Format rejects on the bank side: invalid D/C mark (T51), invalid transaction type (T53), S followed by something other than a number from 100 to 999 (T18), an invalid date (T50) or a bad amount (T40, T43).

How to fix it

Take the first 6 digits as the value date (YYMMDD).
If the next 4 characters are digits, they are the entry date (MMDD); otherwise there is no entry date.
Read the D/C mark: if the next two letters are RC or RD, take both; otherwise take one letter (C or D).
If the next character is a letter, it is the funds code; the amount starts at the first digit.
Read the amount up to and including the decimals after the comma.
Read the next 4 characters as the transaction type: S plus an MT number, or N or F plus a three-character code.
Read the account owner’s reference up to // or the end of the line, then the bank’s reference after //. Any text on the next line (not starting with :) is the supplementary details.
Apply the sign (C and RD add, D and RC subtract) and match on subfield 7 first, then subfield 8, then the details in subfield 9 and field 86.

Field 61 subfields, using the line `:61:2610241023D8750,50S103ZT2610230044//BKGB2610230115` from the example. Subfield names and formats from the Swift MT940 message reference guide (Standards MT November 2024, public bank copy).

No.	Subfield	Format	In the example	What it tells you
1	Value Date	6!n	`261024`	24 October 2026: the date the debit is effective.
2	Entry Date	[4!n]	`1023`	Booked on 23 October, a day before value. Optional; left out when equal to the value date.
3	Debit/Credit Mark	2a	`D`	Debit. Other codes: `C`, `RC` (reversal of credit, a debit), `RD` (reversal of debit, a credit).
4	Funds Code	[1!a]	not present	Third letter of the currency code when used, for example `P` for GBP.
5	Amount	15d	`8750,50`	GBP 8,750.50, comma as decimal mark. No sign: the sign comes from subfield 3.
6	Transaction Type and Identification Code	1!a3!c	`S103`	Swift transfer caused by an MT103. `N` or `F` would be followed by a code such as `TRF` or `CHG`.
7	Reference for the Account Owner	16x	`ZT2610230044`	Field 20 of the account owner’s own MT103: the key for matching. `NONREF` when there is none.
8	Reference of the Account Servicing Institution	[//16x]	`BKGB2610230115`	The bank’s own reference, after `//`.
9	Supplementary Details	[34x] on a new line	not present	Extra information; required in practice when subfield 7 is `NONREF`.

Example

BANKGB2LXXX sends ZagTrader Test Bank its statement for GBP account 12345678 for 23 October 2026. The five entries show a credit from an MT103, a forward-value debit with an entry date, a charge with a funds code, a back-valued reversal and a credit with NONREF and supplementary details.

{1:F01BANKGB2LAXXX0000000000}{2:I940ZAGTAEADXXXXN}{4:
:20:ST261023GBP0236
:25:12345678
:28C:236/1
:60F:C261022GBP150000,00
:61:261023C25000,00S103ZT2610200021//BKGB2610230077
:86:/ORDP/GULF TRADING LLC
:61:2610241023D8750,50S103ZT2610230044//BKGB2610230115
:86:/BENM/NORTH SEA INSTRUMENTS LTD
:61:261023DP25,00FCHGZT2610230044//BKGB2610230116
:61:2610221023RD1200,00NCHGNONREF//BKGB2610230101
REVERSAL OF CHARGE 21 OCT
:61:261023C312,40FINTNONREF//BKGB2610230120
CREDIT INTEREST SEP 2026
:62F:C261023GBP167736,90
-}

Open this example in the parser

Line 1: credit of 25,000.00 advised by an MT103 (S103).

Line 2: debit of 8,750.50 booked 23 October (1023) with value 24 October, caused by the account owner’s MT103 with reference ZT2610230044.

Line 3: DP is a debit with funds code P (GBP); FCHG marks the first advice of a 25.00 charge, quoted against the payment it relates to.

Line 4: RD reverses an earlier debit, so 1,200.00 is credited, with value 22 October (back value) and booking 23 October.

Line 5: interest credit with NONREF; the second line carries the supplementary details.

Check: 150,000.00 + 25,000.00 - 8,750.50 - 25.00 + 1,200.00 + 312.40 = 167,736.90, the 62F.

Questions

What does NTRF mean in an MT940?: N means a non-Swift transfer and TRF means transfer. It is one of the most common codes in subfield 6, used for payments that were not instructed or advised by a Swift message, or where the bank prefers a text code.
What does S103 mean in field 61?: The entry relates to an MT103: for a debit it was caused by an MT103, for a credit it was advised with one. The three digits after S are always the MT number.
What is NONREF in an MT940?: It means there is no reference for the account owner, for example for interest or some charges. The bank should then give the best alternative information in subfield 9 (the second line of field 61).
Why does field 61 have two dates?: The first is the value date (YYMMDD), the second the entry or booking date (MMDD). The entry date is only shown when it differs from the value date, for example for forward-value or back-valued entries.
What is the funds code in field 61?: An optional single letter after the D/C mark: the third character of the account currency code, such as D for USD or P for GBP. Many banks leave it out.

Messages involved

All troubleshooting · Guides · Codes