What is an OFX File? How to Open, Convert, and Use One

What is an OFX File?

An OFX file (Open Financial Exchange) is a structured text file used by banks and financial institutions to export transaction data. The OFX standard was developed in 1997 as a collaboration between Microsoft, Intuit, and CheckFree — replacing the older QIF format with a more robust, XML-like structure.

OFX files are accepted by most personal finance and accounting software: QuickBooks Online (as QBO), Quicken (as QFX), Microsoft Money, GnuCash, and many others.

What Does an OFX File Look Like?

OFX uses an SGML format — similar to HTML but without closing tags on most elements:

OFXHEADER:100
DATA:OFXSGML
VERSION:102
...

<OFX>
<BANKMSGSRSV1>
<STMTTRNRS>
<STMTRS>
<BANKTRANLIST>
<STMTTRN>
<TRNTYPE>DEBIT
<DTPOSTED>20240115
<TRNAMT>-125.00
<FITID>20240115001
<MEMO>Starbucks
</STMTTRN>
</BANKTRANLIST>
</STMTRS>
</STMTTRNRS>
</BANKMSGSRSV1>
</OFX>

Key fields per transaction:

OFX vs QFX vs QBO: What's the Difference?

All three are based on the same OFX standard — the differences are branding:

The file contents are structurally identical. Banks brand them differently depending on which software partnership they've set up. Most OFX converters accept all three interchangeably.

How to Open an OFX File

OFX files are plain text — you can open them in any text editor. But the SGML tags make them hard to read directly. Better options:

1. Import into QuickBooks Online — if you have a QBO file, use Banking > Upload transactions
2. Convert to CSV — use the OFX to CSV converter to get a readable spreadsheet
3. Convert to QBO — use the OFX to QBO converter if you have a plain .ofx and need .qbo

How to Convert OFX to CSV

1. Go to the OFX to CSV converter
2. Upload your .ofx, .qfx, or .qbo file
3. Download the CSV
4. Open in Excel or Google Sheets

Output columns: Date, Amount, Description, Type, FITID.

How to Convert OFX to QBO (for QuickBooks)

If your bank exports OFX but QuickBooks requires QBO:

1. Go to the OFX to QBO converter
2. Upload the .ofx file
3. Download the .qbo file
4. In QuickBooks Online: Banking > Upload transactions > select the QBO file

Which Banks Export OFX?

Most major US banks support OFX or its QFX/QBO variants:

• Wells Fargo — look for "Microsoft Money" in download options
• Citibank — "OFX" in activity download
• US Bank — "Money (OFX)"
• TD Bank — "Microsoft Money"
• Most credit unions — check for "OFX", "Money", or "Quicken"

If your bank only shows "Quicken" (QFX), that's functionally the same as OFX and works with all OFX converters.