OFX file format: what an OFX file is, what's inside, and how to open it
Quick answer
An OFX file (Open Financial Exchange) is a bank or credit card transaction file in an open standard created in 1997 by Microsoft, Intuit, and CheckFree. It is plain text: a header, then tagged blocks for the account and a list of transactions, each with a unique ID, date, amount, and payee. Version 1.x files use SGML-style tags; version 2.x files are XML. Quicken's QFX and QuickBooks' QBO formats are both OFX with a few Intuit-specific tags.
What an OFX file looks like
A version 1.x file starts with a short plain-text header, then the OFX body. In this older SGML style, tags that hold a value don't need a closing tag:
OFXHEADER:100
DATA:OFXSGML
VERSION:102
...
<OFX>
<BANKMSGSRSV1><STMTTRNRS><STMTRS>
<CURDEF>USD
<BANKACCTFROM>
<BANKID>123456789
<ACCTID>000111222
<ACCTTYPE>CHECKING
</BANKACCTFROM>
<BANKTRANLIST>
<STMTTRN>
<TRNTYPE>DEBIT
<DTPOSTED>20260302120000
<TRNAMT>-86.40
<FITID>202603020001
<NAME>OFFICE SUPPLY CO
</STMTTRN>
</BANKTRANLIST>
<LEDGERBAL><BALAMT>4124.15<DTASOF>20260331</LEDGERBAL>
</STMTRS></STMTTRNRS></BANKMSGSRSV1>
</OFX>The parts that matter
| Tag | What it holds |
|---|---|
| BANKACCTFROM / CCACCTFROM | The account: routing ID, account number, and type (checking, savings, or credit card) |
| STMTTRN | One transaction |
| TRNTYPE | DEBIT, CREDIT, CHECK, FEE, INT, and so on |
| DTPOSTED | Posting date, as YYYYMMDD with optional time |
| TRNAMT | Signed amount: negative is money out |
| FITID | A unique transaction ID - software uses it to skip duplicates when you import twice |
| NAME / MEMO | Payee and extra description |
| LEDGERBAL | The balance as of the statement or download date |
OFX 1.x vs OFX 2.x
OFX 1.x (headers like VERSION:102) uses SGML: leaf tags such as <TRNAMT>-86.40 often have no closing tag. OFX 2.x is proper XML, starting with an <?xml ...?> declaration, and every tag is closed. Most bank downloads, and the QBO and QFX files Intuit products import, still use the 1.x style.
OFX vs QFX vs QBO
Because all three share one structure, converting between them is mostly a matter of relabelling - the transactions don't change.
| Format | What it is | Imported by |
|---|---|---|
| OFX | The open standard | Many finance apps (e.g. GnuCash, Moneydance) |
| QFX | OFX + Intuit tags, labelled for Quicken | Quicken; QuickBooks Online also accepts it |
| QBO | OFX + Intuit tags, labelled for QuickBooks | QuickBooks Online and Desktop |
How to open an OFX file
- To read it: any text editor. It's plain text.
- To import it: use your finance app's file import (for example GnuCash: File > Import > Import OFX/QFX).
- To get a spreadsheet: Excel doesn't read OFX as a table. Convert it to CSV first, or convert the matching PDF statement straight to Excel.
- To bring it into QuickBooks: convert it to QBO, then import it as a Web Connect file.
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Frequently asked questions
What is an OFX file?
An OFX (Open Financial Exchange) file is a plain-text file of bank or credit card transactions in an open standard used by banks and finance software for exports and downloads.
What's the difference between OFX and QFX?
QFX is Quicken's branded version of OFX. It adds Intuit tags, including a bank identifier (INTU.BID) that Quicken checks on import. The transactions themselves are the same.
Can QuickBooks import an OFX file?
QuickBooks expects QBO (Web Connect) files, and QuickBooks Online also accepts QFX and CSV. Convert the OFX to QBO first.
How do I open an OFX file in Excel?
Excel doesn't read OFX as a table. Convert the OFX to CSV, or convert the PDF statement for the same period directly to Excel.
Is OFX the same as XML?
OFX 2.x files are XML. Older OFX 1.x files use an SGML style where many tags aren't closed, so a strict XML parser will reject them.