What Is an OFX File? How to Open and Use It

TL;DR: An OFX file is a text file in the Open Financial Exchange format, an open standard for moving transactions between banks and finance software. It stores each transaction with a date, amount, type, description, and unique ID inside account and sign-on blocks, so programs like MS Money, GnuCash, and Moneydance can import it straight into the right account. You open an OFX file by importing it into finance software, or view its contents in any text editor.

What is an OFX file?

OFX stands for Open Financial Exchange. It is an open standard created in 1997 by Microsoft, Intuit, and CheckFree for exchanging financial data, and it became the common way personal finance programs import bank and credit card transactions. An OFX file is not a spreadsheet and not a PDF. It is structured text, similar to XML, that a program reads to load transactions into an account register automatically. Because the structure is fixed, any software that understands OFX can drop every transaction into the correct place without you retyping a thing.

What is inside an OFX file?

Open an OFX file in a text editor and you will see nested tags. At the top is a sign-on section that identifies the source, then a bank or credit card account block that names the account, then a list of individual transactions. Each transaction carries a handful of fields:

• Date (DTPOSTED): when the transaction posted, in a fixed YYYYMMDD style so the day is never ambiguous.
• Amount (TRNAMT): one signed number, negative for money out and positive for money in.
• Type (TRNTYPE): a code such as DEBIT, CREDIT, CHECK, or FEE.
• Description (NAME or MEMO): the payee or memo text.
• Unique ID (FITID): a stable identifier the software uses to skip duplicates if you import the same file twice.

That last field matters more than people expect. The unique ID is what lets you re-import a corrected file without doubling up transactions you already have, which is something a plain CSV cannot do on its own.

How to open an OFX file

There are two things people mean by opening an OFX file: importing it so the transactions load, or just reading the raw contents.

To import it into finance software, use the program's import command. In Microsoft Money, use File then Import, or double-click the file so Money matches it to an account. In GnuCash, use File then Import then Import OFX/QFX. In Quicken, the equivalent file is a QFX (more on that below), imported through File, File Import, Web Connect File. In each case the transactions land in the register ready to categorize and reconcile.

To read the raw file, open it in any plain text editor such as Notepad or TextEdit. You will see the tags and values described above. This is useful for a quick sanity check, for example to confirm the dates and amounts look right before you import.

Can I open an OFX file in Excel?

Not cleanly. Excel does not understand the OFX structure, so opening the file directly gives you a wall of tags rather than tidy columns. If your goal is a spreadsheet, convert the statement to CSV instead, which drops straight into Excel or Google Sheets with one row per transaction. If your goal is to load transactions into finance software, keep the OFX and import it there.

OFX vs QFX vs QBO: the same family

OFX has three close relatives that trip people up because they look almost identical inside. They are all built on OFX, with a small tag added so a specific program accepts the file.

The practical rule: use plain OFX for MS Money and open tools, use QFX when the file is going into Quicken, and use QBO when it is going into QuickBooks. If you keep your books in QuickBooks, it is usually simpler to convert the statement straight to a QuickBooks-ready import file rather than importing a plain OFX and fixing account matching afterward. For a deeper breakdown, see our guide on OFX vs QFX vs QBO.

OFX 1.x vs OFX 2.x

There are two generations of the format. OFX 1.x uses an older SGML-style syntax where many tags are left unclosed, while OFX 2.x is strict XML with every tag closed and a header that declares the version. Most desktop finance programs, including MS Money and older Quicken, expect the 1.x style, which is why a file that validates as XML can still be rejected by an older importer. If a program refuses your file, the version is worth checking before anything else.

How to create an OFX file from a PDF statement

Banks rarely let you download an OFX for older statements, and MS Money no longer has a live feed, so most people end up needing to build the file from a PDF they already have. Upload the statement to a bank statement to OFX converter and it reads every transaction into date, description, amount, and running balance, then writes a valid OFX you can import. Scanned statements and phone photos work too, because the converter runs OCR before it extracts the table. If your destination is Quicken specifically, export the Web Connect QFX instead, since that is the flavor Quicken imports most cleanly.

Frequently asked questions

Is an OFX file safe to open?

Yes. An OFX file is plain text with no code that runs, so opening it in a text editor or importing it into finance software is safe. The usual caution applies to where the file came from: only import files you created or downloaded from your own bank, and use an encrypted tool when you convert statements online.

What program opens OFX files?

Microsoft Money, GnuCash, Moneydance, and Banktivity open OFX directly. Quicken opens the QFX flavor and QuickBooks opens QBO, both of which are OFX with a vendor tag. Any text editor can display the raw contents.

Is OFX still used in 2026?

Yes. OFX remains the backbone of transaction import in desktop finance software and underpins both QFX and QBO. Even where banks have moved to newer connection methods, importing an OFX built from a statement is still the reliable way to load history that a bank feed will not reach.

What is the difference between OFX and CSV?

CSV is a plain spreadsheet with no fixed meaning to its columns, so finance software often cannot import it directly. OFX is a structured account file with typed fields and unique transaction IDs, which is exactly what programs like Quicken and MS Money expect. Use CSV for spreadsheets and OFX for importing into finance software.