What is OFX (Open Financial Exchange)?
OFX (Open Financial Exchange) is a unified data format specification for exchanging financial data between financial institutions and consumer financial software. It was created to provide a standard way for users to download their bank transactions and import them into personal finance applications.
Unlike modern open banking APIs that provide real-time data access through secure connections, OFX is a file-based format. Users manually download transaction files from their bank's website and then import those files into their accounting or budgeting software.
Key Facts About OFX
- Created — 1997 by Microsoft, Intuit, and CheckFree
- Type — File-based data exchange format (XML-based)
- Primary Use — Downloading bank transactions for import into financial software
- Current Version — OFX 2.3 (released 2020)
- Status — Legacy but still widely supported
History of OFX
The Open Financial Exchange standard was born from the need to create a universal format for financial data that could work across different banks and software applications.
OFX 1.0 Released
Microsoft, Intuit, and CheckFree jointly release OFX 1.0, combining their competing standards (OFC from Microsoft and QIF from Intuit) into a unified specification.
OFX 1.6 & Growing Adoption
Major banks begin adopting OFX for transaction downloads. The format becomes the de facto standard for consumer financial data exchange.
OFX 2.0 - XML Migration
OFX 2.0 transitions to pure XML format (SGML-based formats deprecated), improving compatibility with modern systems.
OFX 2.2 Released
Updates for modern security requirements and additional data fields. However, the format remains fundamentally file-based.
FDX Founded
Financial Data Exchange (FDX) is founded as a modern API-based alternative, signaling the industry's shift away from file-based formats.
OFX 2.3 (Current)
Latest version with incremental improvements. OFX remains in maintenance mode as FDX and open banking APIs gain adoption.
OFX File Formats Explained
You'll encounter several file extensions when downloading bank data. While they're all based on OFX, each is optimized for specific software:
| Format | Extension | Primary Software | Notes |
|---|---|---|---|
| OFX | .ofx | Generic (most software) | Standard open format, widely compatible |
| QFX | .qfx | Quicken | Intuit's branded OFX variant for Quicken |
| QBO | .qbo | QuickBooks Online | QuickBooks-specific format |
| QIF | .qif | Quicken (legacy) | Older Quicken format, predates OFX |
| OFC | .ofc | Microsoft Money | Microsoft's original format (discontinued) |
💡 Which Format Should You Use?
Download the format that matches your software: QFX for Quicken, QBO for QuickBooks, or OFX for most other applications. If your bank offers multiple options, OFX is the most universally compatible.
How OFX Works
OFX is a file-based, manual process for getting your bank data into financial software. Here's the typical workflow:
Log into Online Banking
Access your bank's website and navigate to your account transactions or statements.
Select Date Range
Choose the time period for transactions you want to download (e.g., last 30 days, this month).
Choose Download Format
Select OFX, QFX, or QBO depending on your target software. Look for "Download" or "Export" options.
Save the File
Download the file to your computer. It will have an extension like .ofx, .qfx, or .qbo.
Import into Software
Open your financial software (Quicken, QuickBooks, etc.) and use the import function to load the file.
Categorize & Reconcile
Review imported transactions, categorize them, and reconcile with your accounts.
OFX File Structure
OFX files are XML documents containing structured financial data. A typical file includes:
Financial Institution Info
Bank identification, routing numbers, and institution details for proper account matching.
Account Information
Account numbers, types (checking, savings, credit card), and current balances.
Transaction List
Individual transactions with dates, amounts, payees, memo fields, and transaction types.
Statement Closing
Balance information and statement period details for reconciliation purposes.
Software Supporting OFX
Numerous personal finance and accounting applications support OFX file imports:
Personal Finance
Quicken, YNAB, Mint, Personal Capital, Moneydance, GnuCash, MoneyMoney (Mac), Banktivity (Mac), Money Manager Ex
Accounting Software
QuickBooks (Desktop & Online), Xero, Wave, FreshBooks, Sage, Zoho Books
Developer Tools
Various OFX parsing libraries available for Python, JavaScript, Ruby, Java, and .NET for building custom integrations
Note on Direct Connect vs. File Import
Some software (like Quicken) offers "Direct Connect" which automates OFX downloads. This uses OFX behind the scenes but provides a more seamless experience. However, many banks now prefer API-based connections through aggregators like Plaid instead of Direct Connect.
Banks Supporting OFX Downloads
Most major banks worldwide support OFX transaction downloads. Here are some notable examples:
🇺🇸 United States
Chase, Bank of America, Wells Fargo, Citi, Capital One, US Bank, PNC, TD Bank
🇬🇧 United Kingdom
Barclays, HSBC, Lloyds, NatWest, Santander UK
🇨🇦 Canada
TD Canada, RBC, BMO, Scotiabank, CIBC
🇦🇺 Australia
Commonwealth Bank, ANZ, Westpac, NAB
To check if your bank supports OFX:
- Log into your online banking
- Navigate to your account transactions or statements
- Look for "Download," "Export," or "Download for Quicken/QuickBooks" options
- Check available formats—OFX, QFX, QBO, or CSV
OFX vs FDX: Legacy vs Modern
Understanding the difference between OFX and modern standards like FDX is important for choosing the right approach for your financial data needs:
| Feature | OFX (Legacy) | FDX (Modern) |
|---|---|---|
| Data Access | File download (manual) | Real-time API |
| Authentication | Bank login → download | OAuth 2.0 / FAPI |
| Update Frequency | When user downloads | Real-time or scheduled |
| Data Richness | Basic transactions | Comprehensive (30+ data types) |
| Security Model | File-based | Token-based, encrypted APIs |
| User Experience | Manual import required | Automatic sync |
| Consent Management | None (implicit) | Granular, revocable |
| Regulatory Status | No specific regulation | Section 1033 compliant (US) |
📁 When to Use OFX
- Desktop software without API support
- One-time historical imports
- Banks without API connections
- Manual backup/archive purposes
🔗 When to Use FDX/APIs
- Real-time financial apps
- Automated bookkeeping
- Fintech integrations
- Modern budgeting apps
The Future: While OFX remains functional, the industry is moving toward API-based standards. FDX is now the primary US standard, and Open Banking APIs dominate in Europe and other regions. New applications should generally use APIs rather than OFX.
Frequently Asked Questions
OFX (Open Financial Exchange) is a data format standard created in 1997 for exchanging financial data between banks and consumer financial software. It enables users to download bank transactions as files that can be imported into accounting software like Quicken, QuickBooks, or personal finance applications.
Explore Modern Financial Data Standards
Learn about FDX, Open Banking APIs, and modern alternatives to OFX.