OFX vs QFX vs QBO — Bank Statement Formats for Accounting
July 13, 2026
If you've ever downloaded bank statements for your accounting software, you've run into OFX, QFX, and QBO files. They look similar, sure, but each one serves a different purpose and belongs to a specific ecosystem. Getting the ofx qfx qbo difference right saves you from import errors and headaches.
Here's exactly how they differ, which software uses what, and how to convert between them securely.
Frequently Asked Questions
OFX (Open Financial Exchange) is an open standard for financial data exchange between banks and accounting software. It supports checking, savings, credit card, and investment accounts with structured transaction data.
QFX is Quicken's proprietary extension of OFX. It adds Quicken-specific tags for categories, investment types, and account metadata. QFX files can usually be parsed by standard OFX tools.
QBO (QuickBooks Web Connect) is QuickBooks' bank import format. It extends OFX with tags for chart of accounts, tax lines, and class tracking fields for seamless import into QuickBooks.
No. Excel can't open QFX natively. Convert QFX to CSV using a converter like ConvertPivot's QFX to CSV tool, then open the CSV in Excel.
Most major US banks including Bank of America, Chase, Wells Fargo, Citibank, US Bank, PNC, and Capital One offer QBO downloads in their online banking portals.