Updated: July 2026
The shared foundation
OFX is a structured exchange format for financial information. QFX and QBO files commonly use related OFX-style transaction data while targeting particular financial software workflows.
What a transaction contains
Typical statement transactions include a posted date, signed amount, transaction type, institution reference, name and memo. Not every bank fills every field, so the resulting CSV may contain blanks.
Why files sometimes fail
Banks can export different OFX versions or imperfect markup. A file may also contain account details but no statement transaction blocks. Open it as text only if you understand the privacy risk and never share a real statement publicly.
Converting safely
Prefer local browser processing for sensitive statements. After conversion, confirm the date range, number of records and several known amounts. The CSV should be treated as a working copy, not the authoritative statement.
Choosing the next format
A generic CSV is useful for inspection, but accounting imports may require specific columns. After conversion, run the CSV through the appropriate QuickBooks, Xero or general bank CSV formatter.
Useful tools
Bank Statement Converter · QuickBooks CSV Formatter · Xero CSV Formatter