OFX stands for Open Financial Exchange. It is a structured file format developed by Microsoft, Intuit and CheckFree in 1997 for exchanging financial data between banks and personal finance software. OFX files contain bank transactions, balances, account details and unique transaction IDs (FITID). They use the .ofx extension and come in two versions: OFX 1.x (SGML-based) and OFX 2.x (XML-based).

What is FITID and why does it matter?

FITID (Financial Institution Transaction ID) is a unique identifier assigned to each transaction in an OFX file. It prevents duplicate transactions when importing statements into QuickBooks, Xero or other accounting software. If you import the same OFX file twice, the software uses the FITID to detect and skip already-imported transactions. Univik OFX Converter preserves the FITID in all output formats.

Can I convert OFX investment statements?

Yes. OFX investment statements use the INVSTMTRS element and contain buy, sell, dividend, reinvestment and margin interest transactions with security names, quantities, prices and commission fields. Univik OFX Converter reads all investment transaction types and exports them to Excel with dedicated columns for each field.

Which banks produce OFX and QFX files?

OFX and QFX downloads are offered by thousands of financial institutions worldwide. Major US banks include Chase, Bank of America, Wells Fargo, Citibank, US Bank and Fidelity. In Europe, banks including Barclays, NatWest, Halifax and ING support OFX download. Any bank that offers a Web Connect download to QuickBooks or Quicken is generating OFX or QFX.

Univik OFX File Converter

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Convert OFX and QFX Files to Excel, CSV, PDF and More

Univik OFX Converter parses both OFX 1.x SGML and OFX 2.x XML files from any bank or brokerage. Every transaction element is read precisely, FITID unique IDs are preserved to prevent duplicate imports, and investment and credit card statements export with full field mapping. Your financial data never leaves your computer.

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*Free trial converts the first 10 transactions per file. No registration required.

OFX and QFX Files: Reads .ofx and .qfx files from all versions including OFX 1.x SGML and OFX 2.x XML without configuration.
FITID Preserved: Unique transaction IDs export to all formats, preventing duplicate imports in QuickBooks, Xero and Sage.
All Statement Types: Bank, credit card and investment statements all supported with correct field mapping for each account type.

Univik OFX File Converter Box

BEST FINANCE ★ TOOL 2024 ★

Used by Accountants Worldwide

Bookkeepers, accountants and finance teams use Univik OFX Converter to process bank downloads from Chase, Bank of America, Barclays and thousands of other institutions.

OFX Elements Supported

STMTTRN
Transaction

FITID
Unique ID

DTPOSTED
Post Date

TRNAMT
Amount

TRNTYPE
Type

NAME
Payee

MEMO
Description

CHECKNUM
Cheque No.

LEDGERBAL
Balance

AVAILBAL
Avail. Bal.

BANKID
Bank ID

ACCTID
Account ID

About the Format

What is an OFX File?

The structured financial data standard co-developed by Microsoft, Intuit and CheckFree that banks worldwide use for account statement downloads.

OFX Explained

OFX stands for Open Financial Exchange. Microsoft, Intuit and CheckFree created it in 1997 as a structured, reliable replacement for the plain-text QIF format. It became the universal standard for bank-to-software financial data exchange.

Unlike simple text formats, OFX uses structured element tags. Each transaction carries a FITID (Financial Institution Transaction ID), a unique identifier that prevents duplicate imports when you process the same statement twice.

OFX files use the .ofx extension. Quicken's proprietary variant uses .qfx. Both are supported by Univik OFX Converter without any difference in setup.

Key OFX Elements

STMTTRN	Transaction record	Container for each transaction
FITID	Unique transaction ID	Prevents duplicate imports
DTPOSTED	Posted date	YYYYMMDD format
DTUSER	User date	Date user initiated transaction
TRNAMT	Amount	Positive = credit, negative = debit
TRNTYPE	Transaction type	CREDIT, DEBIT, CHECK, ATM, INT, DIV
NAME	Payee name	Merchant or counterparty
MEMO	Description	Additional payment detail
LEDGERBAL	Ledger balance	Closing account balance
AVAILBAL	Available balance	Available funds at statement close

OFX 1.x File Sample

OFXHEADER:100          ← File header
DATA:OFXSGML

<OFX>
<BANKMSGSRSV1>
<STMTTRNRS>
<STMTRS>
 <CURDEF>USD         ← Currency
 <BANKACCTFROM>
  <BANKID>021000021  ← Routing number
  <ACCTID>12345678   ← Account number
  <ACCTTYPE>CHECKING
 </BANKACCTFROM>
 <BANKTRANLIST>
  <STMTTRN>
   <TRNTYPE>DEBIT
   <DTPOSTED>20250115   ← YYYYMMDD
   <TRNAMT>-450.00
   <FITID>20250115001   ← Unique ID
   <NAME>ELECTRICITY CO
   <MEMO>JANUARY BILL
  </STMTTRN>
 </BANKTRANLIST>
 <LEDGERBAL>
  <BALAMT>10050.00
  <DTASOF>20250131
 </LEDGERBAL>
</STMTRS>

OFX Account Types

CHECKING Cheque account SAVINGS Savings account MONEYMRKT Money market CREDITLINE Line of credit INVSTMTRS Investment CCSTMTRS Credit card

All six account types are auto-detected. Investment and credit card statements map to dedicated output columns.

OFX's Most Important Feature

Why FITID Changes Everything

Every transaction in an OFX file carries a Financial Institution Transaction ID (FITID): a unique string assigned by the bank. When you import an OFX file into QuickBooks, Xero or Sage, the software checks each FITID against its database. If it already exists, the transaction is skipped.

This means you can safely re-import the same OFX file multiple times without creating duplicates. It also means two OFX statements covering overlapping date ranges merge cleanly. Univik OFX Converter preserves the FITID in every output format so this protection carries through to your accounting software.

FITID in Excel Output

Date	FITID	Amount
Jan 15	20250115001	-450.00
Jan 20	20250120001	+2500.00
Jan 22	20250122003	-89.99

Each FITID is unique per bank per transaction. Accounting software uses this column to prevent duplicate posting.

Versions Supported

OFX 1.x, OFX 2.x and QFX

Three distinct file formats share the OFX name. All three are fully supported without needing to know which version your bank uses.

OFX VERSION 1.x

SGML-Based

The original 1997 specification. Uses SGML-style tags without the strict well-formedness rules of XML. Still the most common format produced by banks today.

✓ Opens with OFXHEADER:100
✓ Tags without closing counterparts
✓ Plain ASCII encoding
✓ File extension: .ofx

Most Common

OFX VERSION 2.x

XML-Based

The 2000 revision rebuilt OFX on proper XML. Fully valid XML with a standard declaration, closing tags and UTF-8 encoding. Used by newer bank platforms and fintech APIs.

✓ Opens with <?xml version="1.0"?>
✓ Proper closing tags on all elements
✓ UTF-8 or Unicode encoding
✓ File extension: .ofx

Modern Standard

QFX (QUICKEN VARIANT)

Quicken-Specific

Intuit's proprietary extension of OFX 1.x. Contains extra Quicken-specific elements. Banks including Chase, Bank of America, Wells Fargo and Fidelity offer QFX for Quicken users.

✓ OFX 1.x base with extra elements
✓ Includes INTU.BID bank identifier
✓ File extension: .qfx
✓ Used by major US banks

US Banks

Output Formats

Export OFX to 5 Formats

Each export format is purpose-matched to a specific workflow. FITID is preserved in all of them.

📊

Excel (XLSX)

Each transaction row includes FITID, TRNTYPE, posted date, amount, payee and memo. Investment records get dedicated quantity and price columns. Ready for reconciliation and reporting.

📋

CSV

Configurable delimiter and date format for import into Xero, Wave, FreshBooks, Sage or any accounting platform. Column headers match standard bank feed import templates.

📄

PDF

Formatted bank statement grouped by month with opening balance, transaction list and closing balance. Suitable for audit files, loan applications and regulatory submissions.

🔗

QBO

QuickBooks Online Web Connect. Upload the QBO file directly into your QBO company for automated bank feed matching. No manual transaction entry required.

📝

Plain Text

Human-readable transaction list with all fields visible. Useful for auditing OFX files with parsing errors or verifying data before import into production systems.

Key Features

Why Choose Univik OFX Converter

Built for accountants and bookkeepers who need precision, not approximation, when processing bank statement data.

FITID Preserved in Every Export

Most OFX converters strip the FITID when exporting to Excel or CSV, breaking the deduplication protection that makes OFX superior to older formats. Univik OFX Converter keeps the FITID column in all exports. When you later import to QuickBooks or Xero, the software uses that ID to skip already-posted transactions automatically.

OFX 1.x SGML and OFX 2.x XML

OFX 1.x uses SGML-style syntax with unclosed leaf element tags, while OFX 2.x is valid XML. Many parsers fail on one version or the other. The converter handles both automatically. It detects the version from the file header and applies the correct parsing rules without any setting from you.

Completely Offline and Private

OFX files contain your real account numbers, routing numbers, transaction history and balances. Univik OFX Converter processes everything locally on your Windows PC. No files are sent to any server. No internet connection is required at any point during conversion. Your statement data stays in your environment.

Investment Statement Support

OFX investment statements (INVSTMTRS) carry buy, sell, dividend, reinvestment, split and margin interest records. Each transaction type has different fields including security name, quantity, unit price and commission. The converter maps every investment transaction type to correctly labelled Excel columns for portfolio analysis.

Credit Card Statement Conversion

OFX credit card statements (CCSTMTRS) follow a different element structure from bank statements. The converter detects the account type automatically and applies the correct field mapping, so credit card charges, payments, fees and interest credits all export to correctly labelled output columns.

Full QFX File Support

Chase, Bank of America, Wells Fargo, Fidelity and thousands of other institutions offer QFX downloads for Quicken users. QFX files contain Quicken-specific elements including INTU.BID bank identifiers. The converter reads QFX files natively, stripping proprietary Quicken metadata while preserving all transaction data cleanly.

How It Works

OFX to Clean Data in 3 Steps

Open your file, check the preview, export. The FITID and all transaction fields carry through automatically.

Open Your OFX or QFX File

Drag and drop your .ofx or .qfx file into the converter. The software detects whether it is OFX 1.x SGML, OFX 2.x XML or a QFX variant, parses all elements and displays a transaction preview with FITID, dates, amounts, payees and account balance.

Choose Format and Filters

Select Excel, CSV, PDF, QBO or plain text. Optionally filter by date range, transaction type (CREDIT, DEBIT, CHECK, ATM), or amount. The FITID column is always included in Excel and CSV output. You cannot accidentally exclude it.

Export and Import Cleanly

Your output file is ready in seconds. Upload the QBO file directly to QuickBooks Online. Import the CSV into Xero, Sage or Wave. Open the Excel file for reconciliation. Every import is protected against duplicates by the preserved FITID.

Compatible Apps

Import OFX Data Into Any Platform

Every major accounting, personal finance and banking platform accepts at least one of the output formats from Univik OFX Converter.

QuickBooks Online

Via QBO Web Connect. Direct upload. FITID prevents duplicate transactions on re-import.

Xero

CSV bank statement import. Column headers match Xero's expected bank feed format.

Sage Accounting

CSV import for Sage 50, Sage 200 and Sage Business Cloud bank reconciliation.

Wave Accounting

Free accounting software. CSV import maps cleanly to Wave transaction fields.

Microsoft Excel

XLSX with FITID, TRNTYPE and balance columns. Ready for pivot tables and reconciliation.

FreshBooks

CSV import for FreshBooks bank account feed. Date, payee and amount columns pre-matched.

Banktivity (Mac)

OFX Direct Connect and CSV import. Popular Mac personal finance app.

GnuCash

CSV import with OFX transaction type mapping to GnuCash account types.

Use Cases

Who Converts OFX Files

From everyday bookkeeping to regulatory reporting, OFX conversion solves real problems for accountants, developers and business owners.

Monthly Bank Reconciliation

Download your OFX statement from your bank, convert to Excel and compare transactions against your GL in minutes. The TRNTYPE column (DEBIT, CREDIT, CHECK, ATM, INT) makes it easy to filter and categorise entries before posting. FITID prevents any transaction from being entered twice.

QuickBooks Bank Feed Upload

When your bank does not support a direct QuickBooks connection, download the OFX or QFX statement and convert it to QBO. Upload the QBO file to QuickBooks Online for automated transaction matching. This works for any bank worldwide that offers OFX download, regardless of QuickBooks integration status.

Brokerage and Investment Analysis

Fidelity, Schwab, Vanguard and most major brokerages offer OFX download for investment accounts. The INVSTMTRS statement type includes every trade, dividend, fee and reinvestment. Converting to Excel gives you a clean dataset for calculating cost basis, total returns and capital gains per security.

Credit Card Statement Processing

Download your credit card OFX statement and convert to CSV for import into your accounting software. Each charge, payment, cash advance and fee maps to its own row. The TRNTYPE column distinguishes payment credits from new charges so your accountant can categorise expenses without manual checking.

Audit and Regulatory Reporting

Convert OFX statements to PDF for immutable financial records required by auditors and regulators. The PDF output formats each statement with account details, opening balance, transaction list and closing balance on a single document. FITID in the transaction list provides a verifiable audit trail back to the source file.

Why Univik

OFX Parsing Done Correctly

Most OFX converters treat SGML and XML identically and lose data in the process. Univik handles all three OFX variants with format-specific parsers.

FITID preserved in every output format, not stripped on export.
OFX 1.x SGML and OFX 2.x XML handled by separate parsers.
QFX Quicken-proprietary elements read without data loss.
Investment statements map to dedicated output columns per trade type.
Credit card accounts auto-detected and field-mapped correctly.
LEDGERBAL and AVAILBAL balances exported alongside transactions.
100% offline. Account numbers and transaction data never transmitted.
Free trial. No registration. 30-day money-back guarantee.

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FAQs

Common OFX Questions

Answers to the questions bookkeepers and accountants ask most about OFX conversion.

OFX (Open Financial Exchange) is a structured file format for transferring financial data between banks and accounting software. Banks provide OFX downloads through their online banking portals, usually labelled "Export for QuickBooks" or "Download statement." Major providers include Chase, Bank of America, Wells Fargo, Citibank, Fidelity, Barclays, NatWest, Halifax and ING. Any bank offering a Web Connect download is providing OFX or QFX.

QFX is Quicken Financial Exchange, Intuit's proprietary variant of the OFX 1.x standard. It adds Quicken-specific elements including the INTU.BID bank identifier. Banks offer QFX specifically for Quicken users. The underlying transaction data is identical to OFX. Univik OFX Converter reads both .ofx and .qfx files with full data preservation.

The most common causes are a bank-specific OFX version mismatch, a corrupted file from an incomplete download, or special characters in transaction memos that break the parser. Converting the OFX to CSV first and then importing gives you more control over the data and avoids parser compatibility issues. The converter's plain text output also helps identify exactly where the parsing problem occurs in the source file.

Yes. Fidelity, Schwab, Vanguard and most brokerages provide OFX investment statements using the INVSTMTRS element. These files contain buy, sell, dividend, reinvestment, split and interest transactions with security names, ticker symbols, quantities, prices and commissions. The converter reads all investment transaction action codes (BUY, SELL, REINVEST, DIV, INTEREST, MARGINT) and maps each to correctly named columns in the Excel output.

Yes. A single OFX file can contain multiple statement response blocks, each for a different account (BANKACCTFROM, CCACCTFROM or INVACCTFROM). The converter reads each account block separately and either exports them to separate sheets in Excel or to separate files. Account identification details (BANKID, ACCTID, ACCTTYPE) are included in the output so each transaction can always be traced to its source account.

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Written by Univik Research Team

The Univik Research Team has been building data conversion software since 2013. Our engineers specialize in financial file formats including OFX, QFX, CSV bank feeds and accounting software import standards. This page is reviewed quarterly against the OFX specification and tested against real bank downloads from major financial institutions. Read more on the Univik blog.
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