Free online OFX to QIF converter

A bank may provide transactions as OFX while an older personal-finance or accounting program accepts only QIF. Converting the download produces an importable file without retyping the statement.

What the OFX format is

OFX (Open Financial Exchange) is a structured format for transferring account and transaction data between financial institutions and finance software. Banks, credit-card providers, brokerages, and accounting services may offer .ofx downloads; related services may use .qfx or .qbo, which can impose application-specific restrictions.

An OFX file can contain account information, posted dates, transaction amounts, payees, memos, check numbers, balances, and bank-assigned transaction identifiers. OFX 1.x files use SGML-style syntax, while OFX 2.x files use XML. Support depends on the application, OFX version, account type, and sometimes the financial institution.

What the QIF format is

QIF (Quicken Interchange Format) is a plain-text, line-oriented format for importing and exporting financial records. Records use type markers such as !Type:Bank, field codes such as D for date and T for amount, and ^ as the record terminator.

QIF can be useful when the destination accepts QIF but not OFX, or when a manually importable text file is required. It is easy to inspect and archive, but it has no single complete standard for account metadata, currencies, investment lots, transaction identifiers, splits, or transfer matching. Older and newer applications may interpret the same QIF fields differently.

Using a desktop converter

ProperSoft OFX2QIF is a dedicated Windows and macOS converter that processes files locally. It supports common bank-file variants and can create QIF output for bank, credit-card, cash, and selected investment accounts. Check the current edition's supported account types before converting investment data.

1. Download the original statement from the financial institution and retain an unchanged backup.
2. Open OFX2QIF and select File → Open, then choose the .ofx file.
3. Review the detected account type, currency, date range, account name, payee, and memo fields. Correct the account type if the software offers a different interpretation.
4. Choose the QIF output command, commonly File → Save As or an export command, and save a descriptive filename such as checking-2025.qif.
5. In the destination program, select its QIF import command, choose the matching account, and disable automatic payee or category changes during the first import when that option is available.
6. Compare the imported transaction count, date range, opening and closing balances, and representative debit and credit amounts with the OFX file or bank statement.

Using finance software as an intermediary

Moneydance can import OFX and export account data as QIF. Import the file through File → Import, verify the target account, then use that account's export command and select QIF. Menu names and available fields vary by release.

GnuCash, KMyMoney, and some editions of Quicken can import OFX or related bank formats, but QIF export and field mapping differ by version. Confirm that the application can export QIF before using it as an intermediary; otherwise, use a dedicated converter.

Using an online converter

A service such as ProperSoft's online OFX-to-QIF converter can be used when installing software is not practical. Upload the OFX file, select QIF and the correct account type, download the result, and verify it before importing. Online availability, file-size limits, and supported account types can change, so use the provider's current instructions.

Bank files contain account numbers, transaction history, and sometimes identifying payee information. Prefer local conversion for sensitive data. If an online service is necessary, review its privacy and retention terms, upload only the required file, keep the original locally, and delete uploaded and downloaded copies when processing is complete.

Quality and compatibility limits

Conversion is a field mapping operation, not a guaranteed lossless format change. A converter may place the OFX payee in QIF's payee or memo field, omit bank transaction IDs, alter date interpretation, or map check numbers, categories, notes, transfers, splits, currencies, and investment lots differently.

QIF commonly represents dates without a universally enforced format, and some importers interpret day and month order according to regional settings. Check dates after import, especially when the source and destination use different locales.

Do not import the same period repeatedly into an existing account: QIF imports may not preserve the OFX identifiers used for duplicate detection. Test the file in a new or backed-up account, reconcile balances, and merge only after confirming that duplicates and transfers were handled correctly.