The OFX format is a file type used to store financial information widely used by banks, as it supports various types of financial transactions, such as bank statement, credit card bill, investments and taxes.
OFX stands for Open Financial Exchange.
The format was created by Microsoft, Intuit and CheckFree in 1997.
It replaced the Open Financial Connectivity (.ofc) format, previously used in the Microsoft Money application. It is the most used file type to export bank statements from internet banking systems worldwide.
OFX files only contains information about bank transactions (the same as you find when looking at your bank statement). Therefore, it is considered secure, as it does not display passwords or other sensitive information.
This file format is universally accepted by financial and accounting software, so it is common for financial institutions to make available the download of financial statements in OFX format.
Files in OFX format can be used to exchange financial information between systems, such as exporting the statement directly from your internet banking and importing it into your financial control or business management system.
Although the OFX format is widely used to exchange financial information between systems, it is not very easy to read (unless you are a computer), nor easy to import into a spreadsheet application like Microsoft Excel or LibreOffice. This ONLINE and FREE tool allows the conversion of this format to a more friendly format like a spreadsheet in XLSX format.
You can use the form on the main page to upload your file in OFX, QFX and QBO formats, then you can download the converted file in XLSX format.
For privacy reasons, uploaded files are deleted from the server after 30 minutes.