How to Convert a Bank Statement PDF to OFX

OFX (Open Financial Exchange) is an open standard for exchanging financial data between institutions, software, and users. Developed in the late 1990s as a successor to QIF, OFX uses a structured XML-like format that encodes transaction data with precise field definitions.

An OFX file contains: the financial institution identifier, account information, a date range, and a list of transactions with unique IDs. Each transaction includes the date (YYYYMMDD), amount (signed — negative for debits, positive for credits), payee name, and a FITID for deduplication.

Unlike CSV, which varies by software and requires manual column mapping, OFX is a standardized format that financial software knows how to interpret without configuration.

OFX is widely supported across financial software:

- Xero — Import via Bank Accounts > Manage Account > Import a Statement - MYOB — Import via Banking > Bank Transactions > Import Bank Statement - Sage 50 — Import via Banking > Import Bank Transactions - GnuCash — Import via File > Import > Import OFX/QFX - Quicken — Native OFX support for all account types - FreshBooks — Import via Bank Reconciliation > Import Transactions - Wave Accounting — Import via Banking > Upload Bank Statement

OFX is also accepted by many smaller accounting packages and personal finance tools. If your software lists "OFX" or "QFX" as an import option, ConvertStatement's OFX export is compatible.

1. Download your bank statement as a PDF from your bank's online portal. 2. Go to convertstatement.com and upload the PDF. No account required for your first 10 pages. 3. The parser detects your bank and extracts all transactions. Review the preview table. 4. Click the OFX button to download.

The OFX file includes proper headers, account identification, and transaction records with unique FITIDs. Currency is set automatically based on the bank (USD for US banks, GBP for UK banks, EUR for European banks).

ConvertStatement supports 15 banks: Chase, Bank of America, Wells Fargo, Citi, Capital One, US Bank, PNC, TD Bank, Revolut, Barclays, HSBC, N26, Deutsche Bank, ING, and Santander.

1. In Xero, go to Accounting > Bank Accounts. 2. Find the bank account and click Manage Account > Import a Statement. 3. Select your OFX file and click Import. 4. Xero shows a preview of the transactions with the date range and count. 5. Click Complete Import — transactions appear in the bank reconciliation view.

Xero automatically maps OFX fields to its internal format. Dates, amounts, and descriptions transfer directly. If the account currency in Xero doesn't match the OFX file's currency, Xero will warn you.

Tip: Xero also accepts CSV imports, but OFX is preferred because it requires no column mapping and includes transaction IDs for deduplication.

Sage 50 (Sage Accounting): 1. Go to Banking > Import Bank Transactions. 2. Select the bank account for the import. 3. Choose the OFX file and click Import. 4. Review the matched transactions and accept.

MYOB (AccountRight and Essentials): 1. Go to Banking > Bank Transactions. 2. Click Import Bank Statement (or the Import button). 3. Select OFX as the file type and choose your file. 4. Map to the correct bank account and import.

Both Sage and MYOB handle the OFX format natively. The transaction IDs in the file prevent duplicates if you import the same period twice.

OFX and QBO are closely related — QBO is essentially an OFX file with a `.qbo` extension and minor header differences for QuickBooks compatibility.

Use QBO if: Your software is QuickBooks Desktop or QuickBooks Online. The QBO format includes QuickBooks-specific metadata that ensures smooth imports.

Use OFX if: Your software is anything other than QuickBooks — Xero, MYOB, Sage, GnuCash, Quicken, FreshBooks, or Wave. OFX is the universal standard these programs expect.

Use CSV or Excel if: You need to manipulate the data in a spreadsheet before importing, or your software doesn't support OFX.

ConvertStatement generates all four formats from the same uploaded PDF, so you can download whichever your software needs without re-uploading.