File format reference
QFX file: what it is, where it comes from and how to import one
What a QFX file is for, how Quicken imports it, and how it relates to QBO and OFX files, with the limits of what Intuit documents in public.
Short answer
A QFX file, short for Quicken File eXchange, is the download that many financial institution websites offer so transactions can be loaded into Quicken without retyping. Quicken calls this Web Connect. You import it from the File menu, and QuickBooks Online also accepts QFX files in manual uploads.
What a QFX file is
Quicken’s help says QFX stands for Quicken File eXchange. Many financial institution websites use it to pass information to Quicken: transactions, balances and other key data. Quicken’s name for using QFX files is Web Connect.
Intuit’s partner documentation describes Web Connect as the connection that begins in the bank’s own online banking site. The person downloads a .qfx (Quicken) or .qbo (QuickBooks) file there and imports it. No bank credentials are typed into Quicken or QuickBooks, because the download happens inside the bank’s site.
Web Connect compared with the other connection types
| Type | How it works | Supported in |
|---|---|---|
| Web Connect | You download a file from the bank’s site and import it | QuickBooks Desktop, QuickBooks Online, Quicken |
| Direct Connect | The product talks to the institution’s OFX server and updates when you start a download | See Intuit’s connectivity page |
| Aggregation (Express Web Connect in Quicken) | An automatic update option added to an institution’s connection | See Intuit’s connectivity page |
Quicken’s help says QFX (Web Connect) is mainly used when Direct Connect and Express Web Connect are not available at the institution, and that it is sometimes used to download older transactions so you can view them in your Quicken file.
How to import one into Quicken
If the file came from a Download Transactions screen, follow the instructions on that screen. Otherwise Quicken’s help gives these steps:
- Back up your Quicken data file.
- Open the File menu and choose File Import, then Quicken Transfer Format (.QFX) File.
- Use Browse to find the file, then Open it.
- Follow the on-screen instructions.
QFX files and QuickBooks
Intuit’s upload guidelines for QuickBooks Online say the upload file must be in English and 350 KB or less, that Intuit suggests a QBO file, and that QFX or CSV files can also be uploaded. For larger uploads, shorten the date range and download in smaller batches.
The desktop product is stricter. Intuit’s help on Web Connect import errors says the QuickBooks Desktop Web Connect import reads only .qbo files, so a .qfx file belongs in Quicken, not in QuickBooks Desktop.
QFX, QBO and OFX side by side
| File | What Intuit calls it | Imports into |
|---|---|---|
.qfx | The Quicken file for Web Connect | Quicken; accepted by QuickBooks Online uploads |
.qbo | The QuickBooks file for Web Connect | QuickBooks Desktop and QuickBooks Online |
.ofx | The Open Financial Exchange format (see the OFX page) | QuickBooks Online uploads list it among accepted types |
What is not documented in public
Intuit’s partner page says Web Connect is tied to a contracted Intuit Branding ID and that a contract with Intuit or an OFX provider is required. The sources cited here do not describe the inside of a QFX file, so this page does not either. It also means a file produced outside that arrangement, such as one written by a conversion tool, can be refused by the program; the refusal message and its remedy are in the program’s own help.
A quick arithmetic check works on any transaction file: add the amounts and compare the total with the balance change you expect from your own records.
Common questions
- Is a QFX file XML?
- The sources cited here do not document the layout of a QFX file, so this page does not say. For the two OFX syntaxes, see the OFX page.
- Can I import a QFX file into QuickBooks Desktop?
- Intuit’s help says the QuickBooks Desktop Web Connect import reads only .qbo files. QuickBooks Online’s upload guidelines list QFX among the types it accepts.
- Why would a bank offer QFX at all?
- Quicken’s help says QFX (Web Connect) is mainly used when Direct Connect and Express Web Connect are not available at the institution, and for downloading older transactions.
What Statementizer does with this
Statementizer does not write QFX or QBO files. It turns supported broker statement PDFs into rows you can review, then exports a spreadsheet or CSV, an OFX file, a QuickBooks Online CSV, a QuickBooks Desktop IIF file or a Xero journal CSV.
See what Statementizer convertsRelated formats
Sources
The definition, the import steps and the reasons to use Web Connect come from Quicken’s help. The connection types and the contract requirement come from Intuit’s partner page. The QuickBooks Online limits come from its upload guidelines, and the Desktop statement from Intuit’s Web Connect error page.
- Importing files from your bank
- Connectivity Types (OFX): Web Connect, Direct Connect, Aggregation
- Manually upload transactions into QuickBooks Online
- Fix Web Connect import errors
Verified on 2026-10-18 by the Statementizer Team.