OFX (an acronym for open financial exchange) is a file format used to house financial and banking information (such as bank statements, account activity and transaction history). The vast majority of banking institutions offer customers the ability to download OFX files of their banking activity for analysis in financial and tax preparation software. Although Microsoft Excel does not support importing OFX files out-of-the-box, you can still open the file since the data is stored as XML. Excel can natively read any XML file and will automatically parse the file into an easy-to-read format.
Launch Excel, click "File" and select "Open."
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Click the "All Excel Files" drop-down menu and select "All Files."
Navigate to the location of your OFX file, select the file and click "Open." An Excel prompt reporting that the OFX file is a different format will display. Simply click "Yes" to continue.
Select "As an XML table" and then click "OK." An Excel prompt notes that a schema for the table does not exist but that Excel will generate one for you based on the data. Simply click "OK" to continue.