The QFX file extension is related to Quicken software, which is a personal finance management tool created by Intuit Incorporated. These files can be opened on Mac and Windows operating systems. It is a financial data format used to import different types of financial data into Quicken finance software. These files contain information related to account balance, transactions, and other related information recorded in a standard format. This format is quite similar to the OFX format; however, it is a proprietary format used by Quicken. These files are used by banks, credit card companies, and financial institutions. You can download them from the Internet using Quicken’s web connection feature. It is mainly associated with Quick Link or Quick Link 2 software.
The QIF file extension is used by a number of different programs, notably Quicken and Quick Time. It was also used by the now deprecated MS DOS-based program DESQview. To open a QIF file, you must own a copy of whatever program this specific file is associated with. Therefore, if the file is for QuickTime software, the extension stands for “QuickTime Image File” and contains an Apple-created or compressed image. In case the Quicken software is going to use a QIF file, it stands for “Quicken Interchange Format”. It is just a simple text file that can be used to transfer data. The basic version of QuickTime software is open source and can be downloaded from Apple’s official website. Open a QIF file. While Quicken is a completely commercial program that is available on the official Quicken.com site.
Both of these formats are used for Quicken, but the difference is that QFX files store data as a record and QIFs are used as text files only.