There are two methods that personal finance software can use to
access your accounts: direct connect and web connect. With web
connect, the software basically connects to your bank's website and
downloads and imports OFX, QFX, QIF, and OFC files automatically.
Direct connect actually connects to a server at your bank instead
of their website and usually requires different login credentials
than you would use to log into your banks website. Moneydance only
supports automatic connections through direct connect and not web
connect. You can still download OFX, QFX, QIF, and OFC files files
from your bank and import them, but there's currently no way to do
this automatically from within Moneydance.
As Angie states the download is via the web page and I have been
using HSBC downloads for my credit cards since starting MD, but be
careful HSBC only store recent transactions as OFX/QIF older
statements can be downloaded I think as CSV. Therefore I update
Thanks to both of you. I usually update transactions a few times
each month, thus it's a little bit annoying to have many duplicate
downloads from HSBC (they don't support download of arbitrary date
range thus each time I have to download everything after last
Are you downloading OFX or QIF files? If possible, you should
grab the OFX files. Usually those have a transaction ID in them for
each transaction, so Moneydance will be able to detect and merge
duplicate transactions. QIF files do not h2ave transaction IDs, so
you'll have to remove the dupes by hand.
Some HSBC accounts offer .OFX, but it comes with the caveat "You
have selected 'OFX' as your download format. It is only possible to
view your current period of transactions with this format. If you
wish to view previous transactions, you will need to select a
different download format. (EU7)"
Internationally, HSBC seems inconsistent in its download options
for both credit cards and checking.
My experience so far:
Quicken Web Connect 2003+ .QFX
Quicken pre2003 .QIF
Microsoft Money pre2003 .OFC
Microsoft Money 2003+ .OFX
Quicken windows .QFX
Quicken mac .QIF
UK cc & checking:
Money 98 onwards .OFX
Quicken 2002 .OFX
Quicken 2007 .QFX
Quicken 2000-2002 .QIF4
Microsoft Money 2003+ .OFX
Microsoft Money 2000-2002 .OFC
MS Money 2000 onwards .OFX
Quicken 2003 onwards .QFX
Quicken 2000-2002 .QIF
Actually, QFX and OFX files are basically the same thing.
Moneydance imports both of them just fine, and I don't think
there's a particular advantage of one over the other. You may as
well stick with the QFX download, since I imagine they'll stop
offer the MS Money downloads at the end of the month when Money is
no longer supported.
We do plan to add some kind of web connect support to a future
version of Moneydance. It's too late in the 2011 release cycle to
put it in there, but we do plan to have the feature included in MD
2012 at the latest (if not in a future release of 2011). I can't
give a firm timeline at the moment, but we'll definitely let
everyone know when it's ready.
Web connect is critical for simplifying my financial accounting.
Right now I'm using mint.com (an Intuit product - which I hate) and
I'm hoping to just use MD. I'll hope for web connect in 2011, but I
will be very disappointed if I keep hoping until 2012 and it's not
there. That's a long wait!
I definitely hear you on that one! This is by far our most
requested feature. I'll likely be personally making sure it gets
done as soon after 2011 is released as possible, since it's a
feature I'd really love to see as well. Sean and I have already
done a first design pass on this, so I'm very hopeful that it will
make it into a future release of MS 2011, though I certainly can't
say for sure at this point.
As a stopgap measure, the first release of MD 2011 will allow
you to associate a webpage with an account and then open that
webpage from within Moneydance. It's not automatic, but at least it
should make it a little faster to download transaction files from
Thanks for your input, and thanks for your interest in
One suggestion to whichever developer picks up the burden.
Assuming the input file is to be deleted after reading (should
always be the case), it should be first overwritten to avoid
leaving sensitive data on disk.