Microsoft Money Sunset edition imports OFX, QIF files. It also import QBO and QFX files. There are some differences with QIF and OFX import (see below), but overall either QIF or OFX are fine to use for import.
OFX files are Open Financial Exchange files. This is a preferred format for Xero as transactions are presented only in one way.
Convert CSV, Excel (XLS, XLSX), TXT files to the OFX format: CSV2OFX
Convert PDF files (text based) to the OFX format: PDF2OFX
Convert PDF files (text based) to CSV/Excel: PDF2CSV with CSV layout set as Xero or QB Online
Convert QIF files to the OFX format: QIF2OFX - this is great option to avoid the date format confusion as QIF file may have dates as DD/MM/YYYY and MM/DD/YYYY
Convert PDF, QIF, QBO, QFX, OFX files to the OFX format or fix a non-importable OFX file: Bank2OFX
OFX format has the reference ID, when QIF does not. Reference ID (when supplied by your bank) allows to skip already imported transactions.
ProperSoft converters support reference ID and if not supplied, generate it to be unique to guarantee the import for all transactions.
OFX files should be created differently for different software (Microsoft Money for Us, non-US, old Microsoft Money 99, 2000, and also other software like Sage).
QIF format supported by Xero. Make sure to use expected date format (based on your country settings). When you use 2QIF converter, select QIF target as "MS Money or other" and set expected output date format
Convert CSV/Excel/TXT files to the QIF format: CSV2QIF
Convert PDF files (text based) to QIF: PDF2QIF
Convert OFX files to the QIF format: OFX2QIF
Convert QFX files to the QIF format: QFX2QIF
Convert QBO files to the QIF format: QBO2QIF
Convert QIF files to the importable QIF variant: FixMyQIF
Convert QFX/QBO/OFX files to the QIF format or make your QIF file importable: Bank2QIF
QIF import somewhat better when using “Recover accounts” instead of “Downloaded statements”.
QBO and QFX files are extended OFX files. As MS Money follows OFX specification, it should import QBO and QFX files as OFX files. To import a QFX or QBO file, try the following in MS Money:
start MS Money and select File-Import-Downloaded Statement
select All files on the file dialog
select a QBO or QFX file