Compatibility of files between Photoshop and Affinity

[Picts]

I don't know what I am doing, so this might be in the wrong place.

 I have been using Photoshop Elements and have many files with that extension. 

I'm thinking of taking advantage of the sale on Affinity Photo to upgrade my capabilities. 

Can both programs read each other's files?

[v_kyr]

PSE (Photoshop Elements) uses as default (natively) the PSD file format, APh (Affinity Photo) can import/export PSD files, see:  

Workflows & Techniques

• PSD write-back and PSB import
• PSD smart object import

Other than that both apps can read/write several bitmap image formats (JPG, PNG, GIF, TIFF ...) and depending on your PSE version also share vice versa then some vector formats (SVG, PDF ... etc.). - However, PSE can not read the native Affinity file format, thus you can try the PSD file format for exchange between the apps.