Jun
08
2023
Walgreens’ Theft-Proof Makeover
Walgreens just unveiled a new store design in Chicago which some speculate was designed to cut down on theft.
Read more
SoFi Blog
Tips and news—
for your financial moves.
Jun
08
2023
Even Full Wallets Feel the Pinch
The rise in cost of living is forcing high-income earners to modify their spending habits and tighten their belts.
Read moreJun
08
2023
SoFi Transfer Money
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Easily transfer your money where and when you need it.
Easily and securely make unlimited transfers between your SoFi accounts, send money to external banks, and build your savings with automatic transfers.
Open an account
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Simple ways to transfer your money.
Move money instantly between SoFi accounts.
Navigate to “Transfer”.
Log in to the SoFi app or website and head to the Banking tab. Tap the “Transfer” button to get started.
Select your “From” and “To” accounts.
Choose which SoFi account you want to move money from (like Checking) and where you want to move it to (like Savings or a Vault).
Set the amount and frequency.
Enter the dollar amount you want to move. Here, you can also set up a recurring, scheduled transfer to put your savings on autopilot.
Review and move your money.
Double-check the details and confirm the transfer. Your money will be moved instantly.
Send funds to and from your other banks.
Navigate to “Transfer”.
Log in to the SoFi app or website and head to the Banking tab. Tap the “Transfer” button to get started.
Select your “From” and “To” accounts.
Choose which account you want to move money from and where you want it to go. Select your external bank account as your source or destination.
Link your bank (if it’s your first time).
If you haven’t connected an external account yet, you’ll be prompted to securely add your bank using your account and routing number.
Set the amount, review, and confirm.
Enter the dollar amount, confirm the details, and your transfer is on its way. External transfers typically take 2-3 business days to complete.
Looking to pay someone else?
We’ve got that covered, too. Whether you’re paying friends, buying a home, or sending money abroad, you can do it all from the SoFi app.
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Zelle®1
A fast, safe, and easy way to send money to friends and family. All you need is their U.S. mobile number or email address.
Explore Zelle®
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Wire transfers.
Need to send a large amount of money for a big purchase? Securely send domestic wire transfers for home down payments, car purchases, and more.
Explore wires
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International transfers.
Make fast international transfers easily, right from the SoFi app. Enjoy low-cost, transparent pricing with all exchange rates and fees shown upfront.
Explore international transfers
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FAQ
Transfer limits depend on the method you’re using:
- Internal Transfers (between SoFi accounts): There are no limits to how much you can transfer between your SoFi Checking and Savings accounts.
- External ACH Transfers (to/from other banks): Limits are typically $50,000 per day, but can be as high as $100,000 per day for established members.
Transfer times depend on the method you’re using:
- Internal Transfers (between SoFi accounts): Instant.
- External ACH Transfers (to/from other banks): 1 to 3 business days.
It depends on the transfer type, so it’s important to be sure before you send:
- Internal Transfers (between SoFi accounts): Technically, you can’t cancel the transfer because the money moves instantly. However, you can just as instantly transfer it back to the original account if you change your mind.
- External ACH Transfers (to/from other banks): Yes, but only if the transfer is still in “pending” status.
This is a very common point of confusion. Here’s a simple way to break it down:
- External ACH Transfers: This is the standard way to move money between your SoFi account and an external bank account you own. They are free but typically take 1 to 3 business days to complete.
- Wire Transfers: These are best for large, time-sensitive domestic payments, like for a home purchase. They usually process the same day if sent by the cutoff time, but have a $30 fee. Wires are generally final and cannot be reversed.
- Zelle®: This is a fast, safe, and easy way to send money to other people (like friends and family) using just their U.S. mobile number or email address. Transfers typically happen in minutes.
We use a multi-layered security approach to protect your money and information. Your SoFi Bank deposits are FDIC-insured up to $250,000 (and up to $3 million through our partner network). We use SSL encryption to protect your personal and financial data, require two-factor authentication to prevent unauthorized access, and have systems in place that continuously monitor for fraudulent activity 24/7.
This can be done two ways:
- Instant: If you link your account using Plaid (by logging in with your other bank’s username and password), it’s linked instantly.
- 1-2 Business Days: If you link your account manually (using your account and routing numbers), it will take 1-2 business days to verify via micro-deposits.
We do not charge any fees for ACH transfers (moving money to or from your linked external bank accounts).2
See all FAQs
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More resources on transferring money
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Make your money move.
Give your funds the freedom to move. Open a SoFi Checking and Savings account today.
Transfer money
Open an account
Jun
08
2023
Liz Looks at: The Energy Sector
The Energy sector needs a pick-me-up, notes Liz Young Thomas, SoFi’s Head of Investment Strategy. A soft landing is possible, but market signals are hard to read.
Read moreJun
08
2023
SoFi at Work Launches Student Loan Verification Service To Help Employees Pay Off Student Debt While Also Saving for Retirement
On the Heels of Congress’ Decision to Pass SECURE 2.0, SoFi at Work launches new service to expand access to employer matching contributions by counting student loan payments as elective retirement contributions
SAN FRANCISCO – Today, SoFi at Work – the leading holistic, financial well-being, and education assistance benefits partner to more than 1,000 organizations – announced the launch of a new Student Loan Verification (SLV) service. SoFi, the digital personal finance company and all-in-one app, announces this new addition to its portfolio of employer financial well-being benefit solutions in response to Congress’ approval of the Securing a Strong Retirement Act (SECURE 2.0). SECURE 2.0 includes an important change to retirement law that allows employers to match employees’ student loan payments with contributions toward retirement plans as part of an existing benefits program. For organizations looking to make the most of this policy change, SLV simplifies the process of linking matching employer retirement contributions to employee student loan repayments.
SLV helps the workforce make the most of retirement plans through 401(k) or 403(b) contributions, while still paying down student loan debt. As the cost of education has skyrocketed, student loan debt has more than doubled over the last 20 years, its impact on retirement savings has grown, too. A 2019 study from MIT found 84 percent of adults who carry student loan debt say it has impacted the amount they’re able to save for retirement. When it came to those who hadn’t saved for retirement at all, more than one in four respondents said it was because they had to put their money toward paying off student loans.
”At SoFi, we’re dedicated to helping people get their money right, and SECURE 2.0 and the provision that makes it easier for companies to support all employees’ financial well-being is a great example of that,” said Barrett Scruggs, Vice President, Business Lead, SoFi at Work. “Our Student Loan Verification service makes it easy for companies to put this emerging, yet highly impactful benefit into action for a more inclusive future.”
SoFi at Work partners with leading financial groups and record keepers to administer Student Loan Verification. The service provides a low-cost way to verify eligible student loan payments and deliver contributions for retirement matching – all employers need to do is determine employee eligibility based on student loan debt balances. From there, SoFi at Work handles the rest, including plan design, data security, and reporting.
SLV is part of a holistic financial well-being platform from SoFi at Work. The SoFi at Work Dashboard includes a variety of tools for employees including a debt navigator, refinancing options, financial education resources, and more. This comprehensive solution allows employers to meet the evolving needs of their diverse workforce.
To learn more about this new offering, visit www.sofi.com/sofi-at-work-slv/.
About SoFi
SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company’s full suite of financial products and services helps its more than 5.7 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like career advisors, Credentialed Financial Planners (CFP®), exclusive experiences and events, and a thriving community – on their path to financial independence.
SoFi innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the Federal Reserve, OCC, and FDIC. The company is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.
Disclosures
Products available from SoFi on the Dashboard may vary depending on your employer preferences.
Advisory tools and services are offered through SoFi Wealth LLC, an SEC-registered investment adviser. 234 1st Street San Francisco, CA 94105.
SoFi Student Loan Refinance Loans, Personal Loans, Private Student Loans, and Mortgage Loans are originated through SoFi Bank, N.A., NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org). The Student Debt Navigator Tool and 529 Savings and Selection Tool are provided by SoFi Wealth LLC, an SEC-registered investment adviser. Foradditional product-specific legal and licensing information, see SoFi.com/legal. 2750 E. Cottonwood Parkway #300 Cottonwood Heights, UT 84121. ©2023 Social Finance, LLC All rights reserved. Information as of June 2023 and is subject to change. RO 2933354
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