Is SoFi safe? 2025 full guide

SoFi is a financial services company that offers a unique combination of checking and savings accounts, along with some investment services. It has competitive interest rates, zero monthly fees, and helpful features like overdraft protection.¹

SoFi doesn't have any physical branches, so you may wonder if it's safe to use. That's a fair question, but the truth is that SoFi maintains strong security measures to protect your money.

Here's everything you need to know so you can stop wondering, "Is SoFi Bank safe?".

💡 SoFi has many great features, but sending international transfers isn't one of them.² If you need to send money abroad, use Wise to send to 140+ countries, all at the mid-market exchange rate.

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Table of contents
Is SoFi safe to use? Is SoFi FDIC insured? What are SoFi's safety features?³ Pros and cons of SoFi What’s the best way to send money internationally? Tips and tricks for avoiding scams Bottom line: Is SoFi safe?

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Is SoFi safe to use?

Yes, SoFi is generally safe to use. In fact, in 2023, The Motley Fool's The Ascent recognized SoFi with their Best Safest Banks Award.³

Overall, this fintech solution takes customer protection very seriously.

Your deposits at SoFi are protected by FDIC insurance up to 2 million USD - significantly higher than most banks' standard coverage.³

The platform also uses industry-standard security technology, including SSL encryption, and provides real-time alerts to help you monitor your account activity.³

Is SoFi FDIC insured?

Yes, SoFi provides FDIC insurance through a network of partner banks.³

The Federal Deposit Insurance Corporation (FDIC) is a government agency that protects your money if a bank fails. With FDIC insurance, you don't lose your deposits up to a certain amount.

Standard FDIC coverage provides:³

• 250,000 USD for individual accounts
• 500,000 USD for joint accounts

But SoFi goes further. Through their Insured Deposit Program, you can get up to 2 million USD in FDIC protection at no extra cost.³

This program works by spreading your money across multiple partner banks. Each of those banks provides its own FDIC coverage to your deposit. But you still manage everything through your single SoFi account, so it's both convenient and safe.

What are SoFi's safety features?³

Here's how SoFi keeps your account safe.

Additional FDIC insurance

SoFi offers up to 2 million USD in FDIC insurance through their network of partner banks. That's much higher than the standard 250,000 USD (500,000 USD for joint accounts) coverage.

Two-factor authentication

SoFi uses two-factor authentication to verify your identity when you log in. You can choose a security code, fingerprint scanning, or face recognition as your second security layer.

24/7 monitoring

Your account is protected by 24/7 fraud monitoring. If something suspicious happens, you can freeze your debit or credit card through the SoFi app right away.

You can also set up instant alerts to track all debit card activity. This way, you can notice unauthorized charges right away.

Cybersecurity measures

SoFi uses SSL encryption to secure your account data. This technology helps protect your personal and financial information from cyber threats like hackers.

Beneficiaries

You can add up to 5 primary and 5 secondary beneficiaries to your SoFi account so that your money goes to the right people if something happens to you.

Pros and cons of SoFi

SoFi has several attractive features for online banking, but also one major limitation: you can't send money internationally. Here's a full breakdown of what you can expect.

Pros	Cons
No overdraft fees¹ No monthly fees¹ Competitive savings interest rates¹ Strong security features and FDIC protection up to 2 million USD³	No international wire transfers²

The lack of international transfers is SoFi's biggest drawback. If you need to send money abroad to family or to pay for services, you'll need to use a different bank or money transfer service.

What’s the best way to send money internationally?

Banks are certainly one option for sending money internationally, as are services like PayPal. But the problem with banks is they can often be slow, expensive and inconvenient. Luckily, there’s a better alternative out there.

You can send money worldwide with Wise for low fees and the mid-market exchange rate. It’s easy and quick to set up a payment online, and you’re guaranteed secure transfers even when sending large sums.

Wise is a money service business (MSB) regulated by 12 international financial authorities, and uses sophisticated security features to keep you and your money safe.

Open a Wise account, and you can send, spend and convert between 40+ currencies whenever you need to. You can even receive money from all over the world using your own local account details.

As if all that wasn’t enough, there’s a Wise Multi-Currency Card too. For a one-time fee of just $9, you can spend in over 150 countries in the local currency. Your USD is automatically converted at the mid-market rate, for just a small conversion fee.

Open a Wise account today

💡 Need to make a business payment? With the Wise Business account, you can send up to 1,000,000 USD per transfer from licensed states.

Some key features of Wise Business include:

Better visibility and organization of business finances. This is helpful for account reconciliations and audits Major local account details for a simple one-off fee to receive international payments with ease No monthly account fees or minimum balance requirements Receive payments from e-commerce platforms such as Amazon or via Stripe Create invoices using the free Wise invoice generator or invoice templates Accounting integrations, including a QuickBooks Bill Pay connection Access to BatchTransfer: Signing up to Wise Business allows access to BatchTransfer which you can use to pay multiple invoices in one go.

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Discover the difference between
Wise Business vs Personal

Tips and tricks for avoiding scams

SoFi has strong security measures in place, but you should also do your best to protect yourself from scams. Even with the best security systems, scammers can trick you into willingly sending them money or sharing your account information.

• Use all security features: Enable face ID or fingerprint login, transaction alerts, and two-factor authentication before you start using your account. Don't wait until after a problem occurs to activate these features

• Be wary of offers that seem too good to be true: Be suspicious of "guaranteed" investment opportunities, promises of quick money, or rental scams with prices way below market value

• Double-check money requests: If a friend seems to be requesting money through SoFi, contact them through a different method to verify. Scammers can sometimes impersonate your contacts to request transfers

• Watch out for customer service scams: Only contact SoFi support through their official app or website. Scammers sometimes post fake customer service numbers online to steal account information or send you emails impersonating customer service

Once you authorize a transfer to a scammer, it can be very difficult to get your money back, regardless of how secure the platform is. So, while it's great that SoFi is safe, it's also important for you to stay aware and do your part.

Bottom line: Is SoFi safe?

So, is SoFi legit? The short answer is that yes, SoFi is a secure and reliable provider with strong protection features, including expanded FDIC coverage of up to 2 million USD and solid cybersecurity.³

If you only bank domestically, it's a reliable choice. But if you travel or need to send money abroad, you'll need an alternative. SoFi currently doesn't allow you to send money transfers to another country.²

Wise is a fast, simple, and secure alternative. You can manage 40+ currencies with just one account and get local bank details in eligible countries.

Sources

1. SoFi - Banking
2. SoFi - Can I transfer via SoFi Money internationally?
3. SoFi - Checking account security

Sources checked 02/06/2025