SoFi alternatives: Which is the best for you?

If you live in the United States and manage your finances digitally, you’ve probably heard of Sofi. It’s an all-in-one app that helps users save, spend, invest, and borrow money from one place.

If your goal is to send money abroad or manage multiple currencies, Sofi may not cover everything you need. Fortunately, several other platforms make international money transfers simple, fast, and transparent.

In this guide, we’ll explain how Sofi works, what it costs, and highlight some of the best Sofi alternatives.

We'll also introduce the Wise account, which allows you to send, spend, and receive your money across the globe in over 40 currencies – all at the fair mid-market rate.

Learn more 🔎

Table of contents
What is Sofi, and how does it work? 1. Wise 2. Chime 3. Ally Bank 4. Revolut 5. PayPal

What is Sofi, and how does it work?

Sofi (short for Social Finance) is a US-based financial technology company that offers banking, investing, and lending services through its mobile app and website. It was founded in 2011 and has since grown into one of the leading digital finance platforms in the country.

Sofi provides users with access to checking and savings accounts, credit cards, loans, and investment tools. It’s designed to be a one-stop shop for managing personal finances. Users can also access budgeting tools, view their credit score, and earn cash-back rewards through the app.

The Sofi Checking and Savings account is provided by Sofi Bank, N.A., and offers up to 4.50% APY on savings and 0.50% APY on checking balances for members with direct deposit.¹ The Federal Deposit Insurance Corporation insures deposits up to the standard $250,000 per account holder.²

While Sofi works well for US-based money management, it’s not built for international transfers. The platform doesn’t provide local account details in foreign currencies or support multi-currency balances.

If you need to send money abroad or hold funds in multiple currencies, you may want to explore other providers that specialize in international transfers.

How much does Sofi cost?

Sofi doesn’t charge monthly account maintenance fees or overdraft fees. There are also no minimum balance requirements for its Checking and Savings accounts.

However, Sofi’s debit card can incur foreign transaction fees when used outside the United States. These fees are 0.2% on debit and credit card purchases and ATM withdrawals.³

💡 In addition, Sofi may charge interest or service fees on loans, credit cards, or investment products. These rates vary based on creditworthiness and the type of financial services needed.

1. Wise

Wise is designed for people who need to send, spend, and receive money internationally without hidden fees.

With a single account, you can hold money in more than 40 currencies, send to 140 countries, and receive payments in 9 currencies with local account details.

You can also add funds in over 20 currencies and spend globally with the Wise multi-currency card, which automatically converts your balance at the mid-market exchange rate for a small, transparent fee. The card works in 150+ countries, making it easy to travel or shop abroad without worrying about foreign transaction charges.

Wise operates as an alternative to banks, regulated by financial authorities around the world. It provides clear pricing before every transfer, so you always know what you’re paying and what your recipient will get.

Wise pros & cons

✅ Pros	❌ Cons
Transparent fees with the fair mid-market exchange rate	A small conversion fee applies when exchanging currencies
Send money to 160+ countries	Some features vary by region
Hold, add, and receive over 40 currencies	Multi-currency card withdrawal limits apply
Spend in 150+ countries with the Wise Multi-currency card	Transfer times can vary based on bank processing
No hidden markups or monthly account fees	Requires identity verification before full access

2. Chime

Chime has quickly become one of the most recognized names in US digital banking. It offers a simple way to manage checking and savings online, with features that appeal to people who want low fees and early access to their paychecks.

With Chime Checking, users can receive direct deposits up to two days early, and there are no monthly maintenance fees or minimum balance requirements.⁴

Chime’s High-Yield Savings Account currently offers 1.00% APY (3.50% with Chime+), which is lower than Sofi’s, but still competitive for a no-fee account.⁵

Chime also includes automatic savings features that round up purchases to the nearest dollar and move the spare change into savings. However, it doesn’t offer loans or investments, and you can’t send money internationally.

Chime pros & cons

✅ Pros	❌ Cons
No monthly maintenance or overdraft fees	No investment or lending options
1.00%–3.50% APY on savings	Lower interest rate than Sofi’s savings account
Early direct deposit up to two days early	No international transfer capabilities
FDIC insured up to $250,000	Cash deposits may include third-party fees
Automatic savings features	Limited to US-based transactions

Chime is best for everyday banking with minimal fees and helpful savings automation. For users looking to grow wealth through investing or access personal loans, Sofi provides a broader range of financial tools.

3. Ally Bank

Ally Bank is a well-rounded option for anyone focused on digital banking in the US. It combines checking, savings, loans, and investing in one platform that’s easy to manage online.

The online savings account currently earns about 3.40% APY, with no minimum balance or monthly maintenance fees.⁶ The money market account pays a similar variable rate and includes free standard transfers.

For international use, however, Ally’s reach is limited. The bank doesn’t offer outgoing international wire transfers, so you can’t send money abroad directly through your account. You can receive incoming wires, but intermediary banks may charge handling fees before the funds arrive.

If you use your Ally debit card while traveling, expect a foreign transaction fee of up to 1% on international purchases or ATM withdrawals.⁷ While this might sound minor, it can add up quickly for frequent travelers.

Ally Bank pros & cons

✅ Pros	❌ Cons
No monthly maintenance fees	No outgoing international transfers
Competitive 3.40% APY on savings	1% foreign transaction fee
Strong lending and investment tools	Limited international capabilities
FDIC insured	Conversion markups may apply
Simple, reliable digital platform	Not ideal for global transfers

Ally is a smart choice if your focus is on high-yield savings and accessing loans, or investing in the US.

But if global transfers and multi-currency access matter, you’ll want a provider built for that edge, rather than relying on a primarily US-centric institution.

4. Revolut

Revolut positions itself as a global fintech platform ideal for users who travel or transact overseas frequently. It supports currency exchange, multi-currency accounts, and international transfers.

That said, Revolut’s Standard plan imposed international or non-USD transfer fees of up to 5% or a $10 fixed fee, whichever is greater.⁸

The app shows you options before you commit, so you can see which route is cheapest. Even then, your recipient bank may also deduct handling fees beyond what Revolut displays.

When to pick Revolut over Sofi? If you frequently send or receive funds internationally or spend in different currencies, Revolut can be more versatile than Sofi, which is largely US-centered. But if your focus is on US savings, lending, or streamlined banking, Sofi still holds strong.

Revolut pros and cons

✅ Pros	❌ Cons
Multi-currency support and currency exchanges	Up to 5% transfer fees on the standard plan
Spend abroad in different currencies	Some features require paid tiers
Good for global or travel users	Recipient banks may charge extra fees
Intuitive app and transfer previews	US product availability can be limited
Flexible accounts and budgeting tools	Fewer US-centric features compared to Sofi

5. PayPal

PayPal is a go-to platform for making payments online and sending money internationally, especially when recipients don’t need a full bank account. It lets you send funds to more than 110 countries with various funding options via the PayPal “Send Money Internationally” feature.⁹

However, that convenience comes with multiple fees. For a US user sending money abroad, PayPal applies a cross-border fee, a funding method fee, and often a currency conversion markup.

In practice, that means you might see a 4% markup added to the exchange rate, above the base rate.¹⁰ For goods and services payments, PayPal charges 4.49% plus a fixed fee when the transaction crosses borders.¹¹

Because all these costs can stack up, PayPal may work best for smaller or occasional transfers where ease is more important than cost.

PayPal pros & cons

✅ Pros	❌ Cons
Accepted by millions of merchants worldwide	Fees for currency conversion and international transfers
Fast transfers between users and businesses	Limited financial products compared to Sofi
Buyer and seller protection for eligible transactions	No savings or investing tools
Available in over 110 countries	Exchange rates may include markups
Easy to use with linked cards or bank accounts	Some transfers to banks may include fees

PayPal is ideal for users who value payment flexibility and global reach. For those who prefer managing savings, loans, and investments in one place, Sofi remains a more comprehensive financial platform.

Frequently asked questions about Sofi alternatives

Still weighing your options? Here’s a closer look at the most common questions people ask when comparing Sofi with other digital banking and finance platforms.

What is the best Sofi alternative?

The right alternative depends on what you value most. For high-yield savings and lending options, Ally Bank is a strong choice. If you prefer budgeting and travel-friendly features, Revolut may fit better. For fast domestic banking with no fees, Chime is also popular.

Are Sofi alternatives safe to use?

Yes. Most major financial apps and online banks are insured by the Federal Deposit Insurance Corporation (FDIC) or equivalent agencies.

You can learn more about Sofi’s own safety standards in our full Sofi safety guide.

Which platform offers the best savings rates?

Savings rates change frequently, but Sofi and Ally Bank usually lead for high-yield accounts. Chime and other fintechs offer competitive rates, too, though they may depend on direct deposit activity.

Can I send money internationally with Sofi?

No. Sofi’s accounts currently support only US dollar transfers within the United States. If you need to send or receive money across borders, you’ll need to use a separate international money transfer service.

What are the fees for using these alternatives?

Most digital banking apps don’t charge monthly maintenance fees, but you may still see costs such as out-of-network ATM fees, foreign transaction charges, or currency conversion markups. Always review the fee schedule before opening an account or sending funds.

Final thoughts

Money management looks different for everyone, and that’s exactly why there’s no single best alternative to Sofi. Some people want simple, no-fee banking, while others focus on earning higher interest or handling finances on a global scale.

Chime and Ally Bank keep things simple for everyday use, while Revolut and PayPal stand out for flexibility and accessibility. Each platform offers something unique, depending on how you save, spend, and move money.

Opening a Wise account is another option you can benefit from — it’s quick and simple to do it online with just a few clicks.

Get a Wise Account
in minutes 💰

Sources

1. Sofi – Savings account
2. Sofi – How it works
3. Sofi Support – What is the foreign exchange fee on the SoFi Checking account?
4. Chime – Online Checking Account
5. Chime – High-Yield Savings Account
6. Ally Bank – Online Savings Account
7. Ally Bank – Pay attention to fees
8. Revolut – Revolut Cardholder Agreement
9. PayPal – Send money internationally
10. Pesa – PayPal Exchange Rates
11. WeAreIndy – What types of PayPal fees are there?

Sources checked 12/01/2025