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SoFi foreign transaction fees: Complete guide
SoFi is a financial firm that offers loans, mortgages, investment services, and other banking products including checking accounts and credit cards.
Because SoFi is a safe place to borrow money with competitive rates and strong insurance backing, customers might wonder: Are there any SoFi foreign transaction fees?
SoFi isn’t the easiest bank to work with internationally because they don't send international wire or bank transfers. But SoFi foreign transaction fees are lower than most banks, and there’s no SoFi foreign ATM fee. We’ll cover all the details here.
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.
Does SoFi charge foreign transaction fees?
Before we cover SoFi international fees, it’s important to know that some foreign transactions, including international wire transfers and international ACH transfers, are unavailable with SoFi.¹
This means that if you need to send a wire transfer or bank transfer overseas from your SoFi account, you’ll first have to move that money to an account in your name with a separate bank that performs international wire or bank transfers. Check your SoFi transfer limits before you send the money.
While traveling abroad, SoFi customers can still make ATM withdrawals and debit and credit card purchases. And here’s the good news: SoFi foreign transaction fees on these purchases are very low.
SoFi only charges a 0.2% conversion fee on debit and credit card purchases and ATM withdrawals.
When it comes to ATMs, SoFi charges no foreign transaction fee on withdrawals. If you use the Allpoint ATM network, you won’t pay any fees at all. Out-of-network ATMs might charge you a fee that SoFi won’t reimburse.²
Which SoFi cards have foreign transaction fees?
If you have a credit or debit card with SoFi, you can feel peace of mind while swiping it abroad. SoFi debit cards have a small conversion fee on international purchases, but no foreign transaction fee. And SoFi credit cards come with no foreign transaction or exchange fees whatsoever.³
SoFi debit card fees⁴
The SoFi debit card foreign transaction fee is a 0.2% conversion fee. This fee is technically charged by Mastercard®, but SoFi passes it to you.
Mastercard also charges a 0.9% convenience fee on foreign charges that SoFi picks up on your behalf.
SoFi credit card fees³
SoFi credit cards have no foreign transaction fee or conversion fee. This is a nice perk for SoFi credit card holders. SoFi credit cards also have no annual fees.
Even though at the time of writing, SoFi credit card foreign transaction fees are nonexistent, SoFi reserves the right to change its policy at any time.
Everywhere money. Meet Wise: the world's most international account
Wise can help you get a better deal on currency conversion in over 40 currencies, with the mid-market exchange rate and low fees from 0.41%*.
Open a free personal Wise account online or in the Wise app, and order a linked multi-currency card for spending and withdrawals in 145+ countries.
There’s no fee to spend any currency you hold, and no foreign transaction fee to worry about.
Use your account when you travel or shop online in foreign currencies, send payments to 40+ currencies, and get your own local account details to get paid from 145+ countries.
Say goodbye to overcomplicated currency exchange.
*Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information
How do I avoid foreign transaction fees?
If you’re a SoFi debit card holder looking to avoid SoFi foreign transaction fees on an upcoming trip, you might want to apply for a SoFi credit card. But that would be a lot of effort to dodge a 0.2% conversion fee.
If your other cards charge foreign transaction fees, it’s probably wise to get your money from ATMs. Search ahead of time to make sure you know where your in-network ATMs are, and take as much money out as you’ll need when the opportunity presents itself.
You can also change your currency with a traditional bank before your trip and avoid these fees abroad. But with SoFi, which doesn’t have brick-and-mortar branches and doesn’t provide currency exchange services, you don’t have this option.⁵
SoFi cards with no foreign transaction fees
No SoFi credit or debit cards have foreign transaction fees. By a foreign transaction fee, we mean a one-time fee on every transaction abroad. Debit cards are subject to a small conversion fee, along with ATM withdrawals.
| Card | Foreign transaction fee | Other fees |
|---|---|---|
| All SoFi Credit Cards | 0 USD | No annual fee or additional fees |
| All SoFi Debit Cards | 0 USD with 0.2% conversion fee | No international ATM transaction fee, but 0.2% conversion fee applies to ATM withdrawals |
What are SoFi's international ATM fees?
SoFi foreign ATM fees are 0 USD — as long as you stay in the Allpoint network. If you have to take out money from an ATM outside the network, that ATM will likely charge its own fees, which SoFi won’t reimburse.²
You will also pay a 0.2% conversion fee on SoFi foreign ATM withdrawals.
When you’re taking money out from an ATM overseas, look out for a service called dynamic currency conversion (DCC) that banks might offer you at the point of withdrawal. With DCC, the in-country bank charges you in USD, offering to do the currency conversion for you.
When you see it on the ATM screen, DCC may sound convenient or affordable. But it almost always costs more. Make sure to reject DCC so that foreign ATMs charge you in the local currency and not USD.
SoFi international exchange rates
SoFi relies on Mastercard for its international exchange rates.⁴ Because SoFi customers can only make purchases abroad through ATM withdrawals and debit and credit cards, the bank doesn’t do its own conversion.
The conversion rate that Mastercard uses will be changing constantly and will vary by the currencies you’re exchanging and the time of the transaction. But you can be fairly confident that Mastercard’s exchange rate will be higher than the standard mid-market exchange rate that you see when you make the conversion on Google.
By charging a markup on the exchange rate, Mastercard makes its own money on every transaction. You won’t know the exchange rate until after the transaction posts, and you’ll have to calculate it yourself.
| Wise can help you get a better deal on currency conversion. You can convert over 40 currencies at the standard mid-market exchange rate, and we'll show you the fees upfront so you know exactly how much you're paying. |
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Tips for using ATMs and cards abroad
When you’re traveling overseas, it helps to plan ahead to get the best conversion rate possible and avoid unnecessary ATM fees.
One simple rule of thumb to follow: Limit the number of ATM transactions that you have to make. That will limit the total amount you pay in transaction fees.
Check ahead to make sure you know your withdrawal limits. Then, try to take out as much money as you think you’ll need in one transaction. To reduce fees, search for ATMs in your network, or find out whether your bank has branches or partner banks in the country you’re visiting.
When using credit cards abroad, try to avoid big purchases if your card has a high foreign transaction fee. Bank transfers or wire transfers might be more affordable at higher volumes.
Going abroad? Make sure to take a Wise Multi-Currency Card with you
Explore the world with your handy Wise Multi-Currency Card!
Spend money in over 150+ countries at the mid-market rate — and avoid hidden fees while you’re at it.
| With Wise, you can: |
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Heading abroad? Bring Wise along for the journey!
*Wise is not a bank. The Wise Multi-Currency Card is issued by our sponsor Bank(s), member(s) FDIC. Fees and T&C apply. See https://wise.com/ for details.
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information
Sources
- SoFi - Can I make an international transfer?
- SoFi - SoFi Checking & Savings - Fee Sheet
- SoFi - SoFi Credit Card Fees
- SoFi - What is your foreign exchange fee?
- SoFi - The Complete Guide to Exchanging Foreign Currency
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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