SoFi transfer limits [2024]

SoFi®¹ offers some great products for checking, saving, loans, investments, insurance and more for US resident customers.

If you use SoFi checking or saving it’s important to understand the SoFi transfer limit, as well as the type of SoFi transfers that are available, to make sure your account has all the features you need.

This guide covers what you need to know, including the SoFi transfer limit and the types of transfer allowed with SoFi checking and saving.

SoFi's transfer limits overview

SoFi checking and savings accounts can only send bank wires by exception, and only for the purposes of buying a home². You can not send money with SoFi overseas³.

These limitations are important to know as they can change how you use your account - but don’t worry, if you need to send money to someone based overseas we’ve got a suggestion coming up which can help: low cost international payments with Wise*.

For domestic transfers, SoFi is more flexible. You can send money to anyone with a US based bank account through the SoFi peer to peer transfer service⁴ - and if you’re sending money to another SoFi account it’ll arrive instantly.

You can also send a SoFi domestic ACH⁵. Here are the important limits you should now about:

Period	SoFi peer to peer⁴	ACH⁵
Daily	1,000 USD	Some accounts can send up to 100,000 USD
Monthly	3,000 USD	Not disclosed

SoFi ACH limits can be very high - up to 100,000 USD in or out of your account per day. However, other limits may also apply based on how you use your account and how long you’ve been a SoFi customer.

SoFi's international transfer limits

You can’t make international wire transfers with SoFi. In fact SoFi only allows even domestic wire payments by exception if you’re buying a home.

Instead, for your next international payment, consider using an alternative like Wise. Wise offers easy digital transfers locally and internationally, with nothing more than your phone.

Limits are usually high - while fees can be low. We’ll look at Wise in more detail in a moment - you can also take a look at Wise transfer limits here.

How can you check your SoFi transfer limits?

SoFi peer to peer and ACH limits will be set out in your specific account’s terms and conditions, and can also be found online and in your mobile banking app.

If you have any questions about your SoFi account, you can also log in to chat or send a secure message, or call on (855) 456-SOFI (7634).

Get all the SoFi contact options online to pick the right one for you⁶.

How can you increase your transfer limits at SoFi?

SoFi doesn’t disclose details of any ways to increase your transfer limit. The peer to peer limit is quite low at 1,000 USD per day, but you can always choose to send an ACH instead.

With a daily ACH limit of 100,000 USD, the chances are that the limits are high enough for most day to day transactions. If you’re at all concerned about an upcoming payment with SoFi, reach out directly to the SoFi team using a secure chat in the SoFi app.

What are your online transfer limits with SoFi?

You can send up to 100,000 USD per day with SoFi if you use an ACH, and up to 1,000 USD using the peer to peer service. However, there’s no way to send a payment with SoFi overseas - which will mean you need an alternative.

What’s the best way to send money internationSoFi?

Banks are certainly one option for sending money internationSoFi, 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 debit card too. For a one-time fee of just $9, you can spend in over 150 countries in the local currency. Your USD is automaticSoFi 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 Batch payment options. Fast payment of up to 1,000 people

Discover the difference between Wise Business vs Personal

What are SoFi's transfer fees and charges?

SoFi does not have any ACH fee and does not charge any fee for using the peer to peer service to send money to others in the US for direct deposit into a bank account⁷.

Bear in mind that your recipient’s bank might have their own fees which would be deducted before your payment is deposited. This can mean your recipient gets less than you expect in the end.

Things to keep in mind when transferring high amounts

You can send up to 100,000 USD per day with SoFi if you have a SoFi checking or savings account and need to make a USD deposit to a local bank account.

To make sure your payment goes smoothly consider these pointers:

While the usual SoFi ACH limit is quite high at 100,000 USD per day, there are sometimes additional limits which can be based on how long you’ve been a customer or how you use your account. If you have a high value payment coming up it’s worth checking if there are any extra limits on your account you should know about - use an in-app chat for convenience If you’re sending a domestic wire with SoFi remember this service is by exception only and only for the purposes of purchasing a home. Get in touch with SoFi as early in the process as possible to make sure your wire will be allowed Ask your recipient to check if there are any receiving limits or receive fees their end - these can ultimately mean you have trouble with your payment, or your recipient gets less than you were expecting in the end Some high value transfers require additional paperwork for verification, to prove that the source of the funds is legitimate. Check with SoFi if this will apply to your transfer before starting Consider using a third party specialist provider like Wise if you’re sending money overseas. Limits are normally set very high, with low fees and the mid-market rate*

Transfer limits FAQ

What happens if you exceed your SoFi transfer limit?

SoFi peer to peer limits are 1,000 USD per day, or 3,000 USD per month. However, ACH payments can be made to 100,000 USD per day in most cases - if you need a higher payment than that you’ll need to get in touch with SoFi by sending a secure email or opening a chat in your mobile banking app, to explore your options.

Are there any fees associated with exceeding transfer limits or requesting limit increases?

To check your options to increase your payment limits with SoFi - and to check if there are any fees which may apply - you’ll need to get in touch with in an in-app chat or phone call.

How often do SoFi transfer limits reset?

SoFi peer to peer limits reset daily and monthly. ACH limits are reset daily.

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SoFi has lots of good accounts and products for US residents - but it’s important to know that you can’t send money overseas with SoFi, and domestic wires are only available by exception.

Use this guide to learn more about SoFi domestic limits and transfer types - and consider an alternative non-bank provider like Wise for your next overseas payment. Wise transfers can be quick and cheap - and can be managed with nothing more than your smartphone*.

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Sources:

1. SoFi
2. SoFi FAQ - wire transfers
3. SoFi FAQ - can I send a SoFi payment internationally?
4. SoFi peer to peer limits
5. SoFi FAQ - ACH
6. SoFi contact us
7. SoFi checking FAQs

Sources checked on 05.23.2024