Everything you need to know about P2P payments with SoFi!

• Peer-to-peer payments (or P2P payments) let you send money directly to another person.
• At this time, our P2P feature is only offered with SoFi Checking and SoFi Money accounts.
• You cannot send money to yourself or your joint account holder.
• You can send money to anyone with a US-based bank account, SoFi member or not, using our no-cost peer-to-peer (P2P) feature.
• When sending a P2P to another SoFi Member, the recipient must have 2FA validated on their phone if they want to receive P2P via their phone number, or that 2FA is validated on their email if they want to receive P2P via their email.

Simply log into your SoFi Checking account and follow the steps below ↴

1. From your Sofi Checking account homepage, click 'Transfer'. 
2. Select 'Send money to a Friend'
3. Enter a name, email address, or mobile phone number as instructed.
   1. Note: You may also select from your list of 'Contacts'. 
4. Enter the amount to send (Minimum amount is $1.00)
   1. Note: Adding a note is optional.  
5. Confirm the information entered is accurate then click 'Pay'.
6. You will receive payment confirmation. Click 'Done' to return to your homepage.
   
   

For existing SoFi Members

The funds should arrive instantly. 

For non-SoFi Members

1. The recipient of the funds will receive a notification via email & text from the SoFi member.
2. Access the email (or text) and then choose “Claim Money Now”.
3. The recipient will fill out the following information:
   1. First Name
   2. Last Name
   3. 5 digit zip code
   4. Routing #
   5. Account #
4. Select 'Continue.'
5. A message will display confirming completion and time frame for funds availability.

Note: P2P payments claimed to an external bank account it will take 2-3 business days to post to their account, once accepted. If they do not accept the funds within 5 days, the funds will be returned to your account.

1. Log in to your SoFi account and click on the Banking tab.
   
2. Click the blue transfer circle.
3. Select “Send money to a friend”.
4. Use an existing contact or add a new recipient. 
5. Once the recipient has been chosen, enter the amount to transfer.
6. Select payment frequency (“One-time, today” to “Monthly on the 1st”)
   Note: You will be able to change the day of the month you’d like the transfer to send. 
7. Select next and review your recurring P2P details to ensure it’s set up correctly.
   Note: You can go back and edit or cancel this recurring transfer at any time. 
   
   

Only ‘pending’  or ‘unclaimed’ payments can be canceled. 

P2P payments are just like any other private transaction between two people. We recommend only sending and receiving money with people you know.  If you have questions or concerns about a transaction, please contact us.

If sent to a SoFi Member:

Since SoFi members receive funds instantly from other members, there isn’t a way to cancel the payment. Try asking the recipient to send the money back to you instead.

If sent to a non-SoFi Member:

1. Log in to your SoFi app or the web
2. Select the Banking tab
3. View your Pending Transactions
4. Click on the pending P2P transaction and select ‘Cancel’
5. Review and confirm your cancellation - you are all set!

Note: To cancel the same day, you must cancel before 5:30 pm EST; otherwise, the cancellation will go through the next day.