What is a bank transfer?
A bank transfer is a transaction that moves money from one bank account to another. Bank transfers offer convenience since you don’t have to withdraw cash to move funds.
What is the difference between an internal and external transfer?
Internal transfers are used to transfer funds between accounts you hold at the same financial institution (for example, transferring money from your SoFi Checking account to your SoFi Savings account).
External transfers are used to send money from your SoFi account to an account that you hold at a different financial institution.
How to transfer money?
- Select the banking tab to get started.
- Click on the Transfer icon.
- Select Transfer money from the options presented.
- Enter the dollar amount needed for this transfer.
Note: The “$0” will allow you to type in the transfer amount. - Select the To and From options to display the correct accounts used in making this transfer
- Select Change timing to edit the transfer frequency
- One-time transfers allow you to move a fixed amount of money once
- Recurring transfers allow you to move a fixed amount of money between your bank accounts on a set schedule
- One-time transfers allow you to move a fixed amount of money once
- Confirm the information you entered is correct then click Next
- Review and complete the transfer by clicking Transfer money
Note: Transfers made between your SoFi Checking account, SoFi Savings account, and SoFi Vaults will be made available instantly.