How to Transfer Money Out of SoFi Invest

How to transfer money out of SoFi invest account is a common question of many beginner investors. As the “social financing platform” doesn’t charge anything to open an account, it allows everyone to open a free account and start financing without having a significant amount of money. This is not the only feature that makes SoFi invest account an ideal finance company.  You can transfer or withdraw your money at any time from your account by using SoFi invest mobile application or SoFi.com. Initiate a transfer by clicking into the “invest account” you want to transfer from, then go to “Manage”, and “Transfer” option.

It shows that SoFi makes moving money between the SoFi Invest account and SoFi money extremely easy. The feature is an excellent factor to consider choosing SoFi or other apps like Betterment

Put simply, if you’re looking for a finance company to start investing and move your money seamlessly, SoFi makes the right choice.

Let’s delve into the details to find out more about how SoFi works and how you can transfer money out of SoFi invest.

SoFi – How Does it Work

SoFi money is typically a cash management platform or an account a non-bank financial service that SoFi offers. The online management account is popular for its refinance or student loans. Like cash accounts, it sweeps the customer’s funds into partner banks to benefit them from FDIC insurance.  

In addition to that, the SoFi invest account offers an above-average rate of interest with no overdraft and monthly fees. SoFi doesn’t offer a free ATM network, whereas, it reimburses third-party ATM fees. Keep in mind that it doesn’t charge any ATM fees.

Some Upsides of SoFi Invest Account

  • Good Interest Rate – with SoFi invest account, an investor earns a 0.25 percent annual percentage with a recurring deposit of $500 per month (the variable may change). An account that doesn't meet those requirements earns 0.01 percent.
  • $100 bonus – customers earn profit or bonus up to $100 by enrolling in direct deposit between 1 March to 30 April and deposit at least $1000 in the 30 days. The bonus is for existing customers who hadn’t deposit directly and also for new clients.
  • Vaults – the feature is to help customers divide cash or money within a SoFi invests account to make savings for different goals. The accounts are not distinct and a customer may open twenty Vaults with its SoFi invest money account.
  • Automated saving roundups – customers using SoFi debit cards have all the purchases rounded up automatically.
  • Physical checks – customers may have occasional checks for payments and rent. SoFi offers free checks which most online banking systems don’t offer.
  • Multiple ways to finance your account – customers have an option to deposit their checks through mobile, transfer funds from other accounts, and deposit directly.
  • No Overdraft Fee – if a customer doesn’t have enough money or funds to transfer, SoFi cancels the transaction
  • Cash-back offers SoFi gives its clients the opportunity to earn money like cashback on their different spending.

How to Transfer Money Out of SoFi Invest

The SoFi invest balance in the account comprises two categories. One is buying power and the other is transferable or withdrawable cash.

This cash amount includes all the cash or funds that SoFi settles, clears, and is available to transfer back to the bank account.

Once all these activities in the accounts settle, transferable and buying power becomes equal.

Steps to withdraw or Transfer Funds from an Active SoFi Investing Account

If you’re using a mobile app follow the given step;

  • Select your SoFi Invest Account to transfer or withdraw from.  Click ‘Manage’, or click ‘Withdraw’. 
  • Choose the cash amount you like to transfer out (up to the options of the withdrawable available showing).
  • Select ‘From’ which account ‘To‘ which account you want to transfer. 
  • Click the ‘Review’ tab when you’re ready for the withdrawal submission

Moreover, it may take 2 to 3 business days for the funds to transfer into the chosen account base on a typical ACH deposit time frame.   

Conditions you need to satisfy before withdrawing funds from your SoFi Active Account 

  • The deposit hold is already settled after posting the deposit within 5 business days
  • You have settled trade after executing it within two days

Steps to withdraw or transfer funds from an automated investing account

If you’re using a mobile app follow the given step;

  • Choose your SoFi Invest Account and tab on ‘Manage’ or ‘Withdraw’ to transfer or withdraw .   
  • Select the amount you want to withdraw or transfer out (pick from the available withdrawable showing).
  • Select the account from which you want to transfer. Also choose the account you want to transfer. 
  • Once SoFi initiate the transfer, it triggers the trade and generates transferable cash. Trades processes on the available business day.

Furthermore, your requested transfer and withdrawal initiates into the selected account within two business days from the execution date. It may take 2 to 3 business days for the funds to transfer into the chosen account base on a typical ACH deposit time frame.   

Conditions you need to satisfy before withdrawing funds from your SoFi automated account 

  • You have settled deposit hold after posting the amount within within five business days
  • Note that with an automated account you will invest all funds and display full account value

Steps to withdraw or transfer crypto funds from an individual account

  • Go to your SoFi Invest Account and tab ‘Withdraw’ or choose “Manage' to transfer. 
  • From the transferable showings on display, choose the amount you wish to transfer out.
  • Choose an account you're transferring cash from. You also need to select the account you're transferring money to.
  • Tab ‘Review’ to check your withdrawal submission

Conditions you need to satisfy before withdrawing crypto funds from your SoFi active account 

  • The cryptocurrency sale has settled, one business day after your trade execution
  • At SoFi, Crypto is for investing purpose only – you can’t link a wallet with your SoFi account

Summing Up

All in all, SoFi is an easy and great way to start funding with less investment amount.  Thus, the article includes steps to transfer or withdraw money out of SoFi invest.