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I’ve long intended to pick up a Charles Schwab account for the sole purpose of having access to fee-free ATM withdrawals worldwide. But now I think I may have found an even easier option: SoFi Money. I was convinced by friend and fellow blogger Mark Ostermann to give it a try. Best part: it comes with an easy $50 bonus and the opportunity to earn even more!
Basics of SoFi Money
The SoFi Money account is an excellent alternative for those looking for fee-free cash withdrawal around the globe but who haven’t pulled the trigger to sign up. Here are some basics on the SoFi Money account:
- Free to sign up
- No hard credit pull
- No minimum balance requirement
- No account fees
- ATM fees reimbursed worldwide, for all ATMs showing the Visa®, Plus®, or NYCE® logo
- ATM withdrawal limit of $615 per day (which should be more than enough for travel)
- Icing on the cake: 1.8% APY interest rate on your account balance (current rate, it varies)
The fact that the SoFi Money account has no fees, no minimums, and offers fee-free ATM withdrawal worldwide sold me. It will be an essential card in my travel wallet.
How to Sign Up for SoFi Money
Signing up for SoFi money is extremely easy, honestly one of the easiest new accounts I’ve ever created. It takes less than 3 minutes to open. You’ll need some basic information, your SSN, and the routing and account details to link an account so you can make your initial deposit. Here’s the current offer and link:
- Get a $50 bonus after depositing $100 or more (within 14 days) after signing up
- Link to $50 SoFi bonus offer
Due to the fact that my primary banking institution is an awesome local credit union, I did have to verify a couple of micro-deposits to be able to link my accounts and make a deposit. Once verified, I could move the $100 via ACH. The bonus shows within a day or two. This certainly beats the six months for the last checking account bonus offer I took!
Get Your Own Referral Bonuses!
I haven’t even gotten to the best part: SoFi Money is offering a bonus of $100 (up from $50) for every referral. Have a spouse that could open an account? You can make an easy $200: $50 for signing up, $100 for the referral, and $50 for them signing up. If you have other family and friends who would be interested in the product, you could make much more. With no account fees, no credit pull, and a sign-up that takes just minutes, there really isn’t a downside.
To get your SoFi referral link, you’ll need to download the app from the app store onto your mobile device. Once you log into your account, you can then refer friends for a $100 bonus! The referral bonus posts quickly as well.
While I haven’t received my actual SoFi card yet, I plan to test it out on my next international trip. My current credit union debit card already charges a lower-than-average $1.50 for cash withdrawals at ATMs out of their network. If I can find an ATM with a minimal fee abroad, the damage is only a a few bucks. But it will be nice to receive completely fee-free withdrawal anywhere!