SoFi Money burst onto the scene in a big way in the last year, quickly becoming one of the best debit cards for international travel with free ATM cash withdrawal worldwide – plus the account itself is free, too. It went toe-to-toe with the Charles Schwab debit card, the longtime champion for getting your cash abroad.
But that’s changed: SoFi Money no longer guarantees free withdrawal at any ATM across the globe, according to some changes we noticed on their website over the weekend. Instead, new SoFi Money cardholders will only get fee-free withdrawals from Allpoint, an ATM network with 55,000 locations across the U.S. – plus some in the U.K., Australia, and Mexico.
It’s unclear exactly when that change was made.
That’s a far cry from the previous guarantee of free withdrawals from any ATM on the planet – and a big downgrade for SoFi Money, which we had considered the best and cheapest option to get cash during your international travels.
Critically, it seems this change does not apply to most existing SoFi Money cardholders. According to a support page on the SoFi website, it only applies to consumers who opened a SoFi Money account on June 9, 2020 or later.
“If you have been a SoFi Money member prior to 6.9.20, we provide unlimited ATM fee reimbursement at all ATMs worldwide,” the page says.
Luckily, if you already have a SoFi Money account (opened before June 9), you’re in the clear. This change doesn’t impact you, and you can continue withdrawing your money from any ATM across the globe for free.
But this is a serious blow to what had become a clear favorite for getting cash abroad. While Allpoint is a fairly large ATM network, this new policy is nowhere near as generous. With limited options to use an ATM without paying huge fees, SoFi Money is no longer the best option for a travel debit card.
That distinction goes to the Charles Schwab debit card, which still offers free ATM fees at any ATM worldwide.
Keep in mind this free ATM reimbursement works at ATMs anywhere in the U.S. as well. So even if you don’t have international travel planned for the foreseeable future, you can save on ATMs at home, too.
Getting a Schwab account is free. And while opening one of the High Yield Investor checking accounts you need to use ATMs for free is more complicated than SoFi Money, it’s simple and straightforward – and easily worth it to open up a world of free ATMs.
SoFi Money is no longer offering free ATM reimbursement at any ATM worldwide for new customers and customers whose accounts were opened after June 9, 2020.
If you are a SoFi Money cardholder, you will be subjected to paying an ATM fee at any ATM outside of the Allpoint ATM network. And while they have over 55,000 locations worldwide, it is a huge blow to one of the previous best ways to access your cash.