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SoFi Money Downgrade: No More Free ATMs for New Customers

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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.


sofi money atm fees


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.


sofi money atm fees


Our Analysis

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.

Read our full review of the Charles Schwab High Yield Investor checking account. 


Bottom Line

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.


Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

3 Responses

  • I had nothing but trouble with this card on my trip to Europe . Got the card based on your recommendation – despite alerting them to traveling , they froze my card mid trip . Had to make several calls to fix it . And then they deducted money for a cancelled atm transaction that took several months to fully resolve .

  • I checked with SoFi and if you have a debit card there’s no ATM fees worldwide they grandfather you in so there are no fees. If you are opening a new account then yes you will have to pay fees

    • Hey Jeff. That is correct. As the post notes, this only impacts new accounts. If you opened the SoFi Money card product before June 9, 2020, you will be grandfathered into unlimited free ATMs.

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