SoFi Money has stormed onto the scene to become one of our favorite ways to get money out of an ATM while traveling. It’s the perfect account for your future travels, as it doesn’t require a hard credit pull to set up and allows you to withdraw money with no ATM fees worldwide.
But it gets better. You’ll earn a $50 bonus after signing up through our link (we earn $50, too – thanks!) and depositing at least $500 into your account.
And from there, you can earn another $50 for each person you refer to SoFi Money! That makes it easy to refer friends and family, earning $50 for each and every person who signs up and accelerating your own bonus earning.
We’ll walk you through exactly how to do it.
How to Start SoFi Money Referrals
First things first, you’ll need your own SoFi Money account. Read up on how these accounts work and why it may be perfect for your travels.
Unfortunately, you cannot generate referrals for SoFi Money on its desktop site – only via the smartphone app. Luckily, SoFi’s app is slick and easy to use, so starting your referral chain should be a cinch.
Get logged in and click the profile image in the top left corner, then select “Invite friends, earn up to $10k.”
SoFi will give you the option to refer others to SoFi Money, personal loans, or student loan refinancing. Click “Refer SoFi Money, get $50.”
That will bring you to this screen, which will give you a few options to start referring friends and family. You can send out referrals from within the app, share your referral link elsewhere, or just copy your personalized link to share as you see fit. Click “View your referral stats” to see how many successful referrals you’ve generated – and how much you’ve earned.
Make sure that your referrals all deposit at least $500 into their new accounts. That’s the key for triggering their $50 bonus – and your $50 referral prize, too.
All About SoFi Money
SoFi is relatively new to the scene. It’s giving one of our previous favorite ways to access money while traveling, the Charles Schwab debit card, a run for its money.
But what’s it all about? Here are some basics behind SoFi Money:
- 1.8% APY (annual interest), which is high for an online checking account
- No hard credit pull for applications
- $50 sign-up bonus
- Deposits to SoFi clear in 2-3 days
- ATM fees reimbursed within days
- Not a banking institution
That last point is an important one. SoFi Money is not a banking institution in the traditional sense – your money will not be insured by the FDIC until it’s transferred to SoFi’s banking partners. While that’s not unusual, it means that SoFi Money is probably best used strictly as a travel account rather than as a primary checking or banking account.
There’s a lot to love about using SoFi Money for your travels. Sign up, get your $50 bonus, and then get your referrals going to build up a stash of cash for your travels!