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SoFi Money Review 2021

SoFi Review 2021: Get the benefits of checking and savings in one account. Learn how SoFi offers high-interest yields compared to traditional banks.

Our articles, research studies, tools, and reviews maintain strict editorial integrity; however, we may be compensated when you click on or are approved for offers from our partners.

Sofi Money Review

Star rating: 4.5

Cash management accounts can offer a simplified way to pay bills, save money, and spend wisely. These accounts share some similarities with checking accounts and savings accounts, but they aren’t exactly the same.

SoFi Money is a cash management account that earns interest while charging minimal fees. If you’re familiar with SoFi Invest or SoFi loans, you may already know a little about the company.

What is SoFi Money, and is it right for you? Read our SoFi Money review to learn more about how this money management tool works.

SoFi Money may be right for:

  • Individuals who have loans or investment accounts with SoFi.
  • People want an alternative to traditional checking and/or savings accounts.
  • Individuals who want to earn a competitive interest rate on balances.
  • People who want to minimize banking fees.
  • Anyone who also wants access to SoFi member benefits.

Types of Accounts SoFi Offers

SoFi Money offers a variety of different account types, including brokerage accounts and loans. This SoFi Money review focuses solely on the SoFi Money account.

You can open these account types with SoFi Money:

  • Individual accounts.
  • Joint accounts.

It’s important to know that SoFi Money is a cash management account. SoFi is not a bank, so this is not a bank account. Rather, it’s a brokerage account powered by the SoFi app and SoFi Money debit card.

The SoFi Money account allows you to perform a variety of money management tasks, including:

  • Depositing funds.
  • Setting up savings vaults.
  • Making purchases with the SoFi debit card.
  • Paying bills online.
  • Sending and receiving money via person-to-person transfers.
  • Earning interest on balances.
  • Earning cash back rewards on eligible purchases.

If you’re looking for a SoFi checking account or a SoFi savings account, those options technically don’t exist. But you can do many of the same things with a SoFi Money account that you could with a traditional checking or savings account.

Key Advantages of SoFi Money Account

When comparing any cash management account, it’s important to know what’s good about it. Here are some of the top benefits of the SoFi Money account:

  • Easily manage spending, bill payments, and savings in one place.
  • No monthly fees.
  • Enjoy fee-free overdraft coverage.
  • Earn interest on balances.
  • Access 55,000+ fee-free ATMs.
  • Enjoy SoFi member benefits with your account.
  • Easy to navigate online and mobile apps.

You might consider SoFi Money if you already have an account with SoFi or plan to open one. For example, you might be thinking about opening a SoFi invest account to start building a portfolio. In that scenario, it might make sense to keep the money you plan to spend or save in a SoFi Money account. The same goes if you already have a student loan or personal loan through SoFi.

SoFi Money isn’t a bank account

In terms of shortcomings, it’s essential to remember that this isn’t a bank account. It’s a brokerage account, but your balances are not Securities Investor Protection Corporation (SIPC)-insured. Federal Deposit Insurance Corporation (FDIC) insurance can apply because deposits in SoFi Money accounts are swept daily to “program” banks. There is a catch, however. FDIC insurance protection only kicks in once your deposits reach the program bank, which typically takes two business days.

How SoFi Money Works

When you open a SoFi Money account, you’re getting a cash management account. There is no minimum balance requirement to open an account. To earn interest on balances and earn cashback rewards at participating merchants, you’ll need to make at least $500 in deposits each month.

You can manage your SoFi Money account online or through the SoFi app. You’ll have a SoFi debit card that you can use to make purchases. You can also use your card to make fee-free ATM withdrawals at more than 55,000 ATMs in the Allpoint network.

Account features include:

  • Automated bill pay.
  • Simple person-to-person payments with no fees.
  • Goal-based savings through Vaults.
  • Career coaching and financial advising services through SoFi member benefits.
  • Debit card lock and unlock.

While preparing this review, MoneyRates found that SoFi Money is fee-friendly. You pay no:

  • Monthly fees.
  • Account minimum fees.
  • Overdraft fees.
  • ATM fees in the Allpoint network.
  • Debit card replacement fees.
  • Account opening fees.
  • Inactivity fees.
  • Bill payment fees.
  • Return item fees.
  • Mobile check deposit fees.
  • Foreign transaction fees.

The lack of fees is one of the things that sets SoFi Money apart from traditional bank accounts. If you’re interested in a SoFi checking or savings account, you get the best of both worlds with SoFi Money, with no hidden fees.

You can earn bonuses with a SoFi Money account when you enroll in direct deposit. When you sign up for direct deposit and your first deposit is credited to your account, SoFi will reward you with $100.

What to Look for When Shopping for Cash Management Accounts

If you’re interested in a cash management account as opposed to a traditional bank account, there are a number of online brokerages that offer them. But they aren’t all the same so as you compare options, here are some of the most important things to consider.

  • Cost: Minimum balance fees, monthly maintenance fees, and overdraft fees can all make a dent in your bank account balance. If you’re looking to escape high fees with a cash management account, pay attention to what fees you’ll pay to maintain it. SoFi Money is light on fees, which is a plus if you’re hoping to save money.
  • Account types: Cash management accounts, checking accounts, savings accounts and taxable brokerage accounts all offer something different. When evaluating your financial needs and money goals, consider which types of accounts may be the most suitable. Then, ask yourself what a cash management account might be able to do for you that another account won’t.
  • Added features and benefits: Some cash management accounts may be better than others when it comes to features or extras. With the SoFi Money account, for example, you can earn interest on balances and get cashback rewards when you shop. Those are nice incentives that not all cash management accounts offer.
  • Customer service and support: When you have questions or issues with your cash management account, it helps to know you can reach customer service quickly. When comparing accounts, take note of when and how customer support is available with each.
  • Educational resources: Learning the basics of budgeting, spending, and saving can be helpful if you’re new to managing money. When looking at cash management account options, consider whether you get any educational tools, such as free money webinars or a blog that features personal finance articles.
  • Online and mobile access: Online and mobile apps make it convenient to manage your money, whether you need to schedule a bill payment or transfer funds. With SoFi Money, you get both online and mobile access through a user-friendly platform.

When looking at this SoFi Money review along with other reviews, consider how a cash management account’s brand reputation stacks up when compared to other accounts. Cash management accounts are less common than regular bank accounts, so it’s important to know what kind of reviews or ratings they’ve received from people who have actually used them.

SoFi Money Review Bottom Line: How SoFi Money Compares

This SoFi Money review highlights what’s good about this cash management option.

In terms of cost, it’s hard to beat its no-fee structure. The fact that you have access to online and mobile banking tools as well as an extensive ATM network means it’s easy and convenient to manage your money on the go.

Overall, a SoFi Money account is worth considering if you’re comfortable with managing your money online and you want to keep fees as low as possible. You may also consider this account if you already have loans or investment accounts with SoFi and want to consolidate money management in one place.

How to Take the Next Steps With SoFi Money

If you’re interested in opening a SoFi Money account, reading SoFi reviews is a good place to start. By now, you should understand what SoFi Money is, how it works, and what benefits it offers. Armed with this knowledge, you can decide whether it’s the right type of account for your needs.

Steps to open an account with SoFi Money

Opening an account with SoFi Money is easy and the signup process can take less than 60 seconds.

1. You’ll need to provide SoFi with some basic information, including your name, address, date of birth, phone number, email, and Social Security number.

2. You’ll also need to link an external bank account to make an initial deposit.

3. After that, it takes five to seven days for your SoFi debit card to arrive.

If you’re ready to take the next steps, click the link below to open a SoFi Money account now.

If you’ve read this SoFi Money review but you’re not quite sure whether a SoFi Money account or a cash management account is right for you, take time to research other options. Comparing other cash management accounts offered by different online brokerages can help with deciding where and how to invest your money.

Sours: https://www.moneyrates.com/reviews/sofi-money-review.htm

Sofi Money

Rated with 1 star
Harshad of Latur, Other Verified Reviewer
Original review: Oct. 7, 2021

Sofi loan lending company is a fake company. Which ask you 1st to add the money before borrowing the loan. And when we add. They change the account no. And they say us. That we added wrong account no. Now your account is freezed. And they don't even give back out money which transferred.. basically it's a fraud company.

Rated with 1 star
Christopher of Fillmore, CA Verified Reviewer
Original review: Aug. 18, 2021

I opened an account with this bank, and can not move money out of the account. So I am in need to transfer money out and they at this time have no way to make that happen. What kind of bank forces you to keep money on their platform only. Seems like a scam to me. Obviously, they don't have a working product to offer clients.

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Rated with 1 star
Joshua of North Hills, CA Verified Reviewer
Original review: July 15, 2021

Managing people of SoFi invest have a department full of unprofessional unethical clowns. They lead you on and hold your money hostage and sit on funds even they have deemed settled cash avail for withdrawal by "reviewing" for consumer's safety. Lies.

Rated with 5 stars
Dewayne of Ravenna, KY Verified Reviewer
Original review: June 14, 2021

Great experience. Really want you to be happy and get back to banking the way it was supposed to be. I give it a ten out of ten for convenient banking. I will be a life long member and customer. **.

Rated with 5 stars
Rafael of Atlanta, GA Verified Reviewer
Original review: May 30, 2021

Very nice website and its process. Very simple and straightforward process. Had no issues with it. It makes me feel welcome and my life much easier and peaceful. Great banking system. Easy to scan and deposit.

Rated with 2 stars
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LeTia of Richmond, VA Verified Reviewer
Original review: March 25, 2021

My chip was bad on my old card, thought I’d get it replaced and not have to change my card number since it was simply damaged. I was wrong. I use their chat because of course their app currently doesn’t have a selection to replace a damaged card, just a lost or stolen one. I’m thinking there’s an issue with their app, I speak with an agent who I clearly tell I wasn’t looking to have my card number changed. The agent proceeds to change my card number without any warning or explanation as to why it’s necessary. I was advised I’d be able to see my new card info online and I’d be able to use Apple Pay while I waited for my new card..another lie.

I have absolutely NO access to my own money now for 5-10 days. I called their customer service yesterday to see if there was a way, the agent had the audacity to ask if I used cash app or Venmo to transfer funds... cash app you need a bank account AND the card number to add cash. I have heard too many bad things about Venmo. If I’d known their customer support lacked the support part, I would’ve chosen a different bank.

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Rated with 1 star
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Heidi of Taylor, MO Verified Reviewer
Original review: Feb. 25, 2021

So they told me all these perks to get me to sign up, because why wouldn’t you, right! Well come to find out they try to take advantage of you I feel, because they lied. I’ve noticed so far is they said that you will get $50 and the person who referred you will get $50 if you open the account and deposit $500 into the account. I deposited $500 in my account immediately I receive $25.00 a week later after I sent emails asking how the process worked (with no response from anyone). The person who referred me hasn’t received a dime I have contacted them through email and I have gotten no response. I also made sure I used the link my friend sent me to sign up. I’m very disappointed I don’t like when companies do this. What so they were hoping we didn’t notice??‍♀️ Shame.

Rated with 1 star
Paul of Round Rock, TX Verified Reviewer
Original review: Feb. 4, 2021

Incompetence & lies... where do I begin??? Called a few weeks ago to inquire about a money (cash management) account AND a brokerage account. First rep I spoke with on the phone told me only “soft pull” and LexisNexis report. Second rep was clueless. Opened a brokerage account last week. Opened money account this morning. Called this morning and spoke to third rep who confirmed they pull both ChexSystems & EWS report! “Dear Sofi.... You just applied for your bank charter license! You’re not GOOD ENOUGH to pull those reports!” And if a customer asks you point blank if you pull ChexSystems and EWS, your reps better have that “basic knowledge” that most bankers and advisors learn in their FIRST WEEK OF TRAINING!!!

TD Ameritrade, Etrade, Fidelity, Firstrade, Tradestation, Tastyworks, Robinhood, and Webull do NOT use either Chex or EWS reports or their brokerage accounts!!! Hell... Even the personal banks I keep my money in that are established who have been in business for 10 to 15 years or more don’t use either of those reports! I guess SoFi thinks “they’re special”??? At any rate, I immediately closed BOTH accounts down after learning of Chex & EWS pull. And by the way... their investment reps like to play games on the phone and will answer a call and mute it and not say anything so that you’ll have to hang up and call back! Average wait time is almost an hour!!! This doesn’t even include the multiple times I was hung up on! Invest at your own risk with shady morons!

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Rated with 1 star
Sharon of Saint Paul, MN Verified Reviewer
Original review: Aug. 1, 2020

Initially, SoFi was great. I liked that they cover ATM fees, have a great and useful app and good customer service. However, they decided to stop honoring the deposit of checks with a signature on file (in my case my paychecks as an independent contractor) without notice, which really put me in a financial jam and they are not taking any responsibility for the lack of communication on this. Instead, I was told to let my employer know that they need to change how they issue paychecks to me. Since they decided they will not be honoring paychecks from my employer, we are taking our banking elsewhere. Beware of changing policies at a drop of a hat without notice.

Rated with 1 star
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Rozelle of Dallas, TX Verified Reviewer
Original review: July 25, 2020

Very hard to dispute a charge with this company, spoke to many agents sent many documentations and still my claim was declined. Even though the company that took my money failed to provide services the bank said the case is close. All my disputes with Bank of America and Chase was taken care of quickly and to my satisfaction never had I have to send so in many documents proving that my flight was canceled and I still have yet to get my money returned or a voucher for future service. Sofi said, "Oh well the case is closed." I will be sticking to Bank of America and chase and be closing this account in a few months and move all my money out of it.

Sours: https://www.consumeraffairs.com/finance/online-banks/sofi-money.html
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SoFi HK New Joiners’ Guide on Deposit

This guide is best for members who created an account with us. It will demonstrate how to fund your SoFi Hong Kong account.

Fund Your SoFi Hong Kong account

Due to the regulatory requirement, you are obligated to transfer funds from your registered bank account to our designated bank account.

Steps

1.    Transfer money

Make a transfer to our bank accounts at HSBC or Bank of China. We only accept transfers in HKD, USD and CNY. Bank charges may apply, please refer to Fees and Charges Table.

Reminder #1

Save Details:  The amount, your bank account number, date of transfer, and our account number must be clearly visible.

Reminder #2

Company PAYEE name: SoFi Securities (Hong Kong) Limited

Remove brackets around the words “Hong Kong” if your bank doesn’t support special characters in the Payee name.
E.g: SoFi Securities Hong Kong Limited

Reminder #3

  • No cash deposit (bank notes) at ATM or at bank branch is accepted
  • Do not accept transfer from a third party account
  • Do not accept transfer from a joint account
  • We only accept bank-to-bank transfer
  • We don’t support Money Transfer Operator(MTO) – such as TransferWise/InstaReM/OFX

2. Enter transfer details in the app

3. Upload your transfer receipt

Supported methods

Cutoff times

Cash instructions submitted before cutoff times on a working day will be processed on the same day. Details are as follows:

**Notes

  • Deposits, withdrawals and refunds will go through applicable anti-money laundering checks which may delay the completion time.
  • Actual time needed may vary for different banks.

Add New Bank Account

‘$’ at the bottom of the main screen >> ‘manage bank accounts’ >> ‘add bank accounts’  >> upload bank proof via instructions; customer should deposit HK$10,000/USD$1300 with the registered bank account from your registered Hong Kong licensed bank account(s) to us for the purpose of identity verification as adding new account will go through applicable anti-money laundering checks.

The relevant update will take effect within two working days after confirmation. Please note that SoFi Securities (Hong Kong) Limited does not accept cash/third party deposit. There will be a charge for refunding all relevant deposits. Please refer to the “Cash/Third Party Deposit Return” in the fee table.

Fund Conversion

You can submit a buy order based on your consolidated buying power. It is calculated based on all of the currencies you hold in your brokerage account. If you do not have the sufficient currency balance to settle your trades, you may either submit a fund conversion or make a deposit and notify us through the SoFi Securities (Hong Kong) App. Otherwise; automatic fund conversion will take place at 11:00HKT, one day before settlement date (S-1).

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Sours: https://www.sofi.hk/sofi-hk-new-joiners-guide-on-deposit/

We have a <b>winner</b> for our lucky draw!

Welcome offer: Get a FREE Disney share!

Welcome offer: Get a FREE Disney share!

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Your questions about SoFi Hong Kong answered here.

About SoFi Hong Kong

What are SoFi Hong Kong office hours?

Customer Support

Monday-Friday, except public holidays

HKT 7am-5am

Saturday-Sunday Closed

Is SoFi Hong Kong a licensed financial institution?

Yes. SoFi Securities (Hong Kong) Limited is a licensed brokerage in Hong Kong. We are regulated by the Securities and Futures Commission of Hong Kong (SFC). We hold a Type 1 license for dealing in securities and a Type 4 license for advising on securities. Our CE number is AXL143.

Is SoFi Hong Kong a member of the Hong Kong Stock Exchange?

Yes. SoFi Securities (Hong Kong) Limited is a registered member of the Hong Kong Stock Exchange (HKEX).

How do I contact SoFi Hong Kong?

Our address is 21st Floor, H Code, 45 Pottinger Street, Central, Hong Kong. You can phone us on +852 2693 8888 or email [email protected] You can chat with us from the website or apps during business hours. We love to hear from our customers so please drop us a line.

Are my assets and deposits safe?

Your cash is held in segregated custodial corporate accounts with HSBC and Bank of China. This is to safeguard your deposits and is consistent with Hong Kong regulation. The US and Hong Kong securities that you invest in are held in custody with the Depository Trust & Clearing Company (DTCC) and the Hong Kong Securities Clearing Company Limited (“HKSCC”) respectively. Furthermore, the Investor Compensation Fund (ICF) was set up to protect up to HK$500,000 of your money should you suffer losses due to an intermediary default covering securities and contracts traded on HKEX. You can view your account, holdings and cash positions 24/7 from the app. You can deposit and withdraw your money anytime with no questions asked.

What is the story of SoFi Hong Kong?

SoFi Hong Kong is Hong Kong arm of SoFi – an American personal finance company that provides many services including investing. Headquartered in San Francisco, California, SoFi is one of the largest and fastest-growing online personal finance companies in the US. We serve over 1 million global members with one of the highest customer satisfaction levels in the industry. Forbes recently recognized SoFi as one of the top 5 largest financial technology companies in America with a valuation of US$4.4 billion. SoFi also counts SoftBank as its largest shareholder.

Why are you changing your name from 8 Securities to SoFi Hong Kong?

8 Securities Limited has been acquired by Social Finance, Inc. Based in San Francisco, California, Social Finance, Inc. is one of the largest and fastest growing online personal finance companies in the US. 8 Securities Limited name has officially been changed to SoFi Securities (Hong Kong) Limited (“SoFi Hong Kong”)

How does SoFi Hong Kong make revenue?

Our cost to execute a trade is virtually zero and we want to pass that benefit to you. We will launch a margin lending service for active traders in the near future. We also earn from interest and handling charges. It’s that simple. We are a diversified business with brokerage. As such, we have diverse revenue streams which allow us to offer $0 commission trading in Hong Kong.

Cyber-security

Why am I asked to register my device in order to access the app?

We take your account security seriously. For your protection, we implemented two-factor authentication for all of our customers and all customers’ devices will need to be registered. You will be asked to register your device when you sign in from an unregistered device. To ensure it is you signing in, we will email you a 5-digit code. Please input the code to the app to register your device. You can then continue to use the device to login to your account as usual.

Can my account be registered with more than one device?

Yes. You can register your account with multiple devices. You can also see all the devices registered under your account on the Settings page of our app.

I purchased a new device. What should I do?

Our app will automatically detect your login attempt is from a new device. We will then guide you through the steps to register it before you can access your account.

How do I unregister a device under my account?

You can login to our app with any of your registered device. Then, go to the Settings page of the app and tap the ‘remove’ button next to the device you want to unregister.

Cyber-security Tips

  • Do not store your username and password of trading platform / account on your mobile device.
  • Install and update the latest antivirus and anti-spyware software regularly on your mobile device.
  • Do not open any suspicious emails or attachments, contact us at 2693 8888 if you are not sure if the email is from us.
  • Avoid sharing your device with others and use your own device to log on.
  • Do not leave your device unattended after logging in. Always log off properly when you are finished.
  • Set up pass-code and auto-lock to prevent unauthorized access to your mobile device.
  • Wipe all data on your device before you donate, resell or recycle it and cancel the registration of two factor authentication for such device.
  • If you lose your mobile device, please contact us immediately.
  • You should review your account transaction and activities history regularly through notification and statement given by 8 Securities from time to time. If there are any suspicious transactions and activities, please contact our customer service hotline and report to us immediately.
  • When using Wi-Fi, only use trusted Wi-Fi networks or service providers and enable security protection, if possible.
  • Disable Bluetooth if you are not using it, or set the device to non-discovery mode.
  • Do not install applications on your mobile device from unknown sources unless you trust the source. Understand the permissions of mobile applications before you install them. Do not use untrusted custom virtual keyboards.
  • Install updates and patches to your mobile device regularly, including upgrades / updates to your OS and other mobile applications. Enable data encryption on your device if possible.
  • Do not use any jailbroken device which may have security loopholes.

Where is the 2-factor-authentication code?

Please check your spam / junk box in your email, or it may also be blocked by other reasons. If you still can’t find our email, please contact us immediately so we can resend the authentication code to you.

How do I enable Touch ID/ Face ID login?

Go to the settings page by tabbing your profile at the top left of your app, then tap the gear icon. 

From there, simply toggle the “Enable TouchID/FaceID” option under “Safety and Security”.

My Touch ID/ Face ID login doesn’t work. Can I re-enable it?

Please force quit the app and relaunch. Next, select ‘Not this user’ at the login page, re-enter your email address and password then hit ‘Log in’. You should be prompted to enable Touch ID/ Face ID now.

If you are using an iPhone, please click here for steps on how to force quit an app:

https://support.apple.com/en-us/HT201330

If you are using Android devices, check this out:

https://support.google.com/android/answer/2668665?hl=en

Can I use “email/password” instead of my social login?

Easy! To use a different login method, simply log out, tap “Having trouble?” at the bottom, and you’ll see an option to “Use a different login method”. When switching between different login methods, please ensure you use the same email address.

Trading app

What is the SoFi Hong Kong App?

The SoFi Hong Kong App is our mobile stock trading app. It is available on the App Store or Google Play. You can trade over 15,000 US, Hong Kong and China H shares and exchange traded funds. You can hold your account in USD, HKD or RMB. SoFi Hong Kong is built on the latest technology and infrastructure to ensure your trades are fast and stable.

Where can I download the SoFi Hong Kong app?

You can download or update to the latest version of the SoFi Hong Kong app on App Store or Google Play. Or simply search for “SoFi Hong Kong”.

What are the stock market trading hours?

The Hong Kong stock market is open 9:30am – 12:00pm and 1:00pm – 4:10pm.

The Pre-opening Trading Session starts at 9:00am.

The U.S. stock markets are open 9.30am – 4:00pm EST.

This is 9.30pm to 4:00am (daylight savings time) and 10.30pm to 5:00am (standard time).

You can start placing orders for the next trading day, 30 minutes after market close.

What instruments are supported?

On the Hong Kong market you can trade equities, exchange traded funds (ETFs), callable bull &amp; bear contracts (CBBC) and warrants.

On the U.S. market you can trade equities and exchange traded funds (ETFs).

We do not support any Over the Counter (OTC) instruments. Please contact us if you want to handle the unlisted instrument in your SoFi Hong Kong account.

What order types are supported?

Market Order (MKT)
Available for Hong Kong and US equities. A market order is a buy or sell order to be executed immediately at current market prices. As long as there are willing sellers and buyers, market orders are filled. Market orders are therefore used when certainty of execution is a priority over price of execution. A market order is the simplest of the order types but does not provide price protection and may fill at a price far lower/higher than the current price. Your account may have insufficient funds to settle the market order and may result in a negative cash balance.Please note that a market order can only be executed in the Continuous / Core Trading Session.

Limit Order (LO)
Available for US equities only.  A limit order is an order to buy or sell a stock at a specific price or better. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher. A limit order is not guaranteed to execute.

Enhanced Limit Order (ELO)
Available for Hong Kong equities only. Enhanced limit orders (ELO) allow matching of up to ten price queues at a time. Any unfilled Enhanced Limit Order will be put in queue as Limit Order at the same price.Notes:

  •  ELO submitted before 09:15 will be automatically sent to HKEX as At-auction Limit Order during Pre-opening Trading Session.
  •  Applicable to eligible securities of Closing Auction Session (CAS) – unfilled ELO from Continuous Trading Session and ELO submitted during CAS will be automatically sent to HKEX as At-auction Limit Order. However, the order will be cancelled if the price of the buy / sell order is higher / lower than the allowable price limit prescribed for CAS.

Good Till Date (GTD)

Available for Hong Kong and US equities. A good-till-date order is a Limit Order (for US market) / Enhanced Limit Order (for HK market) remain active until the trade is executed or cancelled. A GTD order remains active until your specified date, unless it has been filled or cancelled. You can hold a GTD order for 14 trading days then it will be automatically cancelled by the system. Notes: If you want to amend a GTD order, please cancel the original order and submit a new one.

Stop Limit Order (SLO)
Available for Hong Kong equities only. A stop-limit order is set to sell a stock at a limit price or better when it reaches a price specified by you. A stop-limit order is designed to limit an investor’s loss on a position or to take profit. You can hold a SLO for 14 trading days then it will be automatically cancelled by the system.When the nominal price of the stock falls to or below the stop price of your order, the SLO will be triggered for execution. Please note that a SLO may be triggered outside of Continuous / Core Trading Session but will only be executed in the Continuous / Core Trading Session.

Is margin lending available?

If you are new to SoFi, simply download our app and apply for a margin account.
For the existing member that maintains a SoFi cash account, please contact our Customer Service to switch you from a cash account to a margin account.

How to read my profit and loss figure?

The Profit and Loss figure displayed on the profile screen (click your avatar in the top-left corner) is measured by your unrealized assets (the ones that you still hold and yet to be sold).
The Profit and Loss percentage equals to (Delayed nominal stock price – Average buy price) / Average buy price *100%.

What stock markets can I trade?

You can trade approximately 15,000 stocks and exchange traded funds on both the Hong Kong and U.S. stock markets.

What if my SoFi Hong Kong app is not operating properly?

Troubleshooting:

  • Please make sure your device is updated to the latest operating version (iOS or Android), also please update your SoFi Hong Kong app to the newest version.
  • Please check your device’s internet connection.
  • Please force quit the app and relaunch.
  • Please restart your mobile.

If you’re using an Android device, check this out
https://support.google.com/android/answer/2668665?hl=en

If the problem still persists, please contact us at 2693 8888 for assistance.

I cannot place order properly in the app. What can I do?

Troubleshooting:

  1. Please make sure your device is updated to the latest operating version (iOS or Android), also please update your SoFi Hong Kong app to the newest version.
  2. Please check your device’s internet connection.
  3. Please force quit the app and relaunch.
  4. Please restart your mobile.

If you’re using an iPhone, please click here for steps on how to force quit an app
https://support.apple.com/en-us/HT201330If you’re using an Android device, check this out

https://support.google.com/android/answer/2668665?hl=en

If the problem still persists, please contact us at 2693 8888 for assistance.


If you encounter any problem in the app, you can always call us to place an order. We may in our sole discretion to waive any charges for the affected phone orders.

Can I participate in the HK pre-opening and close auction session?

Yes, you can use ‘Enhanced Limited Order (ELO)’ to participate in the pre-opening session as well as closing auction session. We only provide auction limited orders and do not support auction market orders.

How do I register a bank account through the app?

That’s easy! Simply log in, press ‘$’ at the bottom of the main screen -> click ‘manage bank accounts’ -> ‘add bank accounts’, input bank account details and upload. (It should show your full name and account number).

Please be reminded that you will also need to make a deposit of HK$10,000 from the newly added bank account to activate it, if your account is opened with an e-signature.

What if I don’t have sufficient available funds to settle an executed order?

If you don’t have enough settlement currency in your account to settle a trade, you are required to convert your available funds into the settlement currency through SoFi Hong Kong App or make a deposit. Otherwise, SoFi Hong Kong will conduct FX conversion to cover the deficit currencies at 11:00 HKT on the next business date after your trade is executed. Interest (P+8%) can be charged if your account has a negative cash balance in any currencies. Please see the Fees and Charges Table for details.

Please note that FX conversion will be processed on business days (Monday to Friday, exclude Hong Kong public holidays) only. We would recommend you to check your SoFi Hong Kong App for the status of your balance and transactions before placing instructions to buy securities.

Why is my order cancelled or rejected?

Your order could be cancelled or rejected under any of the following circumstances (for illustration only and not exhaustive):

Cancelled

  • Expired orders. Any unexecuted unfilled quantity of the order will be automatically cancelled.
  • GTD orders entered prior to the date of certain corporate actions. (forward or reverse stock split, exchange for shares, or distribution of shares etc.)
  • Trading halt is imposed by the US stock exchanges. All orders, including GTD order, will be cancelled. You may place the order again after the trading.

Rejected

  • The order price entered is significantly deviated from the previous closing price or nominal price.
  • Orders placed for stocks that are under certain corporate actions. (forward or reverse stock split, exchange for shares, or distribution of shares etc.)
  • Placing a sell order while your account has a “pending buy order” of the same stocks, vice versa.
  • Suspended or delisted stocks.
  • Insufficient buying power and / or holdings.

For additional information regarding a specific order cancellation or rejection, please feel free to contact us at 2693 8888 for assistance.

Forms and Agreements

Customer Agreement

Download Customer Agreement here

Notice To Customers Relating To Personal Data (Privacy) Ordinance

Download Notice To Customers Relating To Personal Data (Privacy) Ordinance here

Derivative Products Risk Disclosure Statement

Download Derivative Products Risk Disclosure Statement here

Change of Personal Details Application Form

Download Change of Personal Details Application Form here

Add or update your address, contact details, bank account or statement language preference

Form W-8BEN

Download Form W-8BEN here

Cash Instruction Form

Download Cash Instruction Form here

Notify us of your fund deposits, submit your withdrawal or currency conversion requests

Stock Instruction Form

Download Stock Instruction Form here

Submit your settlement, physical scrip handling or account transfer instructions

Hong Kong Real-Time Quote Subscription Form

Download Hong Kong Real-Time Quote Subscription Form here

Upgrade to unlimited HK real-time quote plan or de-activate it

Terms of Use – SoFi Hong Kong App

Download the terms of use here

Margin Trading Booklet

Download Margin Trading Booklet here

Margin Financing Agreement

Download Margin Financing Agreement here

SoFi Points

What is SoFi Points?

SoFi Points is a loyalty program. SoFi Hong Kong members can earn SoFi Points by completing tasks specified in the SoFi Hong Kong App and redeem rewards with the points earned. Rewards for redemption include free stock and many other upcoming rewards.

Who can participate in SoFi Points?

Once you successfully open an account on SoFi Hong Kong, you automatically become a member. Members can participate in this loyalty program. No membership fee needed.

What rewards will can I redeem with SoFi Points?

Rewards for redemption include free stock shares and many other upcoming rewards. Once you earn enough points, you can start claiming rewards.

How can I earn points?

You can earn points by completing tasks specified in the SoFi Hong Kong mobile application.

Do SoFi Points have an expiration date?

The expiration of the Points is dependent on the month they are credited into your account. The Points will expire after 12 months, on the last day of that month. For example, Points credited on 15 March 2021 will be expired on 31 March 2022.

You can refer to SoFi Points in-app balance to check the points’ expiry date. Upon the expiration date, all points accumulated will be cleared from your SoFi Hong Kong account immediately and cannot be used for any redemptions.

How long does it take to redeem your rewards?

SoFi Hong Kong will deposit the rewards into your account within 30 days upon receiving your redemption request and your SoFi Hong Kong account must be active at that time.

Where can I check my SoFi Points balance?

You can check your SoFi Points in-app by tapping the [Balance] tab anytime you want.

How to redeem rewards?

Rewards redemption request must be made through the SoFi Hong Kong Mobile App on the [Points] page.

Fractional Shares

What are Fractional Shares?

Fractional Shares allow you to buy a small portion of one share. Invest as little as US$10 per security and you can have a diversified portfolio of your favourite companies without investing a fortune.

Who can trade Fractional Shares?

SoFi Hong Kong provides US Fractional Shares trading to members who hold cash accounts with us. Note: Our margin accounts currently do not support Fractional Shares trading. Cash account owners will have to sell the Fractional Shares before upgrading to a margin account.

Are there fees involved when trading Fractional Shares?

SoFi Hong Kong charges no commission, platform or custodian fees for your fractional trades! However, you are responsible for paying government fees such as SEC transaction fees and trading activity fees when selling your Fractional Shares holdings.

How does it work exactly, buying and selling US Fractional Shares?

Buy Orders: Tap the Fractional Shares collection to easily search and choose from a list of eligible stocks. Then, you can place a Fractional Share Order, a dedicated order type with a minimum of US$10. Sell Orders: Go to your Portfolio, choose the Fractional Shares you want to sell.

When will my Fractional Share Order be executed?

Fractional Shares orders are not executed real-time. They are executed during the “Order Dealing Period”. All Fractional Share Orders for a stock are executed in batch once per day so there might be an impact on the execution price of your order. This will help minimize our cost to offer fractional trading services and in return offer $0 commissions, $0 platform fees and $0 custodian fees. The execution price will be within 20% market price deviation as indicated in the “Your Fractional Order Arrangement” notifications. If you do not accept the order execution and allocation arrangement, you can cancel your order during the Cooling Period.

Why is the executed quantity of a Fractional Share Order indicative and subject to change?

Fractional Share Orders are executed during the “Order Dealing Period” in batch once per day. (All half trading day orders will be carried forward to the next US trading day for execution.) Hence, the quantity of shares in the app and the notifications we send to you are for reference only. The executed quantity may differ but by no more than a 20% market price deviation.

Which order type can I place with Fractional Shares?

You can only trade fractional shares with “Fractional Shares Order”, which has similar characteristic to Market Order but except that it will not be executed immediately. The securities within the Fractional Shares collection are also available for whole share trading. To buy one share, you can tap on “More Order Types” and place a Market Order, Good Till Date (GTD) or Limit Order (LO).

Can I place multiple Fractional Share Orders for the same symbol on the same trading day?

You cannot place fractional order on the same symbol if there is another pending order on the same trading day for fair trading. However, you can cancel the previous one in a specific time period and set a new order.

Why are Fractional Share Orders capped?

We want to ensure a fair trading environment for all members of the SoFi community. All Fractional Share Orders for a stock are executed in batch once per day. Let’s say a couple of large orders are added to that batch. These large orders could potentially have a negative impact on the execution price of your order. By capping Fractional Share Orders at a certain quantity or estimated quantity, we prevent your orders from being affected by these large Fractional Share Orders.

What stocks are available for Fractional Shares trading?

Cash account members can trade 40 fractional stock symbols (more coming soon) in the SoFi Hong Kong app. The selected stocks are on the S&P 500 and/or NASDAQ 100 Index list which includes big names such as AAPL, AMZN, GOOG, NFLX and TSLA. In the app, you can search within the “Fractional Shares” collection for eligible stocks that are available for Fractional Shares trading.

Can I amend a Fractional Share Order?

Fractional Share Orders cannot be amended directly. If you want to change your Fractional Share Orders, you will have to cancel and submit a new order within the Order Input Period.

Will I receive dividends for the Fractional Shares that I own?

Yes, you will receive dividends proportionate to the percentage of the share(s) you own, which is rounded down to 2 decimal places after dividend tax.

What is the minimum buy/sell limit for a Fractional Shares Order?

For Buy Orders, we support buy by Dollars. The minimum buy amount is USD 10. For Sell Orders, we support both sell by Dollars (minimum USD 10) and sell by Shares (minimum 0.000001 shares).

Why might my Fractional Shares Order not get executed on the same day I place the order?

Under certain scenarios, your Fractional Shares Order may not be placed or executed. Please refer to the “Consent – Fractional Order” for more details. Some possible reasons: The stock price is not within 20% of the price indicated in “Your Fractional Order Arrangement” notification email. The order will be automatically canceled by the close of trading. Your Fractional Share Order will only be executed on a US full trading day. All half trading day orders will be carried forward to the next full trading day.

Account opening and management

Who can open an account?

You must be at least 18 years old. You must also maintain a bank account in your name with a licensed bank in Hong Kong.

Please download the SoFi Hong Kong app from either the App Store or Google Play.  You can open your account from the app.

How do I open an account?

You can open an account with SoFi Hong Kong from your smartphone. Download one of our apps from the App Store or Google Play. You will see the “Sign up” option on the app start screen. The mobile application takes 5-10 minutes to complete. We require a copy of your passport or Hong Kong permanent ID, proof of residential address within the last 3 months (utility bill, mobile phone statement, bank statement) and proof of bank account in your name maintained with a licensed bank in Hong Kong (bank statement, ATM card, bank book). You can take a photo and upload the documents directly from the app’s sign up process.

What is e-signature?

Once you have completed the application, simply sign the screen with your finger. As per the Securities and Futures Commission of Hong Kong’s requirements, e-signature applications require a HK$10,000 initial deposit.

How do I transfer my initial deposit?

As per the Securities and Futures Commission of Hong Kong’s requirements, e-signature applications are required to transfer an initial deposit of a minimum of HK$10,000 from your registered Hong Kong licensed bank account(s) to us for the purpose of identity verification.

 

 

Make a transfer to our bank accounts at HSBC or Bank of China. We only accept transfers in HKD, USD and CNY.

 

Reminder #1

Save Details: The amount, your bank account number, date of transfer, and our account number must be clearly visible.

 

Reminder #2

Company PAYEE name: SoFi Securities (Hong Kong) Limited

Remove brackets around the words “Hong Kong” if your bank doesn’t support special characters in the Payee name.

E.g: SoFi Securities Hong Kong Limited

 

Reminder #3

  • No cash deposit (banknotes) at ATM or at a bank branch is accepted
  • Do not accept transfer from a third party account
  • Do not accept transfer from a joint account
  • Do not recommend ATM/FPS transfer as your account number on the receipt may be masked. ATM/FPS transfer will require an additional screenshot on the e-banking record as a supplement document
  • We only accept bank-to-bank transfer
  • We don’t support Money Transfer Operator(MTO) – such as TransferWise, InstaReM or OFX

 

How do I submit my completed application?

You can submit your application from the SoFi Hong Kong app. As per the Securities and Futures Commission of Hong Kong’s requirements, you are required to transfer an initial deposit of a minimum of HK$10,000 from your registered Hong Kong licensed bank account(s) to us for the purpose of identity verification.

Alternatively, call us at 2693-8888 for further enquiry.

How long does it take to activate my account?

After receiving the email from us that says ‘Your SoFi Hong Kong account has been opened’, you’ll be able to log in and use our SoFi Hong Kong app by 8pm that day and start funding your account.

You’ll be able to see your initial fund deposited around 2pm next business day.

Is there any account opening fee?

100% Free. It is fully transparent and you pay nothing to open your account at SoFi Hong Kong.

How do I reset my password?

You can reset your password online. Go to the login screen and click “Forgot password”. A link will be immediately emailed to you. Simply follow the link provided on email to reset your password.

How do I change my personal account information?

You can download and complete this form, fill in the relevant sections and email, fax or mail it back to us. The changes normally take one business day to reflect in your account. You can change or add to your address, contact number, email, registered bank account and preferred statement language.

For residential address changes, you are required to provide a copy of proof of address (utility bill, mobile phone statement, bank statement) within the last 3 months.

For registered bank account(s) changes, you are required to provide a proof of bank account (bank statement, ATM card, bank book). The account name and account number must be shown on one single page and are identical to your name and the bank account number on the form. If your securities account is opened by a transferal deposit, the registered bank account must be a Hong Kong licensed bank account and you are required to activate this bank account by successfully transfer an initial deposit of not less than HK$10,000 to us from this bank account.

How and when do I receive my statements?

You will receive a monthly statement with a record of your monthly transactions and balance. If you conduct one or more trades in any given day you will also receive a statement at the end of that day. Statements are sent to you via email and you may request paper copies. If you do not receive your statement please check your email spam folder. You can also contact us on +852 2693 8888 or [email protected]

What currencies can I use to fund my account?

You can fund your account with HKD, RMB or USD. You can convert your currencies online. Instructions that are received by 11am will be completed the same day.

Is an initial deposit required to be a customer?

As per the Securities and Futures Commission of Hong Kong’s requirements, you are required to transfer an initial deposit of a minimum of HK$10,000 from your registered Hong Kong licensed bank account(s) to us for the purpose of identity verification.

Furthermore, you do not have to hold a minimum balance to be a customer.

Is your platform stable?

Our products and services are built for performance by maximizing speed and stability. We build our software on Google and Microsoft frameworks and use a micro-services architecture also used by companies such as Facebook, Netflix and Uber. Our products run on Amazon Web Services infrastructure. We monitor our systems in real-time.

Is my account and information secure?

SoFi Securities (Hong Kong) Limited is a licensed corporation in Hong Kong and regulated by the Securities and Futures Commission of Hong Kong. Your cash is held in segregated custodial corporate accounts with HSBC and Bank of China and your US and Hong Kong stocks are held in custody with the Depository Trust & Clearing Company (DTCC) and the Hong Kong Securities Clearing Company Limited (“HKSCC”) respectively. We use bank level security and data encryption to protect you. We regularly perform third party penetration testing to ensure our apps and your information is secured with the most advanced security software and practices.

How do I transfer stock to my account from another brokerage?

You can download and complete this form and we will interface with the other brokerage to either transfer stock in or out of your account. The process typically takes 1-3 business days for Hong Kong stocks and 7-10 business days for U.S. stocks.

What is a W-8BEN form?

Under the U.S. Foreign Account Tax Compliance Act (FATCA), SoFi Securities (Hong Kong) Limited is required to collect and retain certain tax status information about you. You are required to provide a filled and signed W-8BEN form as documentation to determine your tax status as a  U.S. person or a non-U.S. person during account opening.

Generally, the form will remain valid for a period starting on the date the form is signed and ending on the last day of the third succeeding calendar year, unless a change in circumstances makes any information on the form incorrect. For example, a Form W-8BEN signed on September 30, 2014, remains valid through December 31, 2017. You can re-submit a new W-8BEN form via SoFi Hong Kong app when they are about to expire or you can download a physical form from our website anytime if there is any change of the information.

Be advised that failure to provide this information will force us to mark your account as recalcitrant, which may be subject to suspension and/or tax withholding on all withhold-able payments, as prescribed by pertinent law and regulation.

Why is there a negative balance in my account?

There are two main reasons for negative balance to appear in your account. First, when placing a market order, the actual amount needed to purchase your order might be higher than the indicative price shown on the app, hence the potential negative balance.

Another possible reason is that if a trade is placed from a different currency, e.g. buying US stocks with HKD balances, the difference in the currency exchange rates between the time of order placement vs fund conversion (normally on the next business day) will result in a negative balance.

You are advised to settle the negative balance as soon as possible, before we forced settle the amount. Interest may be incurred.

Deposit and withdrawal

How do I deposit funds into my account?

You can make deposits into your account through internet and phone banking, ATM, bank branch, telegraphic transfer or overseas telegraphic transfer.

Address for Telegraphic Transfer –

HSBC: HSBC Main Building Plaza, 1 Queen’s Road Central, Hong Kong

BOC: 1 Garden Road, Hong Kong

Fees and Charges Table

How do I withdraw money from my account?

You can submit a withdrawal instruction online or download and complete this form and email, fax or mail it to us. You can request to transfer the money to your registered bank account.

The transfer of cash to a Hong Kong bank is typically completed within one to two days if the instruction is made before 11am. Instruction received after 11am will be processed on next business day.  For withdrawal request submitted on the settlement date, it will also be processed on the next business day. Please note that the processing time of the individual banks could be different and therefore may affect the actual time of cash reflected in your account.

When will my deposit show up in my account?

We have 2 cut-off times for deposit instructions: 11am and 4pm on weekdays, Monday to Friday. We are not currently able to process fund deposits on weekends and public holidays.

If you submit your deposit request and upload transaction proof correctly in-app by 11am, the deposit will usually be available by 3pm that day. If you submit your request between 11am – 4pm, you’ll be able to see the fund balance at around 8pm the same day.

When will my withdrawal show up in my bank account?

Our cut-off time for withdrawal instructions: 11am on weekdays, Monday to Friday. We are not currently able to process fund withdrawals on weekends and public holidays.

If you submit your withdrawal request in-app by 11am, the amount will usually show up in your bank (HSBC/BOC HK) account after 8pm the same day. For non HSBC/BOC HK accounts, there may be up to 1 business day of processing time.

Why is my deposit rejected?

We currently do not accept cash note deposit and third-party transfers. We will also not process any deposits coming from non-registered bank accounts. Please register your bank accounts via the app before transferring funds.

When uploading your transfer proof/receipt from a registered bank account, please make sure that the following information is shown:

  • Transferring from [your registered bank account number]
  • To [our bank account number]
  • Transfer amount
  • Date of completion

If any of the above information is missing, we may not be able to process your request due to compliance concerns.

How do I upload my receipt to the app?

Once you’ve taken a screenshot of the online transaction/ taken a photo of the transfer receipt, please log in to SoFi Hong Kong app. Click the ‘$’ at the bottom of the main screen, then you’ll see ‘Deposit’.  Click the camera icon to upload the proof/receipt, select the right bank account and currency, input deposit amount and click submit.

Please make sure your proof/receipt holds the following information:

  • Transferring from [your registered bank account number]
  • To [our bank account number
  • Transfer amount
  • Date of completion

If any of the above information is missing, we may not be able to process your request due to compliance concerns.

Why should I deposit a non-rounded amount?

It’d be great if you deposit a non-rounded number to us by adding $1 or 10 cents to your whole amount, e.g. $10,001, $30,000.2 etc.
It’ll be faster to identify your deposit this way and also make our lives easier! Thank you!

When can I make a withdrawal?

If you haven’t trade recently, you can make a withdrawal whenever your ‘Cash Balance’ is positive.

If you make a sell trade from HK or US market, it’ll take 2 business days (T+2) to settle. This amount will be shown as ‘Net Unsettled’ on the ‘Balance’ page in the app (Menu -> Balance -> Downward arrow under ‘Buying power’).

On the third business day (T+3), you will be able to see it as ‘Cash Balance’ and you can submit a withdrawal request to transfer funds back into your registered bank account. Cut-off times and transfer processing time apply for fund withdrawals.

Please note that if you execute more trades within the (T+3) period after you make the first sell trade, the unsettled balance maybe accumulated.

Why can’t I withdraw all the funds displayed under ‘buying power’ ?

When you make a sell trade from HK or US market, it’ll take 2 business days (T+2) to settle. This amount will be shown as ‘Net Unsettled’ under ‘Buying power’ (click downward arrow to show the whole breakdown of your funds).

On the third business day (T+3), you will be able to see it as ‘Cash Balance’ and you can submit a withdrawal request to transfer funds back into your registered bank account. You will have to wait until this day to withdraw the amount. Cut-off times and transfer processing time apply for fund withdrawals.

Please note that if you execute more trades within the (T+3) period after you make the first sell trade, there may be additional settling time.

What if I don't notify SoFi Hong Kong after making a deposit?

If you do not submit a fund deposit request on our app after transferring funds into our bank accounts, we might not be able to identify your deposit, funds might not be credited into your brokerage account.

Please let us know if this happens – we will try our best to help.

When will FX conversion happen?

When you do not have specific currency to settle a transaction, SoFi Hong Kong will conduct FX conversion if you have any other currency available.

Besides, you can instruct a FX conversion in SoFi Hong Kong App anytime.

FX conversion will be processed on business days (Monday to Friday, exclude Hong Kong public holidays). FX instructions that is placed before the cut-off time of 11:00 HKT will be completed in the afternoon on the same day. Instruction received after the cut-off time will be handled on the next business day.

Please note that the rate displayed in SoFi Hong Kong App is an indicative rate only, the actual rate of conversion will be different.

Are there any charges for fund withdrawal?

There is no extra cost from us, if your fund withdrawal is transferred to your HK HSBC/BOC (HK) account. However, if the withdrawal is transferred to any other banks or via cheque withdrawal, we will charge HK$15/US$2 from your withdrawal instruction or at cost fee (min US$35) if the withdrawal is transferred to any overseas banks.

Please refer to our Fees and Charges Table for more details.

Auto Invest

What is Auto Invest?

Auto Invest is SoFi Hong Kong’s robo advisor.

 

Based on your financial goals and comfort level with risk, Auto Invest uses a clever algorithm to intelligently invest your money in a globally diversified portfolio of US listed Exchange Traded Funds (ETF) covering over 13,000 stocks in over 35 countries.

 

Your investments will track a model portfolio, which is a diversified group of assets designed to achieve an expected return with a corresponding risk.

What are the benefits of Auto Invest?

We build your portfolio of Exchange Traded Funds (ETF) from leading fund managers such as BlackRock and Vanguard. No need to worry about keeping an eye on all these investments because Auto Invest intelligently monitors your portfolio around the clock and will rebalance it based on market conditions.^

 

^Please refer to the risk disclosure under the Robo Advisory Agreement

Do I have to pay to use Auto Invest?

SoFi charges a monthly flat fee of HK$30 for you to enjoy the features within our trading app. We do not charge an additional portfolio fee on top for Auto Invest.

You will need to pay SEC Transaction Fees or Trading Activity Fees which are charged by the market when selling your stocks.

What is a risk profile?

Understanding your risk attitude and tolerance is an important step before you start investing by taking a short questionnaire. Your risk profile determines what types of portfolio you can invest in.

 

There are 5 portfolios available:

1) Conservative, 2) Moderately Conservative, 3) Moderate, 4) Moderately Aggressive and 5) Aggressive.

 

For instance, a “Moderate” risk profile can only invest in portfolios that are Moderate or below. You can always resubmit your answers through the “Reassess” button.

What is the minimum investment amount?

Your initial contribution to start investing is US$100. You may reference the following transaction amounts below.

 

  • Initial Contribution: US$100
  • Min Monthly Recurring (Optional): HK$100
  • Min Subsequent Deposit: US$10
  • Min Withdrawal: US$10*

 

*If your asset balance is below US$100, your min. withdrawal amount is your asset balance. If you decide to withdraw from Auto Invest, your funds will be transferred to your Direct Invest account.

Can I set up a monthly contribution?

Yes. When setting up your new investment, you have the option to input an amount for your monthly contribution.

 

If you wish to make monthly recurring contributions and hold a bank account with HSBC / BOC, we support Direct Debit instructions. The amount you set will be directly debited from your bank account on a monthly basis. We will aim to process your Direct Debit on the 15th of every month. If the 15th falls on a Hong Kong public holiday, Direct Debit will be processed the next working day.

 

If you are a HSBC customer, to set up Direct Debit:

  • Go to your bank’s website
  • Log in to your HSBC personal account, select My Bank > Auto Pay > Set Auto Pay
  • Select your HSBC bank account which is registered with SoFi
  • Select SoFi Securities (Hong Kong) Limited.
  • Input your first 8-digit SoFi account ID
  • Set frequency to Monthly.
  • Input a maximum amount per transaction.

 

 

If you are a BOCC customer, to set up Direct Debit:

  • Go to your bank’s website
  • Log in to your BOC online banking, select Payment > Direct Debit Authorisation
  • Select the tab of merchant Proxy ID / Account Number, then select Merchant Account Number.
  • Input the Merchant Account Number: 01274600010102. The Merchant Name is: SoFi Securities (Hong Kong) Limited.
  • Input your first 8-digit SoFi account ID as Debtor Reference.
  • Select HKD, and select Per Month as Payment Periodicity.
  • Select your BOC bank account which is registered with SoFi.

 

Unfortunately, Direct Debit is not supported for other banks at the moment.

What if I want to stop making direct debit deposits?

You have full control. You need to switch off your monthly direct debit setting at least 3 business days before the 15th of the month.

 

In order to do so:

  • Under Auto Invest, select your investment portfolio
  • Under “Monthly Contribution”, tap onto your current US$ amount.
  • Toggle “Activate Monthly Direct Debit” to off.
  • Hit “Save” at the bottom of the page.

 

If you wish to resume making monthly contributions, you need to re-activate direct debit following the steps above while toggling “Activate Monthly Direct Debit” to on.

Can I change the amount of my direct debit deposit?

Yes. No later than 3 business days before the 15th of each month, you need to edit the amount of your “Monthly Contribution”.

 

In order to do so:

  • Under Auto Invest, select your investment portfolio
  • Under “Monthly Contribution”, tap onto your current US$ amount.
  • Ensure “Activate Monthly Direct Debit” is toggled on.
  • Enter an amount into either the “USD” or “HKD” field.
  • Hit “Save” at the bottom of the page.

What is the minimum sell amount?

US$10.

 

Please note your minimum portfolio value (amount after partial withdrawal) should not be lower than US$100. For instance, if your account has less than US$110, you will need to withdraw all your funds. If your account has more than or equal to US$110, you may sell parts of your funds with a minimum order amount of US$10 as long as the remaining amount is US$100.

How can I deposit money into Auto Invest?

Auto Invest transactions are all in USD only. Your order is accepted when you have sufficient USD balance in your Direct Invest account. We will transfer the USD available in Direct Invest to Auto Invest automatically. If you have set up a direct debit, we will debit the amount from your linked bank account in HKD and deposit into your Auto Invest account after converting to USD on the transaction date.

What is rebalancing?

If your portfolio deviates from the model portfolio under certain scenarios, Auto Invest will trigger auto-rebalancing to optimise your portfolio. For example, the model portfolio allocates 10% of your invested amount to ETF A. When price moves and makes the actual allocation drop to 5% or below or rise to 15% or above, Auto Invest will automatically rebalance for you. If price goes up, Auto Invest will sell part of your ETF A and buy other ETFs in the model portfolio to bring your investment back to the optimal allocation.

 

Please refer to the section REBALANCE under the Robo Advisory Agreement for more details.

Can I cancel my order?

You can cancel your order by calling our customer service hotline before 23:59 on the execution date.

Where can I find Auto Invest within the app?

Easily switch between Auto Invest and Direct Invest interfaces by tapping “Auto Invest” or “Direct Invest” at the top of the app.

Fees and Charges

What is Platform Fee?

The platform fee is a monthly account maintenance fee charged to SoFi members for using our services. Our HK$30 platform fee will enable SoFi members to enjoy unlimited HK$0 commission trades whilst covering our operating costs to enhance members’ investing experience.

When will you start charging the platform fee?

The platform fee will be effective in October 2021 and the October platform fee will be charged to your account on 1st November 2021.

If I don’t trade this month, do I still have to pay?

Yes, the platform fee will be charged each month. But if you hold under HK$30 worth of net assets with us, the platform fee will be waived for the month.

 

*Terms and conditions apply

Are other banks or brokers cheaper?

HK$30 is less than the cost for a single trade at most banks and brokers. While some of our competitors may not have account maintenance fees, they have transaction fees and other hidden fees that eat into your gains and amplify your losses.

 

In SoFi, you can enjoy unlimited 0 commission HK / US trades with a monthly platform fee as low as HK$30. What’s more? There are plenty of exciting innovative features such as Social and Auto Invest coming soon!

 

*Please refer to Fees and Charges Table for more details

Will I be charged if I don’t have any money in my account?

The platform fee will apply if you have at least HK$30 worth of net assets (Cash + Stock) with us. The platform fee will be deducted from your brokerage account. 

 

If there is insufficient Hong Kong dollars, your account will be in negative balance and may start to accrue interest. If you have any other currencies in your brokerage account, we will automatically convert them to cover your negative balance on the next business day.

I just opened my account today, do I need to pay the platform fee immediately?

Don’t worry, you don’t need to pay this month. The platform fee will begin next month. To clarify, if your account is successfully opened on March 15th, the first payment (which will be the April platform fee) will be on May 1st.

Fees and Charges Table

The Fees and Charges are also (besides any terms entered between the client and our Company) subject to the Terms and Conditions in relation to Fees and Charges as posted from our website from time to time.

Download Fees and Charges Table here.

Lend and Earn

What is Lend and Earn?

Lend and Earn (also known as ‘Securities Lending Program’) for SoFi Hong Kong is the practice of lending your shares to other investors or firms on behalf of you. By lending shares in your SoFi account, you will obtain 100%** of the interest earned on the Money Market Fund collateral.

 

**SoFi Hong Kong will share the interest earned on the money market fund collateral to you. SoFi Hong Kong may in its sole discretion change the interest sharing percentage from time to time. The relevant information will be posted on the website.

What are the benefits of Lend and Earn?

Yield Extra Income – When your shares are on loan, you will receive collateral and earn interest based on the collateral amount and market rates.

Easy to Manage – Just sit back and enjoy extra income! Once you participate in Lend and Earn, we will manage the share lending process so you will be hassle-free.

Highly Flexible – You can sell your shares with no restrictions, no change at all.

What return will I get if I lend out my shares?

When your shares are loaned, collateral will be given to you in the form of cash or money market fund. SoFi Hong Kong will share with you all the interest earned on the money market fund collateral.

 

The return you can get will depend on the interest rate of the money market fund and the sharing percentage from SoFi Hong Kong, which may be subjected to changes from time to time. The return will be calculated and accrued daily and will be posted to your account on a monthly basis.

 

You can see the return on your statement once it’s posted.

How to participate in Lend and Earn?

For now, the Program is currently for invited members which is available for 4.0.23 or any newer app versions. To be part of Lend and Earn, we will need your consent. You can click [Accept] in the app pop up to give consent.

 

If you do not see the pop up invite in the app and would like to be part of it, please contact our Customer Service Team.

Why I participated in Lend and Earn but receive no income?

There’s no guarantee that all shares in your account will be loaned through Lend and Earn as there may not be a demand for certain shares.

 

The market rate fluctuates. If the market rate is too low you may not receive any income even if the shares are being lent. If the market value of the loaned shares is low, you may not receive any income either.

Can I sell some or all my shares, even if some of it is being lent?

Yes. You can sell your shares at any time with no restrictions, no change at all.

 

You will see the full quantity of your shares in the App. In the statements, we show you the quantity loaned.

What are the risks involved?

Please refer to part E of the Securities Lending Agent Agreement for more details of the risks involved. SoFi Hong Kong will try to reduce some of the risks, for example, by safekeeping the collateral you have in a third-party trust account.

How do I manage my participation in the Program?

If you are one of the invited members, you can click [Accept] in the app pop up to give consent. If you do not see the pop up and would like to be part of the Program, please contact our Customer Service Team.

Are the stocks in my Margin Account eligible for the Program?

Not yet, the shares in your Margin Account are currently not eligible for the Program. Only the shares in your cash account are eligible. This may change in the future as we plan to extend the Program to Margin Account.

Will my Fractional Shares be eligible for the Program?

Yes. Fractional Shares can also be lent.

Can I select which shares to lend ?

No. Once you participated in Lend and Earn, SoFi Hong Kong will manage the process and arrangement for share lending. You will not be able to choose what shares to lent.

Will I retain voting rights on loaned shares?

No. You will not have voting rights on loaned shares as they are transferred to the borrower.

Where is my collateral?

When your shares are loaned, collateral will be given to you by the borrower.

 

The collateral will be held in a trust account maintained by a financial institution outside Hong Kong. You will not be able to see the collateral in the app nor withdraw any of the collateral unless there is an occurrence of a default from the borrower.

 

The collateral will be given to you in the form of cash or money market fund and shall equal at least 100% of the market value of the loaned shares as per the closing price of the day before the last trading day.

Sours: https://www.sofi.hk/faq/

Money account sofi

Get a FREE Disney share (worth US$173).

We have a <b>winner</b> for our lucky draw!

Welcome offer: Get a FREE Disney share!

Welcome offer: Get a FREE Disney share!

Get Started

Open an account with Hong Kong’s easiest to use investing app.

It’s quick and easy to open an account.

Submitting your application takes just minutes.

Submit your application in under 10 minutes

Get the following documents ready before you start the account opening process:

  • Identity Card / Passport
  • Proof of residential address
  • Proof of bank account

Sign with e-signature

Once you have completed the application, simply sign the screen with your finger. E-signature applications require a HK$10,000 initial deposit.

Claim your account opening gift!

All new accounts get a FREE share of Disney (worth US$173)

You will receive your welcome gift when your account is successfully opened. Ends 31st October 2021.

Terms and conditions.
*Share price as of 13th October 2021

FAQs

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Q:   How do I open an account?

You can open an account with SoFi Hong Kong from your smartphone. Download one of our apps from the App Store or Google Play. You will see the “Sign up” option on the app start screen. The mobile application takes 5-10 minutes to complete. We require a copy of your passport or Hong Kong permanent ID, proof of residential address within the last 3 months (utility bill, mobile phone statement, bank statement) and proof of bank account in your name maintained with a licensed bank in Hong Kong (bank statement, ATM card, bank book). You can take a photo and upload the documents directly from the app’s sign up process.

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Q:   Is there any account opening fee?

For only HK$30/month, enjoy unlimited stock trading, community and support.

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Q:   Are my account and information secure?

SoFi Securities (Hong Kong) Limited is a licensed corporation in Hong Kong and regulated by the Securities and Futures Commission of Hong Kong. Your cash is held in segregated custodial corporate accounts with HSBC and Bank of China and your US and Hong Kong stocks are held in custody with the Depository Trust & Clearing Company (DTCC) and the Hong Kong Securities Clearing Company Limited (“HKSCC”) respectively. We use bank level security and data encryption to protect you. We regularly perform third party penetration testing to ensure our apps and your information is secured with the most advanced security software and practices.

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Q:   Is an initial deposit required to be a customer?

As per the Securities and Futures Commission of Hong Kong’s requirements, you are required to transfer an initial deposit of a minimum of HK$10,000 from your registered Hong Kong licensed bank account(s) to us for the purpose of identity verification.

Furthermore, you do not have to hold a minimum balance to be a customer.

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Q:   How long does it take to activate my account?

After receiving the email from us that says ‘Your SoFi Hong Kong account has been opened’, you’ll be able to log in and use our SoFi Hong Kong app by 8pm that day and start funding your account.

Your initial deposit will also be in your account by 8pm on the same day.

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Q:   How does SoFi Hong Kong make revenue?

Our cost to execute a trade is virtually zero and we want to pass that benefit to you. We will launch a margin lending service for active traders in the near future. We also earn from interest and handling charges. It’s that simple. We are a diversified business with brokerage. As such, we have diverse revenue streams which allow us to offer $0 commission trading in Hong Kong.

See more FAQs

Sours: https://www.sofi.hk/open-account/
SoFi Money Review - BEST Online Bank Account In 2021

SoFi Money Bonus: $175 Cash Promo for New Accounts in October

SoFi Money is a cash management account that allows you to get some of the benefits of both a checking and a savings account. What’s more, new customers can currently earn two sign-up bonuses worth a total of $175, even if you just want to take SoFi Money for a “test drive.”

Offer Details

Secure application on issuer’s website.

Bonus: Up to $175 ⓘⓘ$75 bonus for opening and funding a new account with $125 or more. Plus, $100 bonus for switching your direct deposit to SoFi.
Monthly Fees: None
Minimum Opening Balance: None
Features:
Earn 0.25% APY with monthly deposits of $500 or more
Early direct deposit
No minimum monthly balance
No maintenance fees, non-sufficient fund fees or overdraft fees
Access to 55,000 ATMs worldwide through the Allpoint Network
FDIC insured

Here’s how the sign-up bonuses work. Slickdeals users who open and fund a new SoFi Money account with $125 or more are eligible for an exclusive $75 bonus. Additionally, when you move your direct deposit from your current bank to your new SoFi account, you can earn an additional $100 bonus (for a total of $175). We dive into the eligibility details of both of these bonuses later in this SoFi review.

Beyond the sign-up bonuses, though, SoFi Money has a lot to offer. While it’s not technically a checking or savings account, your money is still protected. Plus you’ll get a few other big perks including rewards and a better-than-average interest rate when you meet direct deposit requirements.

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If you’re considering an account with SoFi Money, here’s everything you need to know.

SoFi Money Bonus: $175

It’s pretty common nowadays for banks and brokers to offer a welcome bonus when you sign up and meet certain requirements, and the SoFi Money account is no different. New customers can currently earn a one-time bonus of $175 when you stack two bonus offers: a Slickdeals exclusive $75 and a direct deposit bonus of $100.

Slickdeals Exclusive $75 Bonus

Slickdeals is offering a $75 bonus to people who open and fund a new SoFi Money account with $125 or more. However, there are a couple of additional hoops to jump through to be eligible for this offer.

Your SoFi bonus will be sent to your Slickdeals Rewards account within 30 calendar days after meeting the above criteria. If you’re not familiar with Slickdeals Rewards, you can read about this free cash-back program. Essentially, your $75 bonus will post to your Slickdeals Rewards account where it can be transferred to a connected PayPal account.

Here are a few steps to assist you with qualifying for the exclusive Slickdeals bonus:

  • Install the Slickdeals Shopping Assistant Browser Extension (if you don’t already have it installed) and follow the SD Rewards prompts (PC or laptop only).
  • Follow the additional prompts in the link above to ensure that you’re enrolled in SD Rewards, that your account is registered and that you are signed-in. You need to have an account to track and redeem your bonus.
  • Once logged into your Slickdeals account, click through any of the SoFi Money links on this page to open and fund your new SoFi Money account. You must apply through a link on this page in order to receive the $75 bonus.
  • Do not close the SoFi Money window prior to confirming and funding your new account. Closing the window may make you ineligible for the $75 bonus.
  • Once you open and fund your new SoFi Money account, you will be able to track your order here. You should expect to receive your $75 bonus via Slickdeals Rewards Points within 30 calendar days of funding your account

Beware of AdBlockers

It’s never a good idea to have AdBlock active when you are applying for a credit card or bank account. This offer is no different. Be sure to disable any extensions that are blocking advertisements or, alternatively, whitelist the Slickdeals website. Furthermore, make sure cookies are enabled in your browser as well.

Fine Print

The $75 bonus offer is provided solely by Slickdeals and is unrelated to any benefits or offers provide by SoFi. SoFi is not responsible for the $75 bonus. Slickdeals is pleased to make this offer available to you. Please follow the instructions carefully to help avoid any processing issues. For questions related to this bonus offer, please submit a support request.

Direct Deposit $100 Bonus

In addition to the exclusive Slickdeals bonus, you can earn $100 when you open a new SoFi Money account and move $1,000 or more in total qualifying direct deposits into your new account within a 30-day period.

In fact, all new and existing SoFi Members without a prior history of direct deposit transactions are eligible for this $100 SoFi promo. Once you meet the direct deposit requirement, you’ll receive your welcome bonus money within two weeks.

SoFi defines qualifying direct deposits as transactions made from an enrolled member’s employer, payroll or benefits provider via ACH deposit. After you meet the bonus eligibility requirements, you can either move your direct deposit or keep it with SoFi to unlock even more benefits, like a 0.25% APY on your account balance.

SoFi Direct Deposit Bonus Fine Print

To be eligible for the SoFi Money bonus, you’ll need to open an account by September 30th, 2021 (11:59 p.m. ET). Furthermore, an enrolled member must have $1,000 or more in total qualifying direct deposit transactions within a 30-day period. New SoFi members have 60 days after enrollment in order to qualify for the $100 bonus.

The deposit must come from your employer, payroll or benefits provider — such as a paycheck or government-issued benefits check. Transfers from Venmo, PayPal and similar peer-to-peer payment services don’t count, and neither do ACH transfers from other bank accounts that don’t belong to your employer.

Additionally, one important thing to keep in mind with this welcome bonus is that it’s considered miscellaneous income for tax purposes. This means you may receive a form 1099-MISC (or Form 1042-S, if applicable) in the mail at the start of tax season, and you’ll need to claim that income on your tax return. However, this is a common occurrence with bank account and broker bonuses, and the value of the bonus far outweighs the tax bill.


SoFi Money Referral Bonus

Once you become a SoFi member, using its mobile app, you can send referral links to friends and family members to also open an account. If they use your unique referral link to open an account, fund it with $500 or more within 14 days and keep it there for at least 30 days, both you and the person you referred will receive a referral bonus of $15.

SoFi encourages members to send referral links to friends, colleagues, family members and anyone else you think may be interested in opening a cash management account.

Here’s how to get credit for your referral links and earn a referral bonus. Using the SoFi app, log into your account to access your own unique referral link and then do the following:

  • Look for the “Invite friends” button (or tile) on your SoFi Money home screen.
  • Click on the button to generate referral links for friends via a pre-populated SMS, email or social media.

You can earn up to $10,000 per calendar year in referral bonuses with these referral links. Terms and conditions apply.

SoFi Promo Codes

No SoFi promo codes are necessary to claim any of the new account bonuses you’ll find on this article. Simply follow the steps above, and you will receive your bonus — no promo code needed!


What Is SoFi?

friends laughing on the beach

The first thing you need to know about SoFi Money is that it’s not a bank account. However, you will still enjoy the piece of mind that an FDIC-insured account provides.

Rather, SoFi Money is a cash management account for SoFi Invest, the financial institution’s brokerage service. This doesn’t mean you need to invest anything in your SoFi Money account or open a SoFi Invest account, but it does mean there are a few differences to keep in mind.

Also, it’s not possible to deposit cash into your SoFi account. If you receive some cash and don’t want to carry it around with you or leave it lying around your house, you’d need to deposit it with a brick-and-mortar bank or credit union, then transfer it to SoFi Money.

Finally, there are some banking products that are missing from SoFi Money that you may be able to get from a traditional bank or credit union, such as certificates of deposit and more.

SoFi Money Rewards

Following the Great Recession, the Federal Reserve capped debit card interchange fees at the behest of Congress, and debit cards with rewards became a dying breed. But recently, they’ve started making a comeback, especially as online banks and brokers have grown with their lower overhead costs.

SoFi Money offers one of those accounts, with the only catch being that you need to have a direct deposit of at least $500 per month on your account.

SoFi Money’s debit card doesn’t offer a flat rewards rate on all of your spending. But when you check your SoFi Money app, you’ll be able to view various offers for 10% back from popular retailers.

You can also earn up to 15% cash back when you spend money at select local restaurants and retailers — again, you can view the eligible locations in your SoFi account app.

Finally, SoFi has regularly rotating limited-time offers that you can take advantage of. Past offers have included Nike, Warby Parker and more.

Depending on how you spend your money, you may not be able to take advantage of all of these rewards offers. But if your alternative is a checking account with no rewards at all, it’s easy to see that SoFi has an advantage.

Interest-Earning Account

SoFi Money isn’t a high-yield savings account, but it offers a much higher annual percentage yield (APY) on your deposits than the vast majority of checking and also many savings accounts on the market. If you have $500 in monthly direct deposits, you’ll earn 0.25% APY on your balance in the account. According to the FDIC, the average interest rate on an interest-bearing checking account is 0.04%.

If you don’t meet the direct deposit requirements, though, your APY will be a measly 0.01% interest rate, which is just as good as zero. But if SoFi is your primary account and you can easily meet the direct deposit requirement, you won’t have any issues.

Other Benefits

Cash-back reward offers, a relatively high APY and referral bonuses may be enough for a lot of people to pick SoFi over other banking alternatives. But if you want more, the account provides more. Here are some of the other features you can look forward to with this hybrid checking-savings account:

  • Vaults: SoFi Money Vaults are extensions of your account, where you can earmark funds for certain goals. You can create up to 20 Vaults, and there are no fees or minimum balance requirements.
  • Roundups: While this feature isn’t yet available, it is coming soon, according to SoFi. With the Roundups feature, every purchase you make with your debit card will be rounded up to the nearest whole dollar. Then the difference will be automatically transferred to one of your Vaults, which you can dedicate for that savings. Saving a few cents every time you swipe your card may not sound like a lot, but it can add up over time.
  • Money transfers: The app allows you to transfer money to anyone you want, similar to Venmo or Cash App. If they’re a SoFi member, they’ll receive the funds instantly. If not, they’ll receive the cash within two to three business days after they submit their bank account information to get the funds.
  • Mobile deposit: While you can’t deposit cash into a SoFi account, you can deposit checks via the mobile app.
  • No ATM fees: Withdrawing cash is fee-free. No ATM fees if you use one of the more than 55,000 ATMs worldwide in the Allpoint network.
  • No monthly fees: SoFi does not charge members many of your usual banking fees. Therefore, there are no account fees or monthly fees.

Fees

Another benefit of having a SoFi Money account is that you don’t have to worry about account fees, which are what banks and credit unions may choose to charge on all accounts to maintain them. This primarily includes a monthly servicing fee. There are also no ATM fees if you use one of the more than 55,000 ATMs worldwide in the Allpoint network.

That doesn’t mean SoFi Money is fee-free, though. If you use an out-of-network ATM, for instance, you’ll be charged a fee by the ATM owner, and SoFi won’t reimburse that fee like some other online banks do. There’s also a foreign currency conversion fee of 0.2%, which you’ll be charged if you use your debit card to make a purchase or ATM withdrawal in a foreign currency.

Other fees include a $15 outgoing wire transfer fee, a $15 returned ACH or insufficient funds fee and a $5 paper statement fee — these are all associated with the SoFi Invest platform.

How to Maximize the SoFi Money Account

SoFi Money offers a lot of features that you can’t get with a traditional checking or savings account. And because it’s a cash management account, it makes it easier to fund a SoFi Invest account, if that’s something you want to do. Read our full SoFi Invest review to learn more.

To maximize the value you can get from SoFi Money, here are some things you can do:

  • Read the fine print on the sign-up bonus to make sure you receive the full amount.
  • Meet the monthly $500 direct deposit requirement to qualify for the higher APY and cash-back rewards.
  • Check your mobile app regularly for the latest limited-time cash-back offers.
  • Take advantage of your Vaults to establish and track different savings goals.
  • When it’s available, turn on the Roundup feature, so you can save every time you use your debit card.

With the cash-back offers, it’s also important to know when not to take advantage of an offer. In general, if you would’ve spent the money with or without the rewards, activate the offer and get your rewards. But if you’re spending money you wouldn’t normally spend just to earn 10% or 15% back, you’re losing more than you’re gaining.

SoFi Credit Card

SoFi also offers a credit card that pairs well with its Money account. The SoFi credit card offers flat-rate 2% unlimited cash back for everyday spending. The credit card awards 1% cash back on all eligible purchases — and when you redeem rewards to pay down eligible debt, transfer to your SoFi Money or SoFi Invest account, it awards an extra 1%, for a total of 2%.

Furthermore, when you make 12 on-time payments, the APR on any remaining credit card balance is lowered by 1%. This is a lot of value for a credit card with no annual fee.

The one drawback is that the SoFi credit card does not offer a new cardholder bonus, and it’s currently only available to active SoFi members.

SoFi Invest

SoFi Invest provides a lot of different options for investors, including active investing, an automated robo-advisor, retirement accounts, cryptocurrency and even fractional shares. This account occasionally features a bonus for new members or a promotion to win free stock.

SoFi’s Active Investing platform helps you make that happen. You can buy stocks and exchange-traded funds (ETFs). There’s no account minimum, which means you can start with as little as $1, making it perfect for brand-new investors without high net worths.

Unlike many robo-advisors that charge am annual fee to manage your investment account, SoFi’s Automated Investing plan charges no account management fees at all. That’s right, you can opt to have your investments managed for you and pay no annual fee.

As crypto becomes more popular as an investment security, it’s become more of a mainstay with major brokerage firms. SoFi Invest is one of the latest brokers to offer cryptocurrency trading. What’s more, you can trade crypto directly in the SoFi app, which means you don’t have to keep track of complicated cryptocurrency wallet passwords.

SoFi Loans

SoFi Loans offers a variety of personal loans for home improvement, credit card consolidation, medical procedures and relocation assistance. It also offers loans for home owners including mortgages and mortgage refinancing.

Student Loan Refinancing

In addition to private student loans undergraduate and graduate student loans and parent student loans, you can also refinance your student loans. Refinancing is a great solution for working graduates who have high-interest, unsubsidized Direct Loans, Graduate PLUS loans and/or private loans. Federal loans do carry some special benefits like public service forgiveness and economic hardship programs, which may not be accessible to you after you refinance.

Opening a SoFi Account

SoFi isn’t right for everyone. If you like in-person service or deal with a lot of cash, using the cash management account may be more trouble than it’s worth. But if you don’t use cash regularly and prefer an online banking setup, it’s one of the better banking options out there. Plus, the bonus for new account holders gives you a great excuse to test drive membership.

That said, take some time to compare SoFi Money with high-yield checking and savings accounts, and compare rates and other features to find the right fit for you.

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Sours: https://money.slickdeals.net/banking/sofi-bonus/

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