PayPal and SoFi. Two online banking giants who have revolutionized the digital marketplace.
PayPal was one of the first, and perhaps the most widely adopted third-party online transaction services that allowed users to easily link their PayPal account to many online storefronts.
Now, they have become a household name, and have expanded their online banking offerings to include a slew of services for online businesses, as well as personal credit lines, and the ability to buy, sell, and purchase goods online with cryptocurrency.
SoFi is a rising online banking service that offers users nearly all the functions traditional banks provide, but in a streamlined, updated format for the new digital world. SoFi offers online checking, investing, high-interest earning savings accounts, loans, credit, and even mortgages!
It's no real question why anyone wouldn't want to hop on to SoFi right now, including PayPal users.
However, it can often be very confusing and frustrating trying to get these convenient money apps to link up and actually transfer cash between them!
If you're in that bubble, no worries. Today we're going to show you exactly how to transfer from PayPal to SoFi, step by step.
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The best way to transfer from PayPal to SoFi is by linking your SoFi money account into your PayPal.
Thankfully, linking SoFi to your Paypal account only takes a couple minutes, and it's very straightforwards.
This is what we're looking at:
Let's get started!
First, let's get your SoFi account set up. We'll need to open your general SoFi account, as well as your SoFi money account, which includes a checking and savings account. If you've already got these set up, move on to step 2!
Follow these steps:
After this is all set up, SoFi will need to verify your identity to the new account, which can take up to 2 business days to do. However, if your name and ID match during signup, the processing time is usually instantaneous.
With PayPal, you're able to sign in to SoFi within their app, allowing you to link The Bancorp Bank (SoFi's bank) into your PayPal instantly.
In order to do this, we'll need to grab your 9-digit SoFi routing number from your SoFi app:
PayPal should only need your 9-digit routing number, as once you enter it into PayPal, they will recognize Bancorp Bank and allow for the instant link. However, in the event this doesn't pop up for you, you'll need to copy your 12-digit checking account number as well.
Now we can link The Bancorp Bank into your PayPal:
Now, just in case the instant link doesn't work...
After completing those steps, PayPal will send 2 microdeposits, less than $1 USD combined, to your SoFi account, and withdraw the same amount.
On the next page, you'll have to enter in the dollar amounts of both deposits into a field to confirm and link your bank. Log in to your SoFi money account to see when the microdeposits have landed.
This method can take 1-2 business days to finish processing.
Now you can move money from your PayPal into SoFi as you could with any other linked bank in your profile!
Log in to PayPal app and perform the following steps:
We recommend choosing the free transfer instead of the instant transfer, unless you're in a bind for time. PayPal's free transfers take around 1-3 business days (often just 1). Why leave money on the table?
At time of writing, the instant transfer can cost anywhere from $0.25 (min) to $15 (max), with the fee equaling 1.5% of your transfer amount. This fee is subtracted from your transferred funds.
Among all the finance apps out there, Sofi is hard to beat, and PayPal's services have often proved efficient and convenient for many people.
When it comes to linking new bank accounts, Paypal makes it pretty stress-free compared to some of the other apps out there.
If you're moving money into SoFi, then you probably already know about some of the reasons why they're all the buzz right now.
However, you may be surprised at the new products and wild promotions they continue to offer new users - double check their site and the app, you'll thank yourself later.