Venmo is one of the top ways to send money quickly to friends and family. If you use it, you find yourself using it almost every day - why split the bill when you can just "venmo" your buddy a quick $20 and be done with it?
SoFi is a rising all-in-one online banking experience. They offer an organized investing platform, checking and savings accounts with competitive yields, credit, personal loans, and a lot more resources designed for helping regular folk with money.
You might think that linking your Venmo to SoFi would be a quick, easy experience, just to come up confused and not sure how to send money into SoFi using Venmo.
Today, we're going to show you exactly how to send your money from Venmo to Sofi, as well as how to link your Venmo and SoFi money account for regular future use.
Currently, there are two ways to transfer funds between Venmo and SoFi: a bank transfer, and a standard transfer.
The bank transfer is faster, though it doesn't actually link your Venmo and SoFi accounts together.
If you need to move some money quickly, start with a bank transfer.
With a bank transfer, you'll need to move your money through an associated bank account and transfer the money into SoFi from there.
With a standard transfer, you'll need to set up a transfer between The Bancorp Bank (SoFi's bank) and Venmo, which will link your SoFi and Venmo accounts together for future use.
If you're moving towards SoFi for regular online banking like many are, but still intend to use Venmo to send money to friends and family, we recommend using a standard transfer - you may as well set everything up now while you're making the transfer you've been wanting to.
Today we're going to show you how to do both transfers.
The listed instructions below are for the bank transfer, and the steps for setting up a standard transfer are in step 2!
Here are the steps for the bank transfer:
Here we go!
First, we'll set up your SoFi account. It only takes a minute, and will provide you with the routing and account numbers needed for the standard transfer.
Already have SoFi set up? Skip to step 2!
Follow these steps carefully:
When you're finished, SoFi will need to verify your new account, which can take up to 2 business days to process.
If your name and ID match, the processing time can be nearly instant.
Now, let's move your Venmo funds into your bank.
Go into your Venmo app, taking these steps to transfer your cash into your bank:
We recommend keeping all your money and choosing the free transfer instead of the instant transfer, but it's up to you!
Don't have your Venmo connected to a bank yet?
Linking Venmo to your regular bank is the same process as linking Venmo to your new SoFi money account.
Here's how to do both:
At the time of writing, Plaid doesn't recognize SoFi's bank in its system, so you'll have to add them manually.
If you're linking your Venmo to SoFi, you'll need to add The Bancorp Bank manually by verifying your SoFi bank account and routing numbers:
After this is set up, Venmo will send 2 separate microtransfers less than $1 each within 1-3 business days, and withdraw money from your account by the same amount.
When this takes place, you'll be able to see the deposits on your bank statement.
To finish verification, go to www.venmo.com/verifybank and enter the deposit amounts to verify and link your bank account.
You've linked your bank with Venmo, but if you don't have your bank linked to SoFi, you won't be able to send your money into SoFi. Let's get that set up.
If you choose the micro-deposit option, it will take around 5-7 business days to fully link your bank account.
SoFi will send you 2 micro-deposits (small deposits of cash) which you'll need to verify the amounts inside the app, similar to Venmo's process in step 2.
Now that SoFi and Venmo are connected (either directly or through your bank), you can deposit money into SoFi.
Log into SoFi and do the following:
Plaid is very convenient for online banking, but it won't always be able to make transfers instantaneous.
Sometimes, moving money through your pre-existing bank account into new accounts like SoFi is quicker than setting up bank links with microtransactions.
Linking your SoFi money account directly to your Venmo account might be a little bit of a hassle with microtransactions, but thankfully it's a one-and-done experience.
After it's set up, you'll be able to send money between these accounts with ease.
