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Written by Drew Cochran on October 18, 2022
Category: 
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How To Transfer From Venmo To SoFi 2022

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.

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How To Transfer From Venmo To SoFi

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:

  1. Sign up for SoFi
  2. Transfer your Venmo money into your Bank (Standard transfer instructions here!)
  3. Link your bank to SoFi
  4. Deposit funds into SoFi

Here we go!

1. Sign Up For SoFi

SoFi Robo Advisor

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:

  1. Go to SoFi's homepage or download their app
  2. Choose "Get Started"
  3. Set up your general SoFi account by entering your name, email, and password.
  4. Now, we'll have to set up your SoFi Money account. Choose the Money tab (bottom menu in the app)
  5. Select "Open an Account"
  6. Select joint or individual account
  7. Provide the personal information required, including your address, SSN, income level, investing experience, etc.

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.

2. Transfer Money From Venmo Into Your Bank

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:

  1. Click the menu icon on the top right of your screen (three horizontal lines)
  2. Select "Manage Balance" next to your cash statement
  3. Choose "Transfer to Bank"
  4. Enter the amount of funds you'd like to transfer
  5. Choose between an instant transfer (and a 1% fee) or a free transfer in 1-3 business days
  6. Below the fee statement, confirm your chosen bank is correct
  7. Confirm the transaction by pressing "Transfer $X"

We recommend keeping all your money and choosing the free transfer instead of the instant transfer, but it's up to you!

Standard Transfer Instructions - Linking Venmo To Your Bank 

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:

  1. Click the menu icon at the top right corner inside the Venmo app
  2. Choose the "Settings" tab near the bottom
  3. Select "Payment Methods" under preferences
  4. Click "Add bank or card..." at the bottom
  5. Select Bank
  6. Choose to add your bank instantly by logging in with Plaid, or manually with your bank account and routing numbers.

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:

  1. Log into SoFi and go to the Money homepage
  2. Select the "More" icon to find your bank account and routing numbers displayed
  3. Enter these numbers into Plaid inside Venmo

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.

3. Link Your Bank To SoFi

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.

  1. Log into Sofi and go to the Money homepage
  2. Select the "More" button
  3. Choose "Connected Bank Accounts"
  4. Choose "Connect New Account"
  5. Here, you have two options:
    • Choose "Bank Link", and log in to your chosen bank through the third-party security service Plaid
    • Connect your bank with micro-deposits in the bottom option

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.

4. Deposit Funds Into SoFi

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:

  1. Go to the Money homepage
  2. Select the "Transfer" button
  3. Choose how much money you want to transfer (probably the same amount you moved out of Venmo)
  4. Confirm it's taking money from your bank account shown above the dollar value you entered and click "Next"
  5. Confirm all other transaction details and press "Transfer Money" to finish the transaction

Transferring Money From Venmo To SoFi

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.

Article written by Drew Cochran

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