UPDATED: This SoFi Money Account just got better
A few days ago, I wrote an entry How to earn an easy $400 with Wells Fargo Bank. (click here) On the same day that I applied for my new Wells Fargo Account, one of my good friends, Ethan S., posted on his Facebook status about a quick way he earned $50 by opening an account with SoFi Money Account.
Say goodbye to ATM fees, and foreign currency exchange booths
With all of my worldly travels, I learned to use a fee-free debit card. This SoFi account will allow me to use my SoFi debit card anywhere in the world, and fees that will be charged against me, SoFi will reimburse those fees back to my account.
You might see a Money Exchange booth at the airport or somewhere in the city, but they also tend to be pricey, some could be adding a fee to your exchange transaction.
When we travel internationally, we no longer “purchase” foreign money while we are still in the US. We rely on using a local ATM once we get to the country we are visiting. By using a local bank’s ATM, we are guaranteed that we are getting the better exchange rates. We no longer worry about any debit transaction fees since institutions like SoFi Money Account will reimburse those fees. I’ll be using SoFi before we embark on our next international trip.
Tip: Carry more than one debit card
I’ve read many instances from other travelers who reported, “My debit card didn’t work and I couldn’t take out money.” This is where I’d like to advise to carry or bring another debit card with your during your trip. If at all possible, go with fee-free ATM debit cards. Fortunately, prior to learning about SoFi, I also have an account the Charles Schwab – another institution that reimburses ATM fees.
Again, here’s the link to SoFi Money account. When you open up an account using this link, and deposit $100, you will get a $50 bonus. And if you refer others, you get $100 per referral. Let me know if you end up doing this.
NOTE: I am not affiliated with SoFi. If you choose to apply, I would appreciate it if you use my referral link.
How do I open a SoFi account
- Apply for a SoFi Money account (click here)
- It’s a cash management account, you earn 1.6 APY
- No account fees
- No hard credit pull when you apply
- ATM fees are reimbursed (I’ll write more about this below)
- Open a new account with a minimum $100 deposit
What do I have to do to earn the $50 welcome bonus
So easy! As mentioned above, all you have to do is open up the account with $100. I opened up my account on October 19, I deposited $100, and two days later, the $50 welcome bonus appeared on my account.
- No need to go to a bank (apply online)
- No need to set-up a direct deposit
How do I earn $50 referrals
As of 10/23/19 – SoFi began offering referral bonus of $100 for every new referral. The person you refer gets $50 bonus, you get $100, all they need is to deposit a minimum of $100 to open the account. You can refer more than one. This is subject to change.
As of 11/5/19 – the bonus referrals are now $50 (instead of $100)
How do I refer others to get a SoFi Money Account
It’s really quite simple. Once you open up a SoFi Money Account, here’s what you need to do:
- Download the SoFi app: SoFi: Mobile Finance & Money
- Sign in to using your email address that you used to register and the password
- You will see a greeting (see below)
- Click the icon above the world HELLO
- You will see this next screen, and all you have to do is click Invite friends, earn up to $10K
- When you get to this next window, click the box “Refer SoFi Money, get $100
This next window will give you the opportunity to send your referrals by:
- Copying your Referral Link
- Share your referrals via messaging
- Or invite your friends by connecting your smartphone contact list
As long as your friends fulfill the required $100 deposit, you will get the $100 referral bonus, and your referred friend/s get the $50 welcome bonus.
How long does it take to see and use the bonus?
The welcome and referral bonus, from my experience took about 2 days for them to appear on my account. The referral bonus of $100 will appear but won’t be readily available for use or withdrawal. According to SoFi, give it about 5-10 days to clear. That’s exactly what I plan on doing with mine.
Referrals domino effect
- $750 in SoFi Activities
- $100 – Jason’s initial deposit to open up a new SoFi Money Account
- $50 – Jason’s welcome Bonus
- $50 – Nancy (my wife) her welcome bonus when she used my referral link for a new SoFi Money Account
- $100 – my referral bonus from referring my wife
- $50 – my Mom’s welcome bonus when I referred her using my referral link for a new SoFi Money Account
- $100 – my referral bonus for referring my Mom
- $300 – thru October 28, three other referrals posted to my account
I hope this helps. Remember to get started, you have to use an existing referral. Here’s mine – SoFi Money Account.