This post may contain personal or affiliate links; as always, thanks for your support if you choose to use any!
The SoFi checking account is an excellent alternative to opening a Charles Schwab account for overseas travel, as SoFi will also reimburse all ATM fees, which is an amazing perk when you’re traveling and need cash.
To top it off, SoFi is still offering a $25 (down from $50) bonus for signing up for a new account, which takes just 2-3 minutes to complete. There’s also no hard credit pull, and no account fees, which means there isn’t really a downside to not applying.
SoFi Money Details: $25 Bonus and Referral Chain
The SoFi Money account is an excellent alternative for those looking for fee-free cash withdrawal around the globe but who haven’t pulled the trigger to sign up. Here are some basics on the SoFi Money account:
- Free to sign up
- No hard credit pull
- No minimum balance requirement nor account fees
- ATM fees reimbursed worldwide, for all ATMs showing the Visa®, Plus®, or NYCE® logo
- Cash withdrawal limit of $615 per day (which should be more than enough for travel)
If that isn’t enough to sell you, an interest rate of 1.6% APY on the account should be. Even if you bank elsewhere, you can keep your “travel cash” in a separate account, ready for fee-free withdrawal, and earning interest. The APY does change, and SoFi just had an app popup this morning that informed me that the rate had been reduced from 1.8% to 1.6% APY. Or you could sign up for the easy $25.
Once you’ve signed up, you can make additional money in 4 easy steps by referring your own friends and family to SoFi Money:
- Sign up for SoFi Money (link to offer)
- Download the SoFi Money app
- Generate your personal referral link (a box should show up on the home screen saying “Refer”)
- Earn $25 referral bonus for every person you refer you signs up using your link! They will also get $25.
Conclusion
The SoFi Money offer is an incredibly easy $25, and possibly more, and there is no downside for opening an account, with no hard credit pull nor fees! My new SoFi account is going to be my new travel checking account, as I haven’t ever bothered to sign up for a Schwab Checking account.
The Charles Schwab debit card refunds all Atm fees, not just the ones showing Visa, Plus, or NYCE. Your statement implies the SoFi card is better because the Schwab card does not. That’s deceptive. It is true the SoFi card returns them instantly and the Schwab card returns them monthly. It’s also true if you go to remote places there may not be ATMs where the SoFi card is accepted such as Tonga. Also, when you sign up, you get a $100 bonus. You do have to open a brokerage account, but it s fee free as well. And the debit card comes with travel protection.
That is a true point. But it’s extremely easy to find a VISA branded ATM, and this will work as an easy option for 99%+ of travelers.
Currently, sign-up bonus is still $50. Referral bonus is $100, unless you’re seeing an offer I’m not. Unless you’re combining the $50 SoFi Money and $50 SoFi Investing in that total.
I think I understand better now that I’ve had some coffee. You’re talking about *Schwab* offering a $100 bonus. That is true, but you do have to open the brokerage account (like you mention), and it comes with a hard pull. This SoFi bonus is *so* ridiculously easy, there’s no hard pull, and you even receive a decent 1.6% interest rate on your balance.