How long do fund deposits/withdrawals by bank ACH transfer, check, and domestic/international wire transfer take at Sofi Invest in 2022?

Funding a New SoFi Invest Account

If you have just opened a new SoFi Invest account, or if you are wondering what the funding process will be like once you do, you’ll be happy to learn that SoFi offers many convenient options for getting capital into the investment account. Each of the available options comes with its own set of pros and cons and the option that you select should meet your needs and expectation. Keep reading for more details.

Available Funding Options at SoFi Invest

Before you can fund a new account, you’ll need to know where to find the options to fund. Luckily, it’s very simple. The first opportunity to fund a new account at SoFi is during the signup process. If for whatever reason funding is postponed, investors will need to navigate to ‘Transfer Money’.

SoFi Invest Transfer Money

Clicking on ‘Transfer Money’ opens a menu of available accounts that can be funded. For the purpose of this guide, we will focus on SoFi Invest. Select the correct account and continue.

SoFi Invest Funding Account Selection

The available funding options are ACH transfers, ACAT transfers, Wires, and Mailed checks.

SoFi Invest Funding Options

Here is a breakdown of each funding method and why you may wish to choose one over the other.

Open Sofi Invest Account

Open Sofi Account

Sofi ACH Transfer Time

The simplest way to fund an account at SoFi Invest is to use an ACH transfer. SoFi Invest uses a service called Plaid to connect its own accounts to outside bank accounts. All that is required to set up an ACH transfer is to choose to link your bank account. Simply follow the onscreen instructions to select your bank and then sign into your account via the Plaid tool.

It should be noted that the connected bank account must belong to the same person that owns the investment account at SoFi. If not, the process will not work.

Funds are not immediately available when using ACH transfers. The first time that the service is used, investors should wait approximately 6 business days for the funds to clear. For all consecutive ACH transfers, funds are available immediately as long as the deposit is within the ‘Instant Deposit’ threshold. Any amount that exceeds that limit is subject to a 3-day wait.

Despite the time that it takes to initiate an ACH transfer, many people choose this method for its convenience and for the fact that it is free.

Sofi ACH Transfer Fee

Sofi charges nothing for both incoming and outgoing ACH transfers.

Sofi ACAT Transfer Time

Another way to fund a trading account at SoFi Invest is to use ACAT transfers. ACAT transfers allow you to move a brokerage account directly from another stockbroker to your SoFi Invest account. ACAT transfers allow traders to move cash from the other account, but also open positions and entire portfolios.

These types of transfers are best for investors who do not wish to liquidate and then reestablish all of the securities that make up their portfolio.

To initiate an ACAT transfer, simply select it from the list presented on the funding options page.

To get started with the 1-2-week transfer process, investors may use Plaid to connect their brokerage to SoFi Invest or they can manually enter in the required information.

Either way, the process is fairly long and can be a bit tedious depending on the complexity of a portfolio. SoFi only accepts ACAT transfers that include securities that are available on its own platform. As it is a margin-free, stock and ETF focused provider, incoming portfolios should be similarly built.

Options, pink sheets, foreign stocks, mutual funds, shares purchased (or sold) on margin, and cryptocurrencies are all off limits.

Finally, funding an account at SoFi with ACAT transfers is free. Transferring out will cost investors $75, but that is beyond the scope of this article.

Sofi Wire Transfer Time

Wire transfers are another effective way to get capital into an investment account at SoFi. Wire transfers are very secure and can be faster than other options. Although, there are some fees involved that the other options do not have.

Wire transfers take about 1 or 2 days to fully complete. Once complete, the funds are settled and investors can do what they wish with them, unlike funds tied to the Instant Deposits.

All that is required to initiate the wire transfer is to set it up with your bank. The following information is necessary:

SoFi Invest Wire Address

One thing to keep in mind is that there is a daily funding limit of $50,000.

SoFi Wire Transfer Fee

Although SoFi Invest does not charge for incoming wires, the sending bank (your bank) will usually charge a wire fee ranging from $25-$50, depending on the institution.

Mailed Check

The mailed check options is the slowest option but it works fine, provided that some basic steps are followed.

Checks should be made out to Apex Clearing Corp, instead of SoFi and the user’s SoFi account number must be provided on the check. If either of those details are skipped, the check will be returned.

Other than that, the only thing to note about sending checks in is that they should not exceed the daily deposit limit of $50,000 and that they should not be third-party checks. That means you should not send in an endorsed paycheck, for example.

Checks should be sent to the following address:

SoFi Invest Check Funding Address

How Long Is Transfer to SoFi Invest Takes?

How quickly can you fund an investment account at SoFi Invest? Depending on your choice of transfer method, the speed differs.

SoFi Invest Funding Method Summary

Deciding on the best way to fund your account at SoFi Invest depends greatly on your personal goals and expectations. ACAT transfers are great for investors who have portfolios at another brokerage and who do not want to fuss with a long, drawn out process. As ACATs are free SoFi, it is even more attractive, although it will take a while. ACH is fast, free, and secure. With the Instant Deposit feature, investors can access funds very quickly with some restrictions. Wires are also fast and secure but can come with a bank-side fee. The ability to have the entire deposit settled within a day may make that fee worth it for some, though. Mailing a check might make sense in some situations, but with so many better options to choose from, most would probably avoid it.

Open Sofi Invest Account

Open Sofi Account

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