Moving money between financial institutions is a common need, and if you're looking to transfer funds from your Wells Fargo account to your SoFi account, you've come to the right place! This comprehensive guide will walk you through the process step-by-step, explaining the various methods, potential fees, and typical timelines. Let's get started and make your money work for you!
How to Transfer Money from Wells Fargo to SoFi: A Comprehensive Guide
Transferring money between banks, especially between traditional institutions like Wells Fargo and modern online banks like SoFi, is often a straightforward process. The most common and recommended method for transferring funds is via an Automated Clearing House (ACH) transfer. This method is generally free or low-cost and is reliable for most transfer needs. Wire transfers are another option, typically used for larger, time-sensitive transfers, but they come with higher fees.
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| How To Transfer Money From Wells Fargo To Sofi |
Step 1: Decide on Your Transfer Method & Gather Information
Before you even think about logging in, let's figure out the best way for you to move your money and make sure you have everything you need.
Sub-heading: ACH Transfer vs. Wire Transfer - Which is Right for You?
- ACH Transfer (Recommended for most): This is an electronic network that facilitates transactions between banks. It's like an electronic check.
- Pros: Usually free from either bank (though always confirm with both Wells Fargo and SoFi), generally sufficient for most transfer amounts, and relatively easy to set up.
- Cons: Takes longer than a wire transfer (typically 1-3 business days).
- When to use: For regular transfers, moving savings, paying bills, or anything that isn't extremely time-sensitive.
- Wire Transfer (For urgent or large sums): This is a direct, real-time electronic transfer of funds from one bank to another.
- Pros: Fastest way to send money, often same-day for domestic transfers.
- Cons: Comes with higher fees from both the sending and receiving banks (Wells Fargo generally charges $25-$40 for outbound wires, and SoFi charges $30 for outbound wires, but inbound wires are free).
- When to use: When you need the money to arrive immediately, such as for a down payment on a house, or if you're transferring a very large sum that exceeds ACH limits.
Sub-heading: Information You'll Need
Regardless of the method you choose, you'll need specific details for both your Wells Fargo and SoFi accounts:
- Your Wells Fargo Account Information:
- Account Number: Your Wells Fargo checking or savings account number.
- Routing Number: The nine-digit routing number for your specific Wells Fargo account. You can usually find this on your checks, within your online banking portal, or by contacting Wells Fargo customer service.
- Your SoFi Account Information:
- Account Number: Your SoFi Money account number.
- Routing Number: The SoFi routing number. This is typically found within your SoFi app or online banking, under the "Money" or "Account Details" section.
- SoFi Bank Name: SoFi Bank, N.A. (This might be required for linking or wire transfers).
Pro Tip: Always double-check these numbers! A single incorrect digit can cause significant delays or even send your money to the wrong place.
Reminder: Reading twice often makes things clearer.
Step 2: Initiating the Transfer from Wells Fargo (ACH)
The most common way to transfer money via ACH is to initiate the transfer from your Wells Fargo online banking portal. This allows Wells Fargo to "push" the funds to SoFi.
Sub-heading: Adding SoFi as an External Account in Wells Fargo
- Log in to Wells Fargo Online: Go to the official Wells Fargo website (
wellsfargo.com - Navigate to Transfers: Look for a section like "Pay & Transfer," "Transfers," or "External Transfers." The exact wording might vary slightly.
- Add a Non-Wells Fargo Account: You'll need to add SoFi as an external account. Look for an option such as "Add External Account" or "Add Non-Wells Fargo Accounts."
- Enter SoFi Account Details:
- You will be prompted to enter SoFi's routing number and your SoFi account number.
- Follow the on-screen instructions carefully. Wells Fargo may offer instant verification by having you log in to your SoFi account through their portal (powered by Plaid). If this option isn't available or you prefer not to use it, you'll typically use a "micro-deposit" verification method.
- Verify Micro-Deposits (if applicable): If you chose manual verification, Wells Fargo will send two small deposits (usually a few cents each) to your SoFi account within 1-3 business days. Once these deposits appear in your SoFi transaction history, you'll need to go back to your Wells Fargo online banking, locate the external account setup, and enter the exact amounts of these micro-deposits to confirm ownership. This step is crucial for activating the link.
- Account Linked! Once verified, your SoFi account will be linked to your Wells Fargo account and ready for transfers.
Sub-heading: Scheduling Your ACH Transfer from Wells Fargo
- Go to Transfers (Again): Once your SoFi account is linked, navigate back to the "Pay & Transfer" or "Transfers" section in Wells Fargo Online.
- Select Accounts: Choose your Wells Fargo checking or savings account as the "From" account and your newly linked SoFi account as the "To" account.
- Enter Amount and Frequency:
- Enter the exact amount you wish to transfer.
- Choose the frequency: "One-time" for a single transfer or "Recurring" for scheduled, regular transfers.
- Select the "Send On" date for the transfer to be initiated.
- Review and Confirm: Carefully review all the details – the "From" account, "To" account, amount, and date. Ensure everything is correct.
- Submit the Transfer: Click "Submit" or "Confirm" to initiate the transfer.
- Transfer Time: ACH transfers from Wells Fargo to SoFi typically take 1-3 business days to process and for the funds to become available in your SoFi account. Holidays and weekends will extend this timeframe.
Step 3: Initiating the Transfer from SoFi (ACH)
Alternatively, you can "pull" funds from your Wells Fargo account into your SoFi account by initiating the transfer directly from the SoFi app or website. This is often a very convenient option for SoFi users.
Sub-heading: Linking Wells Fargo to SoFi via Plaid
SoFi utilizes Plaid, a secure third-party service, to connect to external bank accounts.
- Log in to SoFi: Open the SoFi app or go to
sofi.com - Navigate to Transfers: Look for the "Money" tab or section, and then find the "Transfer" icon or option.
- Select "Transfer Money": Choose the option to transfer money.
- Add External Account: You'll likely see an option to "Link an external account" or "Add account."
- Search for Wells Fargo: SoFi (via Plaid) will present a search bar. Type "Wells Fargo" and select it from the list.
- Enter Wells Fargo Credentials: You will be securely redirected to a Plaid interface where you'll be prompted to enter your Wells Fargo online banking username and password. This is a secure connection that allows Plaid to verify your account and establish the link without SoFi directly storing your Wells Fargo credentials.
- Select Account to Link: Choose the specific Wells Fargo checking or savings account you wish to link.
- Account Linked! Once successfully connected, your Wells Fargo account will appear as a linked external account within SoFi.
Sub-heading: Scheduling Your ACH Transfer from SoFi
- Go to Transfers (Again): From the SoFi app or website, navigate back to the "Transfer" section.
- Select Accounts: Choose your newly linked Wells Fargo account as the "From" account and your SoFi Money account as the "To" account.
- Enter Amount and Confirm: Enter the amount you wish to transfer.
- Review and Initiate: Review the transfer details and confirm.
- Transfer Time: ACH transfers initiated from SoFi to pull funds from Wells Fargo also typically take 1-3 business days for the funds to settle in your SoFi account.
Step 4: Understanding Limits and Fees
It's vital to be aware of any potential limits or fees associated with your transfers.
QuickTip: Read step by step, not all at once.
Sub-heading: Wells Fargo Transfer Limits and Fees
- ACH Transfers (External Transfers): Wells Fargo generally does not charge a fee for standard ACH transfers to external accounts. However, they may have daily or monthly limits for these transfers. These limits are not always publicly disclosed and can vary based on your account history and standing. You can usually check your specific limits within your Wells Fargo online banking portal or by contacting customer service.
- Wire Transfers:
- Domestic Outgoing Wires: Wells Fargo typically charges a fee, often around $25 for digital wires and $40 for branch wires.
- Limits: Wire transfer limits vary and can be checked within your online banking. For higher limits, you may need to visit a branch.
Sub-heading: SoFi Transfer Limits and Fees
- ACH Transfers: SoFi generally does not charge fees for incoming or outgoing ACH transfers.
- Limits: SoFi generally has a maximum daily limit on ACH transfers into or out of the account of $50,000. This figure may be lower based on factors like account activity and tenure.
- Wire Transfers:
- Outbound Wires: SoFi charges a fee of $30 for outbound wires.
- Inbound Wires: SoFi typically does not charge a fee for inbound wire transfers.
Important Note: Always check the most current fee schedules and transfer limits directly with both Wells Fargo and SoFi, as these can change.
Step 5: Monitoring Your Transfer
Once you've initiated the transfer, you'll want to keep an eye on its progress.
- Check Transaction History:
- In your Wells Fargo online banking, you can typically find a "Transfer & Payment Activity" section to see the status of your outgoing transfer.
- In your SoFi app or online banking, keep an eye on your "Money" account's transaction history for the incoming deposit.
- Set Up Alerts: Consider setting up alerts in both Wells Fargo and SoFi to notify you when funds are debited from one account and credited to the other. This provides peace of mind and keeps you informed.
Step 6: Troubleshooting Common Issues
While the process is usually smooth, sometimes things can go awry.
- Incorrect Account/Routing Numbers: This is the most common reason for delays or failed transfers. Always double-check your numbers before confirming any transfer. If you realize you've made an error, contact both Wells Fargo and SoFi customer support immediately.
- Transfer Limits Exceeded: If your transfer amount exceeds the daily or monthly limits set by either bank, the transfer may be rejected or delayed. You'll need to reduce the amount or use an alternative method like a wire transfer (if the amount is very large).
- Verification Issues: If you're using micro-deposits for ACH linking and they haven't appeared, or you're having trouble verifying the amounts, contact Wells Fargo customer support. For Plaid linking issues with SoFi, their support team can assist.
- Bank Holidays/Weekends: Remember that transfers only process on business days. If you initiate a transfer on a Friday, it might not even begin processing until the following Monday.
- Security Holds: For larger transfers, especially initial ones, banks may place a temporary security hold to verify the transaction. This is standard procedure and usually resolves within a business day.
If you encounter any persistent issues, the best course of action is to contact the customer support of the bank where you initiated the transfer first. They can often provide specific insights into the status of your transfer.
Reminder: Save this article to read offline later.
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10 Related FAQ Questions
Here are some common questions you might have about transferring money between Wells Fargo and SoFi:
How to check my Wells Fargo routing number?
You can find your Wells Fargo routing number on your checks (the first nine digits at the bottom left), by logging into your Wells Fargo online banking account and viewing your account details, or by calling Wells Fargo customer service.
How to find my SoFi account number and routing number?
Log in to your SoFi app or website, navigate to your SoFi Money account, and usually under "Account Details" or "More," you'll find your account and routing numbers.
How to speed up a transfer from Wells Fargo to SoFi?
For the fastest transfer, a wire transfer is the quickest option, often delivering funds the same business day, though it incurs higher fees. ACH transfers are slower, taking 1-3 business days.
Tip: Take your time with each sentence.
How to avoid fees when transferring money?
The best way to avoid fees is to use an ACH transfer, as both Wells Fargo and SoFi generally offer these for free. Wire transfers always come with a fee from both banks.
How to set up recurring transfers between Wells Fargo and SoFi?
Once you have linked your SoFi account as an external account in Wells Fargo (or vice-versa), when you go to initiate a transfer, you'll typically have an option to select "Recurring" instead of "One-time" for the frequency. You can then set the schedule (weekly, monthly, etc.).
How to transfer money from Wells Fargo to SoFi using Zelle?
Zelle is designed for person-to-person transfers to trusted individuals, not typically for transferring money between your own accounts at different financial institutions. While technically possible if both your Wells Fargo and SoFi accounts are enrolled in Zelle, it's not the primary or recommended method for inter-bank transfers of your own funds. Stick to ACH for convenience and security.
How to increase my transfer limits between Wells Fargo and SoFi?
For ACH transfers, limits are generally set by each bank and may depend on your account history. You might be able to request an increase by contacting Wells Fargo or SoFi customer service, but it's not guaranteed. For wire transfers, you can often request higher limits by visiting a Wells Fargo branch.
How to cancel a transfer from Wells Fargo to SoFi?
If you initiated an ACH transfer, you might be able to cancel it if it's still pending and hasn't started processing. Check your "Scheduled Transfers" or "Transfer Activity" in Wells Fargo or SoFi online banking. Wire transfers are generally irreversible once initiated. If you need to cancel, contact the initiating bank immediately.
How to verify my linked external account if micro-deposits don't appear?
Micro-deposits typically appear within 1-3 business days. If they don't, first double-check your SoFi transaction history. If still missing, contact Wells Fargo customer service to confirm the initiation of the micro-deposits and troubleshoot the issue.
How to get help if my transfer is delayed or lost?
First, check the transaction history in both your Wells Fargo and SoFi accounts. If the funds have left Wells Fargo but haven't arrived at SoFi within the expected timeframe (1-3 business days for ACH), contact Wells Fargo customer service with your transfer details. They can track the transfer for you.
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