Can I send money from SoFi to another bank? Can I transfer money from SoFi to another bank?

All you need to make a P2P transfer is a mobile device, an internet connection, and your P2P app, which you must link to your bank account or credit card.

Customers with a SoFi online bank account can send money to any person, anywhere, even if that person doesn’t have a SoFi Checking and Savings account.

If the person does happen to be a member of SoFi, the transfer will happen instantaneously.

That’s not the only reason to open an online bank account with SoFi, though:

• You’ll also earn a competitive annual percentage yield (APY),
• Pay no account fees, and,
• For qualifying accounts, get paycheck access up to two days early.

Peer-to-Peer (or P2P) payment apps facilitate mobile money transactions.

You can use them in place of cash or writing a check when you want to give friends or family money, whether it’s to cover your portion of a dinner bill or split the cost of a vacation rental.

Some businesses also accept this form of payment.