How To Transfer Funds From SoFi To Coinbase In 2023

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A guide to show the steps necessary for a user to transfer funds from SoFi (The Social Finance, Inc.) to Coinbase. The process is relatively easy and straightforward, taking no more than a few minutes.

What is SoFi?

SoFi (The Social Finance, Inc.) is a company that offers student loan refinancing and personal loans. The company works with recent alumni from the best universities and colleges, including Stanford University, Massachusetts Institute of Technology (MIT), Harvard University, etc.

What is SoFi?

SoFi is a peer-to-peer lending service that allows borrowers to refinance their student loans. They have been in business since 2011 and have funded more than $8 billion in loan applications.

In addition, SoFi offers a secondary market for investors to purchase student loan notes at a discount. In 2015, more than 90% of the investor pool was made up of hedge funds and mutual funds.

As a peer-to-peer lending service, SoFi has no affiliation with the banks that issue student loans. All loan applications are to be submitted directly through SoFi's website during their application period.

This process is handled by SoFi under private investors who fund 100% of the loan.

How does SoFi work?

It works on a system of referrals from alumni, who will be able to enjoy attractive interest rates after their first loan is approved.

SoFi offers some services for free, such as the SoFi Money account that comes with a Mastercard debit card and no fees attached.

It also has some income-driven repayment plans as well as a Career Strategy Program that offers job-hunting and resumes services.

What is Coinbase?

Coinbase is a company that provides an online digital wallet for Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The Coinbase wallet allows users to buy and sell cryptocurrencies using credit cards or bank transfers. It also supports automatic cryptocurrency investing using its platform called "Coinbase Invest."

What is Coinbase?

How does Coinbase work?

The company provides an online platform where users can buy and sell cryptocurrencies. It claims to have served more than 10 million customers worldwide, with $50 billion worth of digital currency exchanged since its founding in 2012.

Transactions are usually completed within three to five business days. For security purposes, the company also stores at least 97% of customers' digital currency offline in cold storage systems.

How To Transfer Funds From SoFi To Coinbase By A Desktop or Mobile Device

The "transfer" button on the SoFi web app:

The transfer can be initiated by a desktop or mobile device

Step 1

Log in to your SoFi account on the web. From there, you will be taken to this page where you can initiate a transfer between accounts (in this case, SoFi + Coinbase accounts): https://www.sofi.com/external-accounts/.

Step 2

You will then be directed to this page, where you can select the source of your funds (in this case, SoFi) and destination for the transfer (Coinbase).

Step 3

The system is now ready for you to enter the amount you'd like to transfer. Note: You must include the "+" symbol in front of the amount you intend to transfer, as shown in the screenshot below.

Step 4

Once you've entered an amount to send, please click on "Next."

Step 5

You are now on the confirmation page. Please ensure that everything is correct here before clicking proceed. The "Status" should be saying "Pending." The SoFi web app confirmation page. Please ensure everything is correct before proceeding.

Step 6

When the transfer has been completed, you will see a confirmation message on the screen that says, "Your funds have been transferred successfully." You can then click "Go back to accounts" and be directed to your account home page.

The transaction can be viewed by clicking on the "Transfers" tab and selecting the newest transfer. The SoFi account home page after a successful transfer from SoFi to Coinbase.

Step 7

From there, you will see your newly transferred funds in the main wallet. You can then proceed to send or withdraw the funds to Coinbase. Transferring between SoFi and Coinbase accounts is easy and painless, taking mere minutes to complete.

It should not take more than a few days for the transfer to be completed. If you have any questions about this process, please contact SoFi customer service via phone or chat. The main wallet in the SoFi web app, where newly transferred funds from Coinbase will be found.

FAQs about transferring funds from SoFi to Coinbase:

How long does it take for withdrawals or transfers to Coinbase to process?

The time it takes for withdrawals or transfers to Coinbase varies on the cryptocurrency. On average, it will take no more than a few minutes once the transaction is confirmed by both SoFi and Coinbase.

What fees are involved when transferring funds from SoFi to Coinbase?

There is a flat $10 fee per withdrawal or transfer from a Coinbase account to a SoFi account.

I am new to cryptocurrency; what can I expect when transferring funds from SoFi to Coinbase?

In general, you should expect an easy and painless process. If you have any questions about this process or your Coinbase account, please contact SoFi customer service via phone or chat.

I am new to cryptocurrency and transferring to Coinbase for the first time; how can I be sure that this transfer will go through?

SoFi has a 97%+ success rate in processing transfers to Coinbase. However, it can take up to 3-to 5 business days, depending on your bank. A reminder that this transfer will be treated as "cash advances" by credit card companies.
Withdrawals to personal bank accounts are typically processed within 48 hours.

Are the funds I transfer from SoFi to Coinbase protected?

If you link your Coinbase wallet, funds will be covered under FDIC insurance for up to $250,000.

Will I receive a confirmation email when transferring funds from SoFi to Coinbase?

Yes, the transfer between SoFi and Coinbase is confirmed by e-mail. Please make sure that this email address is listed as an approved sender in your email settings.

How do I find out how much are my coins worth?

You can see the latest value of the cryptocurrency you transferred into Coinbase by clicking on "Accounts" found in your wallet. You will then be directed to a page where you will see all crypto transactions with relevant price fluctuations. Click on any active transaction, and it will tell you the amount, net value, and exchange rate for that transaction.

How should I set up 2-factor authentication (2FA)?

To ensure the safety of your account, we highly recommend enabling 2-factor authentication on Coinbase. You can do so by clicking "Accounts" in your Coinbase wallet to see your current security setting.

What are the security measures of SoFi?

The SoFi account home page after a successful transfer from SoFi to Coinbase.
Please be rest assured that all personal information, including your name, address, and phone number, is encrypted with bank-level SSL technology. In addition, your login credentials are only as secure as your own computer is. Make sure you enable 2-factor authentication on Coinbase for added security.

Is it possible to pause a transfer from SoFi to Coinbase?

Yes, you can pause your pending transaction on the web app's "Transfers" tab. Click on the paused transaction and select the checkbox next to 'Pause Transaction.' You can resume a paused transaction by clicking the checkbox again.

Why do I need to verify my account to transfer funds from SoFi to Coinbase?

In order for SoFi and Coinbase to cooperate, we must verify your identity. This is a precautionary measure that ensures the security of both our customers and their transactions by creating a record of who initiated the transaction. After you submit your information through the verification portal, it typically takes 2-3 business days to process.

What if I need help completing my transfer from SoFi to Coinbase?

For assistance with transferring funds between SoFi and Coinbase, please contact customer service via phone or chat. We are available 7 days a week from 8 am - 8 pm EST. You can also send us an email at [email protected]

Please note that this transfer is treated as a cash advance by your credit card company, and it may be subject to different fees or interest rates. For more information regarding the terms of SoFi's lending product, please review the SoFi Money Agreement. You can also contact SoFi customer service for clarification at [email protected] or 866-296-8843.

What should you do if the amount is higher than expected?

If, after receiving your bank statement, you find that the amount transferred from SoFi to Coinbase was different from what was stated by SoFi in its confirmation email, please contact customer service immediately at [email protected] or 866-296-8843.

Transferring funds from SoFi to Coinbase is a simple and secure process. However, it can take up to 3-5 business days for the transfer between SoFi and Coinbase to complete. Hence, before transferring any amount, all customers should be aware of the time taken by their bank or credit card company to process cash advances. The transaction may also be subject to additional fees and interest.

What points are to be remembered before transferring funds?

Check the amount:
Before making a transfer from SoFi to Coinbase, it is essential for you to check the amount transferred. This can be done by logging in to your SoFi account and checking the balance on the "Transfers" section. You will also receive an email verification upon successful transfer of funds from your SoFi account to Coinbase. Check this email for the number of funds transferred.

Make sure to check the details:
Before initiating a transfer from SoFi to Coinbase, please make sure that you have entered the correct bitcoin address of your wallet on Coinbase. In case of entering an incorrect address, your funds may be transferred to a different digital currency wallet or an exchange.

In addition, it is vital for you to check whether the transfer between SoFi and Coinbase has been completed successfully. This can be done on the "Transfers" tab on your SoFi account or by logging in to Coinbase and checking your wallet balance.

Take necessary action:
Do not ignore emails from SoFi about pending transfers. By ignoring such emails, you may restrict yourself from resuming a paused transfer as well as block your ability to initiate future transfers.

It is vital for you to contact SoFi customer service if the amount transferred from SoFi to Coinbase was different than what was stated by SoFi in its confirmation email within 60 days of initiating the transfer.

If you do not take action before the 60-day period expires, your request will be closed, and your funds will be returned to the SoFi account from which they were transferred. In such cases, you may not be able to receive any refunds for fees paid on the transaction.

What happens if the bitcoins are received by an incorrect wallet?

If you fail to enter the correct address of your digital currency wallet on Coinbase, it is possible for your funds to be transferred to an incorrect wallet or an exchange. In such cases, you will not be able to recover your coins, and they will be lost permanently. Hence, before making a transfer from SoFi to Coinbase, make sure that you have entered the correct digital currency address of your bitcoin wallet on Coinbase and check whether the transfer between SoFi and Coinbase has been completed successfully.

Conclusion

Overall, transferring funds from SoFi to Coinbase is a simple and secure process. With the knowledge provided in this article, you can be assured of an efficient money transfer between SoFi and Coinbase. However, it is vital for you to read through the terms and conditions mentioned in the SoFi Money Agreement before initiating any transfers.

If, at any point in time, you face any problems while transferring funds from SoFi to Coinbase, do not hesitate to contact our customer support team at [email protected] or call them at 866-296-8843.

Michael Restiano

I lead product content strategy for SaltMoney. Additionally, I’m helping our broader team of 4 evolve into a mature content strategy practice with the right documentation and processes to deliver quality work. Prior to Instacart, I was a content strategy lead at Uber Eats and Facebook. Before that, I was a content strategist at SapientNitro, helping major Fortune 500 brands create better, more useful digital content.

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