PayPal can be linked to Sofi Money. It is important to respect steps that allow both services to be connected and work correctly.
Let’s go over how to do it and what you should know to use this function correctly.
How to link the SoFi account?
To link an account, you must choose the drop-down menu, and within that menu, select the bank account management option.
It is possible to start a new account or add a new one from the option to connect to a new bank account. It is possible to link SoFi accounts together.
Then, to choose to send money, you select when you want to withdraw and operate simply by choosing the amount of the recipient.
To add bank accounts to PayPal, remember to choose Wallet in the top bar (where your balance is shown). From there, you can add new bank accounts or linked credit cards. It is a quick process, but you will need to make the corresponding identification with each transaction you make.
Why should SoFi accounts be linked?
In general, when you link a bank account, you allow funds to be transferred from one account to another. To make your payments on PayPal, you refer to the funds in the linked accounts or cards.
It is a convenient and quick way to maintain a dynamic balance. This way, you avoid having to reload the application every time you go to make a payment or transfer. Moreover, in the same way, you can link the account and unlink it.
The process is similar. You must access the corresponding section in the wallet, choose the payment method you wish to unlink and proceed to delete it. However, it is important to note that you will not be able to unlink an account or card if you are not up to date with your payments.
In some cases, PayPal may generate small overdrafts on that particular payment method. Therefore, if the account has not covered all the expenses it has developed, you will not be able to close it until you pay the debt.
Transfer money outside SoFi
In addition to what we have told you about PayPal and SoFi, it is also interesting to consider other options when transferring money from SoFi.
If you want to transfer money, the first thing you should do is open your app and select the money transfer option. Then you should choose the source, a current account, to a savings account. From these two options, you will be able to send money.
It is more complicated than investment accounts as there is no transfer button. You should choose a current personal statement and transfer the money from there, having transferred between accounts.
On the other hand, you should also remember that if you opened your investment account with a different email address than SoFi Money, that is the email address you should use to send the money from the investment account to the current one.
These internal movements or transfers should not incur any costs. But remember, when you use PayPal or even for certain transfers or payments, there are some costs that you should be aware of.
These external transfers are varied: you can use them simply because you need money and want to use the resources you have in SoFi or because you want to leave the tool.
Remember, you can never leave negative balances, nor will you be allowed to delete accounts or transfer all the money if there are debit balances.