SoFi foreign transaction fees explained: Costs, tips, and alternatives.

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If you’re traveling abroad or shopping online in a different currency, you might wonder whether SoFi is legit and whether it will charge you extra. This is a common question for people using their SoFi card outside the United States. SoFi is a popular digital bank with debit and credit cards that also work internationally. However, understanding how their transaction fees work can help you make better spending choices.

A positive aspect is that SoFi does not charge foreign transaction fees on purchases made with its cards. However, some foreign ATMs or payment networks may still charge their own fees, such as a flat withdrawal fee or a percentage for currency conversion.

This blog explains SoFi's foreign transaction fees and mentions some alternatives, like BOSS Money, for safe money transfers while traveling.

What are foreign transaction fees?

A foreign transaction fee is what banks charge when you make a purchase in a different currency. This fee typically ranges from 1% to 3% of the transaction amount. It helps cover the cost of converting currencies and processing payments internationally.

Banks and card companies set these fees in their own ways, so the amount you pay depends on your provider. Some charge all the costs in one fee, while others break them down. As a result, the total cost of a transaction can vary depending on where and how you use your card.

The SoFi debit foreign transaction fee often interests people who travel or shop internationally. The company promotes its debit card as having no foreign transaction fees. However, travelers should keep in mind that some foreign ATMs or third-party networks might still charge their own fees for withdrawals or currency exchange.

Does SoFi charge foreign transaction fees?

SoFi Checking and Savings accounts, issued by SoFi Bank N.A., do not charge foreign transaction fees directly. However, currency conversion through the Mastercard network uses the network’s exchange rate, which may change. If you withdraw cash from an ATM outside the Allpoint network or from a non-partner international ATM, you might face different ATM fees.SoFi usually reimburses domestic ATM fees, but international ATM fee reimbursement may vary. Be sure to review the latest terms before you travel.

The SoFi Credit Card also does not charge foreign transaction fees. It uses the Mastercard network for currency conversion at the current exchange rate. For example, if you make a €100 purchase, it will be converted to U.S. dollars at that day’s rate, with no extra fee.

SoFi debit card

There is no SoFi debit card foreign transaction fee¹ when you make purchases abroad. It also does not add any extra cost for paying in another currency. The Mastercard network will convert your payment at its daily exchange rate. Some foreign ATMs may charge withdrawal fees, and SoFi’s reimbursement policy can vary. Before using your card internationally, check with SoFi to see what costs and reimbursements may apply.

SoFi credit card

The SoFi credit card foreign transaction fee is also set at zero, making it a strong choice for international spending. Transactions are processed through the Mastercard network, which applies its standard exchange rate at the time of purchase. SoFi does not add any markup or hidden cost to this conversion. This setup means that international purchases are billed in U.S. dollars, based solely on the exchange rate. Travelers benefit from transparent pricing without worrying about extra card fees abroad.

ATM withdrawals abroad

You can use your SoFi debit card to withdraw cash from any ATM abroad that shows the Mastercard logo. SoFi does not charge a fee for these withdrawals, but the ATM owner might. These fees depend on the operator and can be different in each country. SoFi typically does not reimburse international ATM fees, so always check the ATM screen for any charges before completing your transaction.

Most ATMs in the United States belong to independent operators rather than banks, and the same applies abroad. When you use an out-of-network ATM, two common fees may apply. The first is the out-of-network fee, charged by your bank for using a machine outside its partner network. The second is the surcharge fee, added by the ATM owner for providing the service. These fees can vary, but often appear on the screen before you complete the transaction.

When you withdraw money, the Mastercard network uses the exchange rate at that moment. This rate is usually fair, but it can fluctuate slightly from day to day. For example, if you take out the equivalent of $200 in Europe, the ATM might add a fee of $2 to $5. If you plan to withdraw cash often, it’s a good idea to compare ATM networks before your trip. Remember, the SoFi debit card is for ATM withdrawals, but when using your card for shopping abroad, you should also be careful about SoFi credit card foreign transaction fees in 2025.

Foreign exchange rates: What you need to know

SoFi uses the Mastercard exchange rate for all foreign transactions. This rate matches the current market value of the dollar and updates during the day. SoFi does not add any extra fees or markups. Because of this, you usually pay less than you would at a currency exchange counter or airport kiosk.

When you make a foreign purchase or withdrawal with your SoFi card, it is automatically converted to U.S. dollars. The exchange rate used is the one at the moment your transaction is processed, which might be a little different from the rate you see online when you buy. This small difference is normal and happens with all banks and card issuers.

When you travel, always choose to pay in the local currency if a merchant or ATM gives you the option. Avoid Dynamic Currency Conversion, which lets you pay in dollars while abroad but usually adds an extra fee of 3 to 7% and mainly benefits the merchant’s payment processor.

Be proactive and regularly review your recent card activity to confirm the rates and fees that were applied, especially when traveling across countries with different currencies.

Tips for using SoFi abroad

Traveling with a SoFi card can be convenient and cost-effective when you know how to use it wisely. A few careful steps before and during your trip can help you avoid extra charges and keep your spending organized.

Activate your card for international use

Make sure your SoFi debit or credit card is set up for international use before you travel. This helps you avoid declined payments and ATM problems while abroad. You can check your card’s status and update travel notifications in the SoFi app. If you’re unsure, contact customer support before you leave to confirm your account is ready.

Use the SoFi credit card for purchases

The SoFi credit card still has no foreign transaction fees in 2025, making it a smart choice for shopping abroad. Credit cards also protect you from fraud, billing mistakes, and unauthorized charges. Since Mastercard is accepted worldwide, you can use your card at most stores, restaurants, and hotels.

Choose the right ATM

If you need cash, look for ATMs with the Mastercard logo, as they work with your SoFi debit card. SoFi won’t charge you an ATM fee, but the ATM owner might, so check the screen for any fees before you withdraw. For security purposes, use ATMs in busy, well-lit places or inside bank branches.

Avoid dynamic currency conversion

Some foreign ATMs and shops may offer to charge you in U.S. dollars instead of the local currency. While this might seem easier, it often costs more. Always pick “Charge in local currency” to avoid Dynamic Currency Conversion. Paying in local currency lets Mastercard use its fair exchange rate.

Track spending and save receipts

Save your receipts and track your purchases in the SoFi app to keep your spending clear. The app shows your transactions in real time and displays the amount in U.S. dollars. Compare your receipts with your statement to make sure exchange rates and fees are correct.

Stay alert and plan ahead

Turn on instant spending alerts in the SoFi app² to keep track of your account while you’re abroad. Carry a small amount of local cash for emergencies and try to use ATMs during the day.

If you check fees before you travel, you can avoid making extra withdrawals. Keeping an eye on your notifications also helps you feel more confident and in control of your money while you’re away.

Alternative to SoFi for international spending

BOSS Money is a safe and dependable option for sending money from the United States to other countries. It’s a good choice for anyone who wants to send money to family or friends overseas without paying high fees. You can choose how the money is sent, such as direct bank deposit, mobile wallet transfer, or cash pickup at a local partner location.

You can use BOSS Money to send money to yourself when you travel abroad. This can be simpler than using ATMs or making card withdrawals. The platform shows you the exchange rates and all fees before you send money, so you know exactly what to expect. Your money arrives fast and is paid out in the local currency. This gives you more control over your spending and makes things clearer than using a traditional bank.

Conclusion

SoFi does not charge foreign transaction fees, but you might still pay third-party fees like ATM or Dynamic Currency Conversion charges. The SoFi credit card is fully fee-free for international purchases, and the debit card is almost the same, except for possible fees from non-partner ATMs.

If you want to send or receive money internationally, BOSS Money is a practical choice. It offers fast delivery, clear pricing, and easy access to local currencies. If you’d rather send money than carry cash or pay extra card fees, consider BOSS Money, as it is a simple, transparent, and reliable way to support family and friends around the world.

Sources: all third party information obtained from applicable website as of November 10, 2025

https://support.sofi.com/hc/en-us/articles/360061173072-What-is-the-foreign-exchange-fee-on-the-SoFi-Checking-account
https://www.sofi.com/app-download/

This article is provided for general information purposes only and is not intended to address every aspect of the matters discussed herein. The information in this article is not intended as specific personal advice. The information in this article does not constitute legal, tax, regulatory or other professional advice from IDT Payment Services, Inc. and its affiliates (collectively, “IDT”), and should not be taken or used as such by any individual. IDT makes no representation, warranty or guaranty, whether express or implied, that the content in this article is current, accurate, or complete. You should obtain professional or other substantive advice before taking, or refraining from, any action on the basis of the information in this article.