Cash App vs SoFi
For spending abroad FX markup matters, and SoFi does better (0% vs 3%). Neither wins across the board: weigh the points above against your use case before choosing between Cash App and SoFi.
| Cash App | SoFi | |
|---|---|---|
| Tier | A | A |
| Rating | ★ 4.4 | ★ 4.3 |
| Estimated net annual cost | €0 | €0 |
| Account fee | Free | Free |
| IBAN | condiviso | condiviso |
| Multi-currency | No (single currency) | No (single currency) |
| Outbound transfers to third-party IBANs | Yes | Yes |
| Utility direct billing | No | No |
| SEPA direct debit (SDD) | No | No |
| On-chain crypto withdrawal | Yes | No |
| Interest on balance | 3.25% | 3.8% |
| ATM withdrawal | not declared | not declared |
| Fund custody | Custodial (platform holds funds) | Custodial (platform holds funds) |
| KYC | Full | Full |
| Supported countries | US · 1+ countries | US · 1+ countries |
| Regulator | FinCEN / OCC / SEC | FinCEN / OCC / SEC |
| OAM Italy registration | No | No |
| Segment | B2C | B2C |
| Regions | US | US |
| Licences & safety | Money Transmitter + Banking partner (Wells Fargo, Sutton Bank) | National Bank Charter (2022) |
Frequently asked questions
Cash App vs SoFi: which is better?
For spending abroad FX markup matters, and SoFi does better (0% vs 3%). Neither wins across the board: weigh the points above against your use case before choosing between Cash App and SoFi.
Which is cheaper, Cash App or SoFi?
On the standard spending profile Cash App has the lowest net annual cost: €0 versus €0 for SoFi.
Is Cash App custodial or self-custody?
Cash App is custodial: funds are held by the platform, while SoFi is custodial.
Which is better for spending abroad?
For foreign-currency spending SoFi wins, with the lowest FX markup: 0%.