Varo is a mobile banking solution in the United States designed to offer users a comprehensive, user-friendly financial experience entirely through their smartphones. Established as a fully digital bank, Varo aims to provide an alternative to traditional banking by eliminating fees commonly associated with conventional banks, such as overdraft fees, monthly maintenance fees, and minimum balance requirements. The platform offers a suite of services that include checking and savings accounts, early access to direct deposit funds, high-yield savings options, and tools to help users manage their finances. Varo offers features such as instant transfer and no fee at U.S. based Allpoint® ATMs, making it an attractive option for those seeking convenience and transparency in their banking experience.
Varo distinguishes itself with a commitment to financial inclusion and empowerment, particularly targeting individuals who may be underserved by traditional financial institutions. It provides credit-building opportunities through products like the Varo Believe credit card, which helps users build credit while avoiding debt. Varo also integrates financial education and wellness tools, aiming to improve users' overall financial health. By leveraging modern technology and focusing on customer-centric policies, Varo positions itself as a forward-thinking and accessible banking alternative for the digital age, catering to a diverse range of users seeking greater control over their financial lives.
Varo is currently available for residents of the following countries:
United States
24/7 availability- anytime, anywhere
No matter where you are, at home or abroad, you can access your Varo account via the app, check your account balance, control your savings, get customer support, make payments and even freeze your debit card if needed. In addition, get real-time notifications every time you make a transaction, so there won’t be any surprises at the end of the month. No need to make appointments, stand in line and lose working hours to manage your finances.
Get approved fast
Opening an account with Varo is simple, with no lengthy paperwork. Just download the app, prove your identity, top up your account and you’re ready to go. Varo doesn’t require a copy of your credit history to approve your account, meaning you can open an account and get approved in minutes.
Lower fees
Another main reason to use Varo is the low fees. Varo has no physical branches, therefore they can offer lower fees than traditional banks – especially when it comes to ATM withdrawals (Varo charges a $3.50 fee for cash withdrawals at all non-Allpoint® and all international ATMs).
Makes traveling easier
Varo = borderless banking. No foreign transaction fees making traveling a whole lot easier (and cheaper) than with traditional banks.
Go paperless
One of the frustrating things about traditional banks is the amount of documents, contracts and letters that are sent to your mailbox. With Varo everything you need is in the app and all communications are sent to your app or your email. Gone are the days of rummaging through piles of paper around your house – and protecting the environment is the cherry on top.
