Varo Bank launches Varo to Anyone

The cost-effectiveness and security are made possible by Varo’s national banking charter and tech bank business model. The service can be found on the Move Money page within the Varo app, with customers being able to send money instantly to anyone with a US bank account. Customers need to offer access to their phone contacts or manually enter their recipient’s US phone number or email. After sending the funds, the recipient gets a notification via text or email about the payment with instructions on receiving their money by entering their debit card information in Varo Bank’s portal.

Payment limits can be seen on the Varo to Anyone screen, the amounts varying based on account activity and customer. Varo Bank also imposed a 14 calendar days timeframe to accept the payment for individuals who do not have a Varo Account, while transfers between its customers are instant and cannot be reversed after being accepted. 

Varo Bank introduced bank accounts that have no hidden fees, customers being able to not be charged for depositing checks, debit cards, or withdrawing cash from the company’s ATMs. Moreover, Varo allows its customers to integrate all their bank accounts into their app for seamless cash movement.

Varo is also part of the banks that can partner with Zelle, enabling customers to use the service from within the company’s banking app. Zelle allows peer-to-peer money transfers and to be eligible to enrol in it at Varo, customers need to have a qualifying direct deposit in the last 31 days. Furthermore, Varo Bank offers early direct deposit, enabling customers to receive their payroll funds from their employer or government agency typically two days in advance than when they get paid without it.

Varo Bank also implemented several security features in order to ensure their customers’ account safety. These include encryption, FDIC insurance, Visa Zero Liability, instant card-locking on the app, and a bank charter. The company also sends real-time mobile alerts for transactions, deposits, withdrawals, and any potential fraudulent activities happening on the account. 

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