Does Varo Do Wire Transfers (2024)

FAQs

Does Varo Bank allow wire transfers? ›

You can send money to other Varo users without fees with the Varo Bank to Varo Bank instant transfer feature. At this time, you can't use your Varo account to make wire transfers.

What we didn't know going into this was that Varo doesn't offer wire transfers. That bank only offers basic banking services like direct deposit and debit card transactions.

There are a few reasons why this might occur: You have exceeded your daily and/or monthly limit. Your account and/or option to use Zelle® may be suspended.

Limits are set based on how long your Varo Bank Account has been open and your prior account activity. You'll find your transfer limits after selecting a recipient and going to the Send Money screen in your Varo app under where you enter the amount.

Transfers typically happen quickly. Generally, domestic bank wires are completed in three days, at most. If transfers occur between accounts at the same financial institution, they can take less than 24 hours. Wire transfers via a non-bank money transfer service may happen within minutes.

If you want to receive ACH payments faster—like a direct deposited paycheck—Varo can help. You can get your paycheck funds up to two days faster than you would when banking with a traditional bank when you set up a Varo Bank Account with direct deposit¹.

The speed of the transfer varies by digital wallet, but it usually takes less than 30 minutes. We don't charge any fees for instant transfers, but the digital wallet might. To set up an instant transfer, enter your Varo Bank debit card info in the app or website of your preferred digital wallet service.

Chime doesn't offer wire transfers at this time. Wire transfers sent to Chime Checking Accounts are automatically returned to the sender. To send and receive money, you can always use Pay Anyone, or you can connect an external bank account to your Chime account. Was this article helpful?

It's easiest to automate the money to transfer when you get paid so the cash doesn't sit in your checking account. Varo's automatic savings tools can help you start growing your money without lifting a finger. With Varo's Save Your Pay, you can save more easily by tucking away a portion of your pay.

Transfer money to or from another bank account in the Varo app*. First, follow the steps for linking external accounts to your Varo Bank Account. Once the external account is linked, open the Varo app and tap: Move Money > Transfer Money > Transfer Money.

Is Varo Bank an actual bank? ›

$ecurity & FDIC Insurance

Not only are your deposits FDIC-insured, we're also an independent bank with our own banking charter.

Send and receive money between all your people, fast with Zelle®². It's now right in your Varo app.

If you keep tabs on what your bank is doing and maintain an account limit of under $250,000, your money is safe exactly where it is. Varo is a member of the FDIC, meaning your cash will stay safe up to the insured limits even if we struggle. Open an account today and breathe easier knowing your money is in good hands.

While we can't guarantee a higher limit, the more you maintain positive account balances and build a positive Advance repayment history, the more likely your credit limits may increase. Your eligibility for Varo Advance and your applicable credit limit are evaluated daily.

Despite its limited offerings, Varo Bank can be a good choice for someone who wants a simple online checking and savings account with no fees or minimum balance requirements. You can't get a savings account without a checking account, but the savings account comes with a high APY and automated savings tools.

Chime doesn't offer wire transfers at this time. Wire transfers sent to Chime Checking Accounts are automatically returned to the sender. To send and receive money, you can always use Pay Anyone, or you can connect an external bank account to your Chime account. Was this article helpful?

payments & transfers – online banking Send a domestic wire transfer. Wire transfers ¹ are a quick way to send money domestically or internationally. While you can do both in Mobile Banking ² and Online Banking, this guided demo will focus on wire transfers sent to domestic recipients in Online Banking.

Both banks and nonbank money transfer providers can help you send wire transfers. With bank wire transfers, both the sender's and receiver's financial institutions are involved. Transfers within the U.S. may be processed the same day, but expect international ones to take at least a few days.