Varo is an American mobile bank with headquarters in San Francisco, California. The institution provides financial services through its mobile app. Initially, the platform was a mere mobile app before upgrading to be a banking institution. The company received a national bank charter from the Comptroller of the Currency (OCC). Furthermore, the institution secured regulatory approvals from the Federal Reserve and FDIC to open Varo Bank, N.A. We shall see how to transfer money from Varo to Cash App.
Since it is a bank, the platform allows you to carry out various transactions such as sending and receiving finances, purchasing goods and services online and at physical branches, paying bills, and even saving money. Like many other financial companies, the bank offers a safe place to keep your funds other than risk them in your house. Time is gone when people used to store large amounts of notes in their houses.
Varo bank services are purely online. That means you cannot find a physical branch anywhere to carry out your banking activities. That makes it more convenient. Even though some people do not believe in online banking, most people worldwide value the system since you can save a lot of time banking online than at a branch. After all, what is the essence of technology if not to make things smooth?
How to get started with Varo?
You can start using Varo services by opening your account online. Varo account does not charge monthly fees, nor will you require a minimum amount in your account. You can open a checking account or the high-yield Savings Account with no hidden fees and enjoy excellent banking services.
You have to download the Varo App from the relevant store to apply for the service. The application is available on Google Play and App Store. You can also sign up on your computer when visiting the Varo bank website. Once you land on the website, you should click on the Get Started button.
If you want to open an account using the mobile app, open it after the download, tap Sign Up, and follow the prompts to apply. The process cannot consume more than five minutes. To apply, you need a form of personal identification and your Social Security Number. You will also need an external bank account to top up your account by making an instant transfer with routing and account number.
How to Verify your Varo account?
Once you open your account, it is crucial to verify it for additional security. Furthermore, verifying your account will unlock limits. You only need to submit your identification document online to verify your account. After receiving the documentation, Varo can generally take one to two business days to verify your account. Remember that it is not automatic that you get verification as they can reject it if your ID document is not valid. You will get the final decision via email.
You might be wondering why you need to verify your account. Federal law requires all financial companies to collect identification documents to verify the identities of account openers to fight fraud per the USA PATRIOT Act. Providing your details helps the government to fight terrorism and money laundering.
You need to know that Varo does not check your credit report or FICO score during verification. The details are also safe as Varo stores them using the best security measures and technology to prevent unauthorized access. That way, they can maintain the ultimate privacy of your personal information.
Why open a Varo account?
There are various reasons why you can find Varo bank the most exciting financial company to bank with. They include the following.
- No-monthly-fee. The Varo checking and savings accounts charge no monthly fees whatsoever. Furthermore, the bank does not charge overdraft fees to eligible customers.
- No in-network ATM fees. If you withdraw money at in-network ATMs, you will not part with any withdrawal fees. The out-of-network ATM fee is $2.50. You can utilize more than 55,000 in-network Allpoint ATMs within the United States to carry out ATM transactions.
- Zero foreign transaction fees. If you are making any transaction in a foreign nation, you will not pay any fees to the company since they charge nothing. That way, you can save a lot of money.
- No debit card replacement fees if you lose your current card. Various financial companies charge you for replacing your card.
- Varo Advance. You can get a cash advance if you qualify. The amount of money you can get ranges from $20 to $100 with no fees. Cash advances above $100 attract fees ranging from $3 to $5. To qualify for the Varo Advance program, you must receive at least $1,000 in direct deposit every month. Also, you need to make at least five debit card transactions every month.
- High savings rate. If you save money with Varo, you can expect a minimum APY of 0.50%. You can even qualify for as much as a 3.00% APY.
Despite having various advantages, there are a few cons that you can find with the bank. They include a lack of physical offices for in-person consultations, no check writing, and only two deposit accounts are available.
What is Cash App?
Before discussing how you can move money from Varo bank to your Cash App account, it is crucial to understand what Cash App is. The platform allows peer-to-peer money transfers whereby you can move money from your account to other people’s Cash App accounts instantly or within minutes. It is a product of Square, a payment platform that businesses use to receive payments from their customers.
Like Varo Bank, Cash App operates online, whereby you have to carry out your transactions online using your mobile phone or computer. There are various kinds of transactions that you can do with your Cash App account. You can transfer money from Cash App to a debit card instantly, transfer to your bank within 1-3 business days or buy goods and services.
How to transfer money from Varo to Cash App?
It is possible to transfer finances from Varo to your Cash App account. To transfer money from Varo to Cash App, you must link the two platforms for a smooth transfer. Usually, you have to link your Varo and Cash App accounts using a Varo Debit Card.
You can also link the Varo bank itself to Cash App, although the transfers will be slower than when you use the Varo debit card. Bank transfers can take up to five days to complete. To link your Varo debit card with Cash App, follow the steps below.
- Open your Cash App application to log in.
- Tap the bank icon (Which looks like a house) in the bottom left corner to land on the Banking screen.
- Scroll to the bottom, then tap Linked Banks.
- Select the Link Debit Card option.
- Enter your Varo debit card number, CVV, and the card’s expiration date.
Once you have linked your bank account, you can continue with your transfer. You usually get money from a linked bank account when you want to make a transfer. You can follow the steps below to move funds from Varo Bank to your Cash App account.
- Open your Cash App application.
- Hit on the bank icon to open the Banking tab.
- Select the Add Cash.
- Enter the amount to add to Cash App.
- Tap the green Add button.
- Follow other guidelines.
Once you complete the steps, money will move from your Varo account to your Cash App account.
Can you use a prepaid card to add money to Cash App?
You cannot transfer money from a prepaid card to Cash App since the service does not support prepaid cards. You can only use debit cards, credit cards, and bank accounts to add finances to your Cash App account. Again, the credit and debit cards you use must be backed by Visa, Discover, American Express, or MasterCard.
But what are prepaid cards? Prepaid cards allow you to deposit funds and use them for your online and physical store shopping activities. The cards do not necessarily link to bank accounts as debit cards do. However, they operate like debit cards in that you can shop and withdraw money at ATMs.
How do you send money on Cash App?
Remember I told you that Cash App is a peer-to-peer money transfer service. You can send and receive funds from other users within the platform. To send money on Cash App, you can follow the steps below.
- Tap the $ on the Cash App screen
- Enter the amount of money to send or receive
- Hit on Pay to search for a Phone number, $Cashtag, or email
- Add a memo (if you want)
- Select Pay to complete your transaction
Varo is an American mobile bank headquartered in San Francisco, California. The institution provides financial services through its mobile app. The platform operates purely online, whereby you have to open an account online and fund it using an external bank account to use for your transactions.
You can transfer money from Varo to Cash App. Cash App is a peer-to-peer money transfer service that allows you to send and receive finances from other users.