What you need to open a Varo account

Varo is an online bank, which means there is no branch to walk into. You open an account entirely through their mobile app or website. To start, you will need a valid government-issued ID (a driver's license, passport, or state ID card), your Social Security number, and a way to verify your identity — usually a phone number where Varo can reach you.

You will also need an initial deposit to fund your account. Varo does not require a minimum opening deposit, so you can start with any amount. Many people deposit just enough to set up the account and then add more later. You can fund the account using a debit card, another bank account, or a wire transfer.

The entire process takes about 10 to 15 minutes if your information is straightforward. If Varo needs to verify something about your identity, it may take a few hours or up to a business day.

Key Takeaways

  • You need a valid government ID, your Social Security number, and a phone number to open a Varo account online.
  • Varo does not require a minimum deposit to open the account, though you will need to fund it with at least some money.
  • The account opens through the Varo mobile app or website, and the whole process usually takes 10 to 15 minutes.
  • Once your account is open, you can use your debit card to withdraw cash at ATMs or make purchases, and you can set up direct deposit for paychecks.

Step-by-step: opening your account

Start by downloading the Varo app from the Apple App Store or Google Play Store, or go to varo.com on a web browser. Tap or click "Open an Account" and choose whether you want a checking account, savings account, or both. Most people start with checking because that is where you receive paychecks and pay bills.

Varo will ask for your full name, date of birth, email address, and phone number. Then it will ask for your Social Security number and your current address. This information is used to verify who you are and to check for fraud.

Next, you will take a photo of your government ID using your phone's camera. Varo's system reads the ID automatically. You may also be asked to take a selfie so Varo can match your face to the ID photo. This is a standard security step that most online banks use.

Once Varo confirms your identity, you will set up a PIN (a four-digit code) and choose a username and password for logging in. Then you will link a funding source — either a debit card or a bank account — and make your first deposit. Your account is now open and ready to use.

What happens after you open the account

Varo will send you a debit card in the mail, which usually arrives within 5 to 10 business days. Until the card arrives, you can still use your account to receive money (such as a direct deposit paycheck) and to send money to other people through the Varo app.

Once your debit card arrives, you can use it to withdraw cash at ATMs, make purchases at stores, and pay bills online. Varo does not charge a fee when you use an ATM that is part of the Allpoint network, which has over 55,000 ATMs worldwide. If you use an ATM outside that network, Varo will refund the fee that the other bank charges.

You can also set up direct deposit so your paycheck goes straight into your Varo account. To do this, you will give your employer your Varo account number and routing number, which you can find in the app under "Account Details."

Fees and account features

Varo does not charge a monthly fee to keep a checking account open. There are no overdraft fees, no minimum balance requirement, and no fees for transfers between your accounts. This makes Varo less expensive than many traditional banks.

Varo does charge a fee if you make a purchase that would overdraw your account — meaning you spend more money than you have. However, Varo will decline the purchase rather than letting you go negative, so this fee is rare. If you do overdraw, Varo charges a one-time fee, though the exact amount varies.

If you open a savings account with Varo, it earns interest, which means the bank pays you a small amount of money just for keeping your savings there. The interest rate changes over time based on what the Federal Reserve does with interest rates.

If your account is declined or delayed

Sometimes Varo cannot verify your identity right away. This might happen if your ID is damaged, if the photo is blurry, or if there is a mismatch between the information on your ID and the information you entered. Varo will send you a message explaining what went wrong.

If this happens, you can try again with a clearer photo or corrected information. If you keep running into problems, you can contact Varo's customer service through the app. They can walk you through the process or ask you to send documents by mail.

In rare cases, Varo may decline to open an account if you have a history of fraud or if you appear on a government list of people who cannot open bank accounts. If this happens, Varo will tell you why, and you can ask them to reconsider.

What to do if you already have a bank account elsewhere

You do not have to close your other bank account to open a Varo account. Many people keep both — they use their old bank for savings and Varo for everyday spending, or they use Varo as their main account and keep the old one as a backup.

If you want to move money from your old bank to Varo, you can transfer it through the app. You will need your old bank's account number and routing number. The transfer usually takes one to three business days.

If you decide later that you want to close your Varo account, you can do so through the app. Make sure you have moved any money out first, and that you have paid any bills that are set to come out of that account.

Frequently Asked Questions

Do I need a credit card to open a Varo account?

No. Varo is a bank account, not a credit card. You do not need to have a credit card or good credit to open one. Varo does check your banking history to look for fraud, but it does not check your credit score.

Can I use Varo if I do not have a smartphone?

You can open the account on a computer using varo.com, but you will need a smartphone to take the photo of your ID. If you do not have a smartphone, you can borrow one to open the account, and then manage it on a computer afterward.

What if I lose my debit card?

You can freeze or cancel your card when ready through the Varo app. Varo will send you a replacement card in the mail at no charge. Until it arrives, you can still receive money and send money through the app, and you can withdraw cash at ATMs using your PIN.

Can I open a Varo account if I am not a U.S. citizen?

You need a valid U.S. government-issued ID and a Social Security number or Individual Taxpayer Identification Number (ITIN). If you have these, you can open an account. If you do not, you will not be able to open a Varo account.

How long does it take to receive my first paycheck in Varo?

Once your account is open, you can set up direct deposit right away. Your paycheck will arrive on the same day your employer sends it, which is usually the same day as your old bank would have received it. There is no waiting period.