There have been some questions surrounding Venmo and Varo bank which we are going to answer.
We are going to be brief as possible, but first, get to know about the bank.
What is Varo?
Varo, situated in San Francisco, California, is a mobile-only neobank. The company has 1 million customers and offers financial services through its mobile app.
It was founded by Colin Walsh and Kolya Klymenko as a way to create a bank that would attract millennials and younger people who were disillusioned with traditional banks.
Varo worked with Bancorp Bank to provide the backbone for their banking accounts up until October 1, 2020.
In 2020, Varo was one of the three largest neo-banks in the United States just behind Chime and Simple.
Does Varo Bank Accept PPP & SBA Loans? (Updated) Check it out here.
Does Varo work with Venmo?
Yes, Varo works with Venmo.
Your Varo Bank Account can be added as a payment option for Venmo, and money can be sent from Venmo to your Varo Bank Account by ACH or immediate transfer.
Note that Transfers to your Varo Bank Account can take a few days, but they’re free.
Transfers to your debit card are usually instant, and while varo don’t charge for instant transfers, Venmo will.