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1. ACH debit transactions “pull” the money from your account, like for an automatic bill payment.
2. ACH credit transactions “push” money into your account, like a direct deposit of your paycheck or tax refund.
You can set up both kinds of ACH transactions by providing your Varo Bank Account number and routing number to your biller or payor.
ACH transfer exact timing depends on the financial institution. Here’s what you can expect for ACH transfers with Varo:
If you initiate an ACH transfer in the Varo app to or from an external bank account you own, it’ll take 2–4 business days.
If you initiate an ACH transfer from an external bank account to Varo, it’ll typically take 1–2 business days.
ACH transfers are typically free, but they take a few business days to clear. Wire transfers usually come with a fee but are delivered within a few hours or less.
ACH transfer fee to send or receive money with Varo: $0
Average wire transfer fee to send money domestically*: $25
There are two ways to make an external transfer: either in the Varo app or from the external bank’s website. These transfers are called ACH transfers and require you to verify your own the external account before making the transfer.
If you want to move money right away, make an instant transfer from digital wallets like Cash App, Venmo, or PayPal. We don’t charge a fee for instant transfers, but the digital wallet might.
Transferring money to an external account is easy. To keep things secure, it takes 1–2 business days to fully process. Here’s what to do:
Transfers to external checking or savings accounts are limited to $5,000 per transfer and $10,000 per calendar month.
ACH or External transfers can take 1–4 business days for security reasons.
Both domestic and international wire transfers are not available right now with Varo. The good news is you have plenty of other ways to make deposits:
Yes, you can make instant money transfers from digital wallets like Cash App, PayPal, Venmo and Square, or companies like Uber and Lyft. The speed of the transfer varies by digital wallet, but it usually takes less than 30 minutes. We don’t charge a fee for instant transfers, but make sure to check your digital wallet to see if they charge a fee.
© 2021 Varo Bank, N.A. All Rights Reserved
Varo Bank, N.A. | PO Box 108, Draper, UT 84020
Questions? Contact Varo Bank at [email protected] or call 1-877-377-8276.
*Source: https://www.nerdwallet.com/blog/banking/wire-transfers-what-banks-charge/
Bank Account Services provided by Varo Bank, N.A. Member FDIC. Visa® Debit Card is issued by Varo Bank, N.A. pursuant to a license from Visa U.S.A. Inc and may be used everywhere Visa debit cards are accepted.
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