The shift towards a cashless society is steadily gaining ground with the introduction of branchless bank accounts such as Varo. As a Varo client having Cash App for your day-to-day transactions makes making payments a lot easier. So, this text aims to show how you can transfer money between the two platforms.
How To Transfer Money From Varo To Cash App
Here are the steps to transfer money from Varo to Cash App:
- Start Cash App and tap on the bank icon on your bottom left.
- Select “link bank” then enter your Varo number and click “Next” and follow the instructions.
- Return to Cash App homepage. Then, click on the bank icon again and select “add cash”.
- Key in the amount you want to send and tap on “Add”
- Complete the verification and the money will have been transferred from Varo to Cash App
Due to customer demand over the last few years, Varo introduced a two-way integration that allows customers to link outside bank accounts with each other. The integration made users able to import their data from other money apps like Venmo, Cash App, and Digit and even initiate the transfer of funds.
The company has always had the goal of making banking faster and easier which they have achieved and continue to achieve.
Transferring Money from Varo to Cash App
To transfer money from Varo to Cash App you first have to link the two accounts. Varo and Cash App both use Plaid, a service that allows users to link external bank accounts to each other. Through Plaid integration, users can import their data to and from the various money apps. There are two ways you can link your accounts to Varo; directly from Varo app or from Cash App.
From Varo you need to;
- go to the accounts page and tap on the dashboard. From there,
- select the account you want to link by searching for your financial provider.
- log in with your credentials and the linking will be complete.
You can also choose to do it directly from Cash App. Both methods are easy to complete and it just comes down to choice.
From Cash App
- Get to the homepage and click on the bottom left bank/ dollar icon
- Select link bank and choose Varo
- Enter the Varo credentials requested, e.g. card number, and click on next when done.
- Follow their instructions and the account should be linked.
Varo does not view or store user login credentials for other companies so clients should not be worried about their safety. On their website, they liken this to “a client having the power to open a door but Varo only sees what is inside but does not see or have the key”. So, client credentials to external accounts remain private.
To transfer money between Cash App and Varo, You can follow these steps.
- Go to the Cash App homepage and tap on the bank icon
- Select add cash
- Enter the amount you want to add
- An add button should appear; tap on it.
- Complete the verification process for the transaction
- The money should be transferred after verification.
One thing to note for Varo users is that you need to enable transactions on your Varo card, otherwise the process might encounter some difficulty.
You can also transfer the money back to the bank account by following similar steps but instead of “add cash” you need to select the “Cash Out” option.
You can find some FAQ about Cash App here:
Can You Load A Cash App Card
Can Cash App Send Money To Paypal
Can Cash App Send Money To Venmo
Make Money With Cash App
Payment Pending On Cash App
How To Verify Cash App
How To Refund Cash App
How long Does Transferring Money from Varo to Cash App take?
When you transfer money from Varo to Cash App, you should expect it to be instant. You should be able to move your money immediately and even make transactions from the app seconds after. However, the rules change when sending money from Cash App to Varo.
Cash App to Varo transactions will take up to 3 business days. It is the same as sending money to any other bank, where processing times are a little longer. Of course, we are talking about the normal cash out/standard transfer. Clients can choose the option of instant transfers which also makes your transaction instant but you will incur a fee.
What are the Charges for Varo-Cash App transfers?
Varo does not impose any fees on transactions to Cash App.
On the other hand, when you are sending money to Varo from Cash App there are optional fees.
Optional because Cash App also does not charge you for normal cash out which takes up to 3 days to complete. Instead, if a user wants the transaction to be instant, Cash App will charge them a 1.5% transfer fee. Instant transactions are a reliable option in the case of an emergency.
Benefits of Using Varo for Banking
Varo challenges the traditional banking systems by offering various financial technology services via its app. The company was granted its banking license in 2016 and has since been operating as a full-service national banking charter. Using Varo comes with various benefits including:
- No overdraft fees. They also don’t have any monthly maintenance fees for savings or checking accounts.
- No minimum deposits on the accounts
- Higher annual percentage yield (APY). Without physical branches, there are lower operating costs on their part and that benefits users
- by providing a higher annual yield for their accounts.
- It is FDIC insured like traditional banks making it a safe option for users.
- Offers a credit building program that helps account holders build their credit with no monthly fees and no upfront deposits. Also, applying for the card won’t affect your credit score.
Finally, Varo offers automatic savings tools. With a Varo account, users get access to two savings tools, namely
- Save your pay
- Save your change.
Save your pay allows users to set up recurring transfers every time they receive a direct deposit. Users decide the percentage of the payment to be moved to savings. Save your Change is responsible for rounding up every checking transaction and moving the extra cents to the account owner’s savings. Both of these tools help a person save over the long term.
If you are straightforward with your finances then Varo can be a convenient option for your banking needs. It offers reliable benefits when used as a person’s primary savings and checking account. However, if you want to use it as your secondary account, you won’t experience the full benefits of the perks.