How To Withdraw Money From Varo Without A Card

Bank cards sometimes get misplaced or stolen and sometimes it can leave an account holder stranded. With Varo, it does not mean that you now can’t withdraw your money. Clients can withdraw their funds without a card by following the steps we have outlined in this text.

Varo

How To Withdraw Money From Varo Without A Card

Here are the steps to withdraw money from Varo without a card:

  • Open the Varo app on your smartphone and head to the “Move Money section”
  • Tap on the Find ATM option and search for any “Cardless ATM” in the locator
  • Confirm whether the ATM has a Mobile Cash Access option and select it then launch the Varo on your phone
  • Check if they offer a “Cardless ATM withdrawal” option and tap on it. Select that option & 
  • Enter the desired amount and the app should generate a PIN
  • Enter the PIN generated from the ATM and requested cash should be dispensed shortly

Varo offers very enticing benefits for clients such as no overdraft fees, no maintenance fees, and even higher APY on client savings accounts. As a result, a lot of people are favoring a shift from traditional banking to online-only banking. The fact that their services can be accessed over more than 55,000 ATMs makes people not see the need to go into any branches for withdrawals and other banking needs. 

Withdrawing Money without a Varo Card 

Varo has taken great strides in encouraging people to migrate from traditional banking to online banking. The company has invited millions of users in the US and it is still growing. For a Varo user, sometimes you might need to withdraw funds while missing your card. It can be because you misplaced your card or maybe just forgot it somewhere, with your wallet.

Several banks currently offer ways to withdraw money without a card and since Varo is an online-only bank, we would expect it to have such a feature but it has not yet been enabled for its members.  However, different banks use a similar process to facilitate this transaction and assuming Varo does decide to make cardless withdrawals their process should be similar and involve steps like the ones below. 

  • Open the Varo app on your smartphone and head to the “Move Money section”
  • Tap on the Find ATM option and search for any “Cardless ATM” in the locator
  • Confirm whether the ATM has a Mobile Cash Access option and select it then launch the Varo on your phone
  • Check if they offer a “Cardless ATM withdrawal” option and tap on it. Select that option & 
  • Enter the desired amount and the app should generate a PIN
  • Enter the PIN generated from the ATM
  • The requested cash should be dispensed shortly

The whole process will rely on whether Varo has cardless ATMs and if Varo adds the “ Cardless ATM withdrawals” option to their app.

Here’s a post on how to send money from Varo to Cash App.

How Much are Varo Withdrawal Fees? 

As mentioned earlier Varo has a network of more than 55,000 Allpoint ATMs where their clients can withdraw funds. Across these locations, Varo does not charge any withdrawal fees. 

However, when an account holder decides to withdraw cash from an ATM outside the network, they will incur some charges. You will be charged $2.50 for each withdrawal and there might be extra charges from the third-party ATM. 

So, to save your money, use the locator on the Varo app to identify any Allpoint ATM near you and withdraw from there. To do this, go to the Varo app and tap “move money” from there, tap “Find ATM.” Your phone’s location function might be required for more accurate results. 

What are Varo’s Withdrawal Limits? 

Varo has a $500 withdrawal limit per day when you use a Varo debit card at any one of their ATMs. The limit is increased to $1000 if a client chooses to visit a credit union branch or bank and initiate an over-the-counter withdrawal. 

Be ready to pay an extra fee imposed by the bank or credit union for over-the-counter withdrawals. External ATM owners/operators, merchants, and banks can add limits to withdrawals. Over-the-counter withdrawals will also require a person to carry their Varo debit card and a valid ID.

What You Need to Know About Varo Accounts 

Varo offers 2 main accounts; 

  • checking account
  • Savings account 

Checking Account

The checking account which is also the “Varo Bank account” does not charge holders any maintenance fees and you also don’t need to maintain a minimum balance in the account. 

To sign up for this account you will need your legal I.D and a social security number. You will need to be at least 18 years old and have a device that can run the Varo official mobile App. Users also don’t need an initial minimum deposit when opening the account.

When you have a Varo Checking account, you get to enjoy early access to any direct deposit payments. You can receive funds on the same day they were sent which might be up to 2 days before the scheduled date of payment. 

Clients also receive no charges with overdrafts but it requires the account holder to fulfill some requirements. They should make at least 5 debit purchases monthly and must receive direct deposits over $1000 monthly either from payroll or the government. The overdraft feature is not automatic and needs to be activated from the app after meeting the requirements. 

Sending money to other users on Varo is free and instant.

Savings Account 

The Varo savings account can easily be opened when a user has a checking account. The account also does not need a minimum deposit or account balance to consider. Varo savings account offers a 0.20 annual percentage yield and an option to be bumped to a 3.00% yield after meeting some requirements. 

They include;

  • Making a minimum of 5 qualifying debit card purchases 
  • Receiving $1000+ from payroll or government during the qualifying period 
  • Maintaining a savings balance of $5000 and less in the calendar month

Final Thoughts 

Varo is reputable in the mobile banking industry but it is not for everyone. For example, some users will find it appealing because of its high APY and other incentives such as their automatic savings tools. However, others might feel limited by the $2500 daily spending Cap especially individuals with high mortgage payments. So it really comes down to preference but overall it is a reliable place for users to start banking.