How To Send Money From One Varo Money Account to Another Immediately

by
Adam Rust

Toward the end of January 2020, VaroMoney has announced a new way to move funds in less than one day.

The "Varo to Varo" service enables a Varo Money account holder to send funds to other Varo Money account holders.

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A video showing how to send money from one Varo Money debit card bank account to another Varo Money debit card bank account

Here's how it works:

1) Open the Varo Money app on your iPhone or Android device.

2) From the "Accounts Overview" screen, click on "Move Money" on the menu bar at the bottom of the screen.

3) You will be taken to a purple screen where it says "Send Money Now." Click on that text.

4) At the top of the next screen, you will see a From and To function. Select your bank account (the last four digits are shown as well) in From.

5) Indicate the name of the recipient in the "To" space. You will do that by selecting from a scrollable list of contacts. Your most frequent recipients will appear first.

6) Next, enter how much you want to send. There is a maximum amount that you can send. You cannot send more than your current balance.

7) If you prefer, you can include some text in the "Add a Note" box. You might do that if you want to provide context to your payment: for example, "paying you back for Tacos last Tuesday." You can embellish your note with an emoji.

8) Click "next" and you will be taken to a screen where you can confirm that your payment details are correct.

9) Click "send money."

10) You will receive a popup that states how much and to whom you sent funds.

Voila! You have sent money instantly! 

The service is free.

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Adam Rust has worked to defend consumers against harmful financial practices since 2005. He has written extensively about overdraft fees, payday lending, credit insurance, student loans, prepaid debit cards, high-cost installment loans, and subprime mortgage lending. The New York Times interviewed him when it reported on the CFPB's rulemaking on prepaid debit cards; subsequently, his research paper framed the debate on consumer protections.

He serves on the Board of the US Faster Payments Council. He is Director of Research at Reinvestment Partners in Durham, North Carolina. He is the author of BankTalk. He is the author of "This is My Home: Challenges and Opportunities of Manufactured Housing" and has testified to Congress on how to redress some of the problems with manufactured housing. See more on his LinkedIn profile.