Updated September 29, 2026 · VaultCue Editorial Team
Daviplata vs Varo Bank
Daviplata
Higher score in this comparison
Varo Bank
Where Daviplata and Varo Bank differ
| Compare | DaviplataReviewSee alternativesSee alternatives | Varo BankReviewSee alternativesSee alternatives |
|---|---|---|
| Monthly fee | COP 0 | $0 |
| Free ATM withdrawals | COP 0 | $0 |
| Transfer fee | COP 0 for consumer transfers; up to COP 3,170 + IVA per transfer for business transfers via Portal Empresarial and Pyme | Free |
| Licence type | Not confirmed | Bank |
| Deposit protection | Not confirmed | FDIC up to USD 250,000 |
| Currencies | 2 | Not confirmed |
| Local account details | Not confirmed | Us ACH |
Same on both: Currency conversion fee (0%).
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Key differences
- Daviplata scores higher overall: 9.1 vs 8.9.
- Support channels: only Varo Bank offers Email, Chat, Phone.
- Features: only Varo Bank offers No credit check.
Our verdict on each
Daviplata
Daviplata suits expats and small businesses in Colombia who want one app for everyday banking and remittances, with a monthly fee of COP 0 and a currency conversion fee of 0%. Transfers land immediate, within minutes, and money comes out to a bank account, cash pickup or wallet.
Varo Bank
Varo Bank suits people who want a free digital bank account and an easy-access savings balance without a minimum deposit. It charges a monthly fee of $0, pays a variable rate of 1% to 3.75% and holds deposits under FDIC up to USD 250,000.
Score breakdown
| Area | Daviplata | Varo Bank |
|---|---|---|
| Cost | 9.6HigherLow cost: COP 0 monthly, 0% currency conversion fee, COP 0 on a consumer transfer. | 9.3 |
| Offer | 8.3 | 9.0Higher |
| Trust | Not confirmed | 8.5 |
How they place
| Ranking | Daviplata | Varo Bank |
|---|---|---|
| Online banks | 71 of 402 | 134 of 402 |
Every fact side by side
| Fact | Daviplata | Varo Bank |
|---|---|---|
| Audience | Expats, Business | Not confirmed |
| Pricing model | No monthly fee | No monthly fee |
| Features | Digital only, Free ATM | Free ATM, Digital only, No credit checkCovers more |
| Legal entity | Banco Davivienda S.A. | Varo Bank, National Association |
| Headquarters | Colombia | United States |
| Founded | Not confirmed | 2015 |
| Support channels | Help centre | Email, Chat, Phone, Help centreCovers more |
Money transfer
| Fact | Daviplata | Varo Bank |
|---|---|---|
| Delivery time | immediate, within minutes | Not confirmed |
| Payout methods | Bank, Cash pickup, Wallet | Not confirmed |
| Fee to send 1,000 | COP 0 | Not confirmed |
Where each stands against the rest
| Fact | Daviplata | Varo Bank | Median |
|---|---|---|---|
| Currency conversion fee | 0%below the median | 0%below the median | 0.5% |
| Currencies | 2lowest quarter | Not confirmed | 5 |
Median across 536 listed accounts.
Pros and cons
Daviplata
Pros
- The monthly fee is COP 0, and consumer transfers cost nothing.
- A currency conversion fee of 0%, the lowest of the 312 brands compared.
- Remittances arrive immediate, within minutes, and payouts reach a bank account, cash pickup or wallet.
Cons
- Support runs on help centre only.
- Only 2 currencies are covered, so anyone trading in more may look at Skrill or Plazo ES.
- Business transfers through Portal Empresarial and Pyme carry a fee per transfer plus IVA, unlike consumer transfers at COP 0.
Varo Bank
Pros
- A monthly fee of $0 applies, matching the site median of €0
- The savings account takes a minimum deposit of $0 and pays a variable rate of 1% to 3.75%
- Transfers are free and the ATM allowance is $0
Cons
- The savings rate is variable, so the 1% to 3.75% range can move
- The service is digital-only, which needs a phone and app access for everyday banking
- It is a US bank licence, and the local payment detail is us ach
Who each suits
Daviplata
Who it suits
- Expats in Colombia who want a local account and a remittance wallet in the same app.
- Small businesses that pay and receive through consumer and business transfer routes.
- Readers who want free ATM access and no monthly charge, since the account fee is COP 0.
Who should look elsewhere
- Plazo ES, if you are paid in euros: its monthly fee is €0, and the 2 currencies Daviplata holds may not match your income.
- PayPal Colombia, if a wallet is enough: its monthly fee is $0, while Daviplata adds a bank account and free ATM withdrawals.
- Skrill, if you hold more currencies than the 2 Daviplata covers; its monthly fee is €0, so currency range is the only reason to move.
Varo Bank
Who it suits
- You want a savings balance you can reach at any time from the app
- You want no monthly charge on the everyday account
- You want a bank rather than an e-money or payment institution
Who should look elsewhere
- You want a fixed-rate term deposit, since the rate here is variable
- You need branches or in-person service, as the service is digital-only
- You need euro or UK payment details, and the local detail is us ach
Country by country
| Country | Daviplata | Varo Bank |
|---|---|---|
| Colombia | Yes | No |
| United States | No | Yes |
Questions about each
Daviplata
What does it cost to keep a Daviplata account?+
The monthly fee is COP 0, so keeping the account open costs nothing. Consumer transfers are free on the same schedule. Charges appear on the business side: transfers made through Portal Empresarial and Pyme carry a fee per transfer plus IVA, which is the line to read if you pay suppliers through the app.
Does Daviplata charge for currency conversion?+
The currency conversion fee is 0%, the lowest of the 312 brands compared on that measure. It matters most for expats who receive or hold money in another currency. The account covers 2 currencies, so pairs outside that list need another route.
Varo Bank
What does Varo Bank charge each month?+
Varo Bank charges a monthly fee of $0 on the everyday account, which matches the site median of €0. Transfers are free and the ATM allowance is $0, so day to day banking costs nothing extra.
How much interest does the Varo savings account pay?+
The savings account pays a variable rate of 1% to 3.75%. Because the rate is variable, the range can move over time. The site median headline rate is 3%, so this sits at the higher end of typical savings listings.
Other options to compare
Other matchups
Related by the facts
Daviplata
Varo Bank