Updated September 29, 2026 · VaultCue Editorial Team
MoMo vs Varo Bank
MoMo
Varo Bank
Higher score in this comparison
What sets them apart
| Compare | MoMoReviewSee alternativesSee alternatives | Varo BankReviewSee alternativesSee alternatives |
|---|---|---|
| Monthly fee | ₫0 | $0 |
| Currency conversion fee | 2% | 0%Lower |
| Free ATM withdrawals | ₫30,000,000 | $0 |
| Transfer fee | Bank cash-out free up to 30,000,000 VND per month, then 0.5% of transaction value; 1% of transaction value once the monthly total exceeds 100,000,000 VND | Free |
| Licence type | Not confirmed | Bank |
| Deposit protection | Not confirmed | FDIC up to USD 250,000 |
| Currencies | 1 | Not confirmed |
| Local account details | Not confirmed | Us ACH |
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Key differences
- Varo Bank scores higher overall: 8.9 vs 8.8.
- Founded is lower at MoMo: 2007 vs 2015.
- Currency conversion fee is lower at Varo Bank: 0% vs 2%.
- Features: only Varo Bank offers Free ATM, No credit check.
Our verdict on each
MoMo
MoMo is a digital wallet for people living in Vietnam who want everyday payments handled from a phone rather than a branch. It charges a monthly fee of VND 0 and holds a State Bank of Vietnam licence, and it covers 1 currency, which points to a local account.
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 | MoMo | Varo Bank |
|---|---|---|
| Cost | 8.6The monthly fee is VND 0 and the transfer fee is VND 0, but conversion at 2% sits above the site median of 0.5%. | 9.3Higher |
| Offer | 9.0 | 9.0 |
| Trust | 8.8Higher | 8.5 |
Where they rank in our lists
| Ranking | MoMo | Varo Bank |
|---|---|---|
| Online banks | 146 of 402 | 134 of 402 |
Spending 1,000 abroad
MoMo
20
2% of 1,000
Varo Bank
0
0% of 1,000
Varo Bank comes out 20 lower in this example.
Worked out from the stated prices and rates; your own total depends on how you use it. Facts checked September 26, 2026.
Every fact side by side
| Fact | MoMo | Varo Bank |
|---|---|---|
| Audience | Teen, Student, Business | Not confirmed |
| Pricing model | No monthly fee | No monthly fee |
| Features | Digital only | Free ATM, Digital only, No credit checkCovers more |
| Legal entity | Mobile Services Joint Stock Company (M_Service JSC) | Varo Bank, National Association |
| Headquarters | Vietnam | United States |
| Founded | 2007Lower | 2015 |
| Support channels | Phone, Email, Help centre, Chat | Email, Chat, Phone, Help centre |
Money transfer
| Fact | MoMo | Varo Bank |
|---|---|---|
| Delivery time | Instant | Not confirmed |
| Payout methods | Bank, Cash pickup, Wallet | Not confirmed |
| Fee to send 1,000 | ₫0 | Not confirmed |
Where each stands against the rest
| Fact | MoMo | Varo Bank | Median |
|---|---|---|---|
| Currency conversion fee | 2%above the median | 0%below the median | 0.5% |
| Currencies | 1lowest quarter | Not confirmed | 5 |
Median across 536 listed accounts.
Pros and cons
MoMo
Pros
- No monthly charge, listed at VND 0 for the everyday account
- Transfers land Instant, so payments and payouts clear quickly
- Cash-out reaches banks, pick-up points and wallets through bank, cash pickup and wallet
Cons
- Currency conversion costs 2%, above the site median of 0.5%
- Only 1 currency is covered, against a site median of 5
- The account is digital only, so there is no branch to visit
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
MoMo
Who it suits
- Teenagers and students who pay and receive money by phone
- Small businesses in Vietnam taking daily payments from customers
- Anyone who wants money to move instantly inside the country
Who should look elsewhere
- Skrill or Plazo ES, euro wallets at a €0 monthly fee for another market
- PayPal Colombia, whose cross-border reach suits international payments more than local ones
- Anyone who wants a branch to visit, since the account is digital only
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
Current offers
MoMo
Current offer
Country by country
| Country | MoMo | Varo Bank |
|---|---|---|
| United States | No | Yes |
| Vietnam | Yes | No |
Questions about each
MoMo
Does MoMo charge a monthly fee?+
No. The monthly fee is VND 0, and the service runs on a no-monthly-fee model. The transfer fee is also listed at VND 0, with charges applying only once cash-out allowances are passed. The free tier is what most everyday users rely on.
What does it cost to change currency?+
Currency conversion costs 2%. That is above the 0.5% median across the brands on the site, and MoMo sits at 214 of 312 on this measure, so conversion is the weak point of an otherwise free service.
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
MoMo
Varo Bank