Updated September 29, 2026 · VaultCue Editorial Team
Nequi vs Varo Bank
Nequi
Varo Bank
Higher score in this comparison
Nequi vs Varo Bank: the differences
| Compare | NequiReviewSee alternativesSee alternatives | Varo BankReviewSee alternativesSee alternatives |
|---|---|---|
| Monthly fee | COP 0 | $0 |
| Currency conversion fee | 3% | 0%Lower |
| Transfer fee | Free (GRATIS) to send to Nequi or Bancolombia accounts/deposits, to other banks via ACH, and by QR | 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 |
| Free ATM withdrawals | Not confirmed | $0 |
We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.
Key differences
- Varo Bank scores higher overall: 8.9 vs 8.5.
- Currency conversion fee is lower at Varo Bank: 0% vs 3%.
- Support channels: only Nequi offers Community.
- Support channels: only Varo Bank offers Email.
- Features: only Varo Bank offers Digital only, No credit check.
Our verdict on each
Nequi
Nequi suits Colombian adults who want everyday spending and an insured savings balance in a single free account, not readers who need a long currency list. The monthly fee is COP 0, and currency conversion at 3% is the only charge that adds up.
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 | Nequi | Varo Bank |
|---|---|---|
| Cost | 8.2The monthly fee is COP 0 and transfers are free, but conversion at 3% is well above the everyday-accounts median 0.22%. | 9.3Higher |
| Offer | 9.1Higher | 9.0 |
| Trust | 8.4 | 8.5Higher |
How they place
| Ranking | Nequi | Varo Bank |
|---|---|---|
| Savings accounts | 582 of 1420 | 440 of 1420 |
Every fact side by side
| Fact | Nequi | Varo Bank |
|---|---|---|
| Audience | Teen, Business, Freelancer | Not confirmed |
| Pricing model | No monthly fee | No monthly fee |
| Features | Free ATM | Free ATM, Digital only, No credit checkCovers more |
| Legal entity | Nequi S.A. Compania de Financiamiento | Varo Bank, National Association |
| Headquarters | Colombia | United States |
| Founded | 2015 | 2015 |
| Support channels | Phone, Chat, Help centre, Community | Email, Chat, Phone, Help centre |
Money transfer
| Fact | Nequi | Varo Bank |
|---|---|---|
| Exchange rate markup | 3% | Not confirmed |
| Delivery time | Within 24 hours | Not confirmed |
| Payout methods | Bank, Cash pickup, Wallet | Not confirmed |
| Fee to send 1,000 | COP 0 | Not confirmed |
Savings
| Fact | Nequi | Varo Bank |
|---|---|---|
| Headline rate | Not confirmed | 1% to 3.75% |
| Rate type | Variable | Variable |
| Minimum deposit | Not confirmed | $0 |
| Access terms | Nequi savings account for Colombian natural persons over 18, unlimited balance and no transaction cap, one savings account per user, deposit insured by FOGAFIN | No minimum balance or deposit, no savings cap, access in the Varo app with free instant transfers |
| Account kind | Easy access | Easy access |
Where each stands against the rest
| Fact | Nequi | Varo Bank | Median |
|---|---|---|---|
| Currency conversion fee | 3%highest quarter | 0%below the median | 0.5% |
| Currencies | 2lowest quarter | Not confirmed | 5 |
| Free ATM withdrawals | Not confirmed | $0at the median | $0 |
Median across 536 listed accounts.
Pros and cons
Nequi
Pros
- Deposits are insured by FOGAFAN, and the balance is unlimited with no transaction cap.
- The account kind is easy access and the savings rate is variable.
- Money can go to a bank, a cash pickup point or a wallet, per bank, cash pickup and wallet.
Cons
- Currency conversion costs 3% with a markup of 3%, above the everyday-accounts fee median of 0.22%.
- Only 2 currencies are supported, against an everyday-accounts median of 9.
- A single savings account per user, and only Colombian natural persons can open it.
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
Nequi
Who it suits
- Colombian adults who want savings and everyday spending in a single free account with insured deposits
- People in Nequi's core audience of teen, business and freelancer, from teens to freelancers
- Freelancers in Colombia who take payouts to a bank, a cash pickup point or a wallet, per bank, cash pickup and wallet
Who should look elsewhere
- Readers who hold many currencies: Nequi covers 2 and charges 3% to convert, so Skrill is the one to compare
- Anyone earning or saving in euros rather than pesos, since Plazo ES is priced in euros with a monthly fee of €0
- Readers who want a payment wallet rather than an insured savings balance, since PayPal Colombia also has a $0 monthly fee
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
Nequi
Current offer
Bonus
Tienda Virtual Nequi: Walaky cashback: Up to 7% money back
Devolucion de plata on digital purchases at Walaky through Tienda Virtual Nequi
Source, checked September 26, 2026
Bonus
Tienda Virtual Nequi: Clevercel cashback: Up to 4% cashback
Devolucion de plata on digital purchases at Clevercel through Tienda Virtual Nequi
Source, checked September 26, 2026
Country by country
| Country | Nequi | Varo Bank |
|---|---|---|
| Colombia | Yes | No |
| United States | No | Yes |
Questions about each
Nequi
What does Nequi cost to keep each month?+
The Nequi savings account carries a monthly fee of COP 0, so there is no standing charge for Colombian adults. Transfers to Nequi or Bancolombia accounts, to other Colombian banks by ACH and by QR are free, with a transfer fee of COP 0.
Is my money protected in a Nequi savings account?+
Deposits in the Nequi savings account are insured by FOGAFIN, and the account kind is easy access. The balance is unlimited with no transaction cap, and the account is open to Colombian natural persons with a single savings account per user.
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
Nequi
Varo Bank