Updated September 29, 2026 · VaultCue Editorial Team
Varo Bank vs Wise
Varo Bank
Higher score in this comparison
Wise
Where Varo Bank and Wise differ
| Compare | Varo BankReviewSee alternativesSee alternatives | WiseReviewSee alternativesSee alternatives |
|---|---|---|
| Headline rate | 1% to 3.75%Higher | 3.29% |
| Deposit protection | FDIC up to USD 250,000 | EU DGS up to EUR 100,000 |
| Access terms | No minimum balance or deposit, no savings cap, access in the Varo app with free instant transfers | Instant access to money and gains; transfer up to 100,000 GBP (Personal) daily without delay |
| Monthly fee | $0 | £0 |
| Account kind | Easy access | Cash management |
| Minimum deposit | $0 | Not confirmed |
Same on both: Rate type (Variable).
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Key differences
- Varo Bank scores higher overall: 8.9 vs 8.8.
- Founded is lower at Wise: 2011 vs 2015.
- Wise is licensed in 2 more countries.
- Wise is available in 34 more countries.
- Headline rate is higher at Varo Bank: 1% to 3.75% vs 3.29%.
- Support channels: only Varo Bank offers Email, Chat, Phone.
Our verdict on each
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.
Wise
Wise runs as a cash management account rather than a savings product, so it suits expats and travellers who need many currencies and no monthly charge, not people chasing the top rate. It scores 5.2 here, with a variable rate of 3.29% and a monthly fee of £0.
Score breakdown
| Area | Varo Bank | Wise |
|---|---|---|
| Cost | 9.3Higher | 9.1A monthly fee of £0, a conversion fee of 0.24% and an exchange rate markup of 0% keep running costs low. |
| Offer | 9.0Higher | 8.640 currencies, local details for iban, uk sort code and us ach and a variable rate of 3.29% on the balance. |
| Trust | 8.5 | 8.8Higher |
Choosing between them
Pick Varo Bank if offer and headline rate matter most.
Pick Wise if trust matter most.
What we checked
Varo Bank
- varomoney.com: 9 facts, checked September 26, 2026
- banks.data.fdic.gov: 2 facts, checked September 26, 2026
- support.varomoney.com: 1 fact, checked September 26, 2026
Wise
- wise.com: 9 facts, checked September 26, 2026
- euclid.eba.europa.eu: 2 facts, checked September 26, 2026
How they place
| Ranking | Varo Bank | Wise |
|---|---|---|
| Current and checking accounts | 120 of 885 | 139 of 885 |
| Savings accounts | 440 of 1420 | 494 of 1420 |
Every fact side by side
| Fact | Varo Bank | Wise |
|---|---|---|
| Pricing model | No monthly fee | No monthly fee |
| Legal entity | Varo Bank, National Association | Wise Europe SA |
| Headquarters | United States | Belgium |
| Founded | 2015 | 2011Lower |
| Support channels | Email, Chat, Phone, Help centreCovers more | Help centre |
Everyday accounts
| Fact | Varo Bank | Wise |
|---|---|---|
| Licence type | Bank | Payment institution |
| Currency conversion fee | 0%Lower | 0.24% |
| Currencies | Not confirmed | 40 |
| Audience | Not confirmed | Expats, Travelers |
| Features | Free ATM, Digital only, No credit checkCovers more | Free ATM |
| Local account details | Us ACH | IBAN, UK sort code, Us ACHCovers more |
| Free ATM withdrawals | $0 | £250 |
| Transfer fee | Free | From 0.24%, varies by currency |
Money transfer
| Fact | Varo Bank | Wise |
|---|---|---|
| Exchange rate markup | Not confirmed | 0% |
| Payout methods | Not confirmed | Bank, Card |
Where each stands against the rest
| Fact | Varo Bank | Wise | Median |
|---|---|---|---|
| Headline rate | 1% to 3.75%above the median | 3.29%above the median | 3.25 |
| Minimum deposit | $0at the median | Not confirmed | $0 |
Median across 658 listed accounts.
Pros and cons
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
Wise
Pros
- No recurring charge: the monthly fee is £0, matching the €0 site median while some accounts charge as much as €449.
- Conversion is cheap: a fee of 0.24% and an exchange rate markup of 0%, against a 0.5% site median conversion fee.
- Instant access on a floating return: money and gains come out without delay, and the variable rate stands at 3.29%.
Cons
- Support is self-service: help centre is the only channel listed, so there is no phone line or live chat listed for a stuck transfer.
- The rate is variable, so the 3.29% headline can fall, and the brand ranks 220 of 473 on headline rate.
- Moving money is not free: transfer fees are From 0.24%, varies by currency and converting adds 0.24% each time a currency changes.
Who each suits
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
Wise
Who it suits
- Expatriates and travellers who hold money in more than one currency: the account is built for expats and travelers and covers 40 currencies.
- Anyone who wants a place to park cash without a recurring charge, since the monthly fee is £0.
- People who need money to arrive in local formats, since local account details are offered for iban, uk sort code and us ach.
Who should look elsewhere
- Plazo ES or AXI Card Tarjeta y Credito, whose headline rates of 24.19% and 21.59% are the ones to look at when the rate on the balance matters more than currency cover.
- PayPal Colombia, whose headline rate of 3.3% is close to 3.29%, so a saver gives up little on yield and gains nothing on the 40 currency range.
Country by country
| Country | Varo Bank | Wise |
|---|---|---|
| Australia | No | Yes |
| Austria | No | Yes |
| Belgium | No | Yes |
| Brazil | No | Yes |
| Bulgaria | No | Yes |
| Croatia | No | Yes |
| Cyprus | No | Yes |
| Czechia | No | Yes |
8 of 36 countries where either is available.
Questions about each
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.
Wise
What rate does Wise pay on money held in the account?+
The headline rate is 3.29% and it is a variable rate, so the figure can move rather than being set for a term. Interest is credited to the balance and the money plus the gains stay available, which suits someone who wants a return without tying funds away.
Is there a monthly fee for keeping money with Wise?+
The monthly fee is £0, and the account is built on a no monthly fee model, so there is no recurring charge to maintain it. The site median monthly fee is €0 while some accounts charge as much as €449, so this sits at the cheap end of the range.
Other options to compare
Other matchups
Related by the facts
Varo Bank
Wise