Varo Bank is a U.S.-based digital-only bank that has gained popularity for offering fee-free checking accounts, high-yield savings rates, and features like early direct deposit and the Varo Bank referral bonus program. As the first fully digital bank to receive a national bank charter in the U.S., Varo is known for its simple, mobile-first approach to banking. However, Varo Bank is not available in Canada, which means Canadians must look elsewhere for similar digital banking solutions. The good news is that several Varo Bank Alternatives in Canada offer competitive rates, low fees, and user-friendly apps. Let’s explore the best alternatives that Canadians can access today!
What is Varo Bank?
Varo Bank is a U.S.-based, all-digital bank founded in 2015 by Colin Walsh. Headquartered in Salt Lake City, Utah, Varo was the first fintech company to receive a national bank charter in the United States, allowing it to operate independently without relying on partner banks.
Varo offers a suite of financial products, including fee-free checking accounts, high-yield savings accounts with up to 5.00% APY, cash advances, and credit-building tools like the Varo Believe Card. Its mobile app provides features such as early direct deposit, real-time transaction alerts, and access to over 40,000 fee-free Allpoint® ATMs nationwide.
Deposits with Varo are FDIC-insured up to $250,000, ensuring customer funds are protected. Despite its robust digital offerings, Varo Bank is currently only available to residents of the United States and does not offer services to Canadian customers.
Is Varo Bank available in Canada?
Varo Bank is a U.S.-based digital-only bank that offers a range of financial services, including fee-free checking accounts, high-yield savings accounts, and credit-building tools. Despite its robust digital offerings, Varo Bank is not available in Canada.
For Canadians seeking similar digital banking experiences, several alternatives offer competitive interest rates, low fees, and user-friendly apps. Notable options include EQ Bank, Tangerine, Simplii Financial, KOHO, and CurrencyFair. These institutions provide services that mirror Varo’s offerings, such as high-yield savings accounts, intuitive budgeting tools, and comprehensive mobile banking apps, catering to the needs of Canadian consumers looking for efficient and modern banking solutions.
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5 Varo Bank Alternatives in Canada
Varo Bank is a U.S.-based digital bank that offers fee-free checking accounts, high-yield savings, and credit-building tools. Its features, including the Varo Bank referral bonus and early direct deposit, have attracted many users in the U.S. However, Varo Bank is not available in Canada, and Canadians cannot access its products or services. Plus, Varo’s higher foreign exchange fees and card limitations can be costly for international use. If you’re in Canada, several Varo Bank Alternatives can offer similar digital banking experiences, better rates, and lower fees. Let’s explore them below!
Tangerine
Overview:
Tangerine is a popular Canadian online bank offering no-fee chequing and savings accounts, credit cards, and investment products. It’s a digital-first platform backed by Scotiabank, providing a strong mobile app and access to over 3,500 ATMs. Tangerine’s savings accounts offer competitive interest rates, and they’re known for clear, transparent fee structures.
Key Features:
- No monthly account fees
- Competitive savings interest rates
- Free Interac e-Transfers
- Access to Scotiabank ATM network
Why Choose Tangerine?
Tangerine is ideal for Canadians who want no-fee banking with a user-friendly app and a trusted brand.
CurrencyFair
Overview:
CurrencyFair specializes in international money transfers, offering mid-market exchange rates and low fees. Unlike banks that add hidden markups, CurrencyFair charges a flat transfer fee (about $4 CAD) and an average exchange rate margin of 0.53%, making it ideal for sending large amounts globally.
Key Features:
- Flat $4 transfer fee
- 0.53% average FX margin
- Send to 150+ countries
- Option to hold and exchange funds
Why Choose CurrencyFair?
It’s a cost-effective way to send large sums abroad without inflated rates, ideal for expats and freelancers.
Wise
Overview:
Wise (formerly TransferWise) is known for transparent, low-cost international money transfers. It offers the real exchange rate without hidden markups, and its multi-currency account lets users hold and spend in 50+ currencies. Wise also provides a debit card and local bank details in major currencies, including USD, GBP, and EUR.
Key Features:
- Mid-market exchange rates
- Low fees (0.35%-1.5%)
- Multi-currency account
- Wise debit card
Why Choose Wise?
For Canadians sending money abroad or managing multi-currency finances, Wise offers unmatched transparency and savings.
EQ Bank
Overview:
EQ Bank is a Canadian digital bank offering high-interest savings accounts, free Interac e-Transfers, and international transfers via Wise integration. There are no monthly fees or minimum balances, and EQ also provides joint accounts and mobile cheque deposits.
Key Features:
- No monthly fees
- High-interest savings (up to 2.50%)
- Free Interac e-Transfers
- Low-cost global transfers via Wise
Why Choose EQ Bank?
It’s a perfect choice for Canadians who want to earn high interest on savings while accessing seamless global transfers.
OFX
Overview:
OFX is a global money transfer service ideal for large international payments. It offers no fixed transfer fees and competitive exchange rates, typically 0.5%-1.5% above the mid-market rate. OFX also provides 24/7 customer support and tailored services for businesses and individuals alike.
Key Features:
- No fixed transfer fees
- Low FX margins
- 24/7 customer support
- Currency market insights
Why Choose OFX?
OFX is best for Canadians sending large sums overseas who want lower FX costs and personalized support.
Comparing the Best Varo Bank Alternatives for Canadians
If you’re a Canadian looking for digital banking and money transfer solutions, you’ll find many strong alternatives to Varo Bank. While Varo Bank is a popular option in the U.S., it’s not available in Canada, leaving many seeking options with similar features—like no-fee accounts, high-yield savings, and affordable international transfers. The following table compares the best Varo Bank alternatives in Canada, focusing on core benefits, costs for sending money within Canada and the U.S., and extra perks to help you make an informed choice.
| Alternative Name | Best For | Cost to Send Money in Canada | Cost to Send Money to the U.S. | Extra Perks |
| Tangerine | Everyday banking | Free | $30-$50 per wire transfer | No monthly fees, Scotiabank ATM access, budgeting tools |
| CurrencyFair | Large international transfers | N/A | ~$4 + 0.53% FX margin | Transparent exchange rates, hold multiple currencies, easy online access |
| Wise | Low-cost international money transfers | Free | ~0.35%-1.5% fee + mid-market rate | Multi-currency account, debit card, local account details in 10+ currencies |
| EQ Bank | High-interest savings + transfers | Free Interac e-Transfers | Low fees via Wise integration | High-interest rates, no monthly fees, bill payments, Wise transfers |
| OFX | Large one-time transfers | N/A | No fixed fees, ~0.5%-1.5% FX rate | 24/7 support, dedicated currency experts, tailored business services |
FAQ
Can I use my Varo Bank debit card in Canada?
Yes, you can use your Varo Bank debit card in Canada for purchases and ATM withdrawals where Visa is accepted. However, keep in mind that foreign transaction fees may apply, typically around 3% of each transaction. Varo also does not reimburse international ATM fees, so using your Varo card abroad may result in additional charges. It’s a good idea to check your card’s terms before using it in Canada to avoid unexpected costs.
What support options are available for Canadians using Varo Bank services abroad?
Varo Bank’s customer support is available 24/7 via their in-app chat, email, or phone. While they do not have dedicated services or branches in Canada, you can still reach out to their U.S.-based customer service team for assistance. Support includes help with card issues, account access, and troubleshooting the mobile app while traveling abroad. However, services are tailored for U.S. residents, and some features may not function internationally.
How does Varo Bank’s mobile app work for Canadian users?
Varo’s mobile app is designed for U.S. customers, and while it can be accessed internationally, some features—such as instant transfers, early direct deposit, and certain account tools—may not work for Canadian users. The app allows you to view your balance, manage transactions, and access digital statements. However, sending or receiving money between U.S. and Canadian banks through the app isn’t supported directly, so you would need to use third-party services like Wise for cross-border transfers. Always check for potential limitations when using Varo abroad.
