Varo and Chime are both great mobile banking options. If you want to take benefit of both Varo and Chime and move money between the two apps, you are on the right post. Varo does work with Chime and you can transfer money from Varo to Chime and vice versa. This post will cover all the steps on how to transfer money from Varo to Chime.
One point to note is the transfer from Varo to Chime is NOT a wallet to bank transfer e.g. like transfer from Venmo, Cash App to Varo etc. Both Varo and Chime are actually mobile banking apps and not wallets. Both of these apps hold your money in FDIC insured bank accounts with their respective banking partners.
Chime offers banking by association with two partners The Bancorp Bank and Stride Bank, while Varo has its own banking partners i.e Varo Bank
So the transfer between Varo to Chime is a transfer between two bank accounts which works just like any other ACH transfer.
So how to transfer money from Varo to Chime? You can transfer money from Varo to Chime by adding your Chime bank account in Varo and using the “Move Money” option on the Varo App to complete the transfer.
An alternate way you can explore is to transfer money using Zelle App from Varo to Chime. For this, you need to link your Varo Debit Card or bank account in Zelle App and transfer money to a Chime Account using the recipient’s mobile number or email id (Note: An important point to note for this, your Chime account must be registered and working with Zelle. Zelle is currently not allowing Chime Card or account to be added to Zelle for new users, citing they no longer support. But this method will work in case you want to send money to some one who has already linked Chime with Zelle before)
How to Transfer Money From Varo to Chime
- Open the Varo app
- Link your Chime Bank Account in Varo App
- Complete the Chime Account verification process in Varo [using Plaid verification using online banking credentials or small transfer]
- Next tap on “Move Money”
- Next choose the “Transfer Money Option”
- Next Select Varo account in the “From” field
- Select Chime Account in “To” field
- Input the transfer amount
- Review the details and confirm
Step 1 – Link your Chime Bank Account in Varo App
- Open the Varo app
- Tap on “My Varo”, Next Go to “External Accounts”
- Next choose “Link an Account”
- Select “Chime” from the list of options or search for Chime
- Next tap on the Bank icon
- Next follow the steps to complete the verification prorcess
Step 2- Complete the Verification process for
After you have added the Chime Bank Account in Varo, it may show as unverified bank account. So you need to complete the verification process first which can be done either using Plaid service, which uses online banking credentials like your Chime bank account username and password to complete the verification instantly.
Completing the verification using Plaid
- Enter your user ID and password for the Chime bank and tap Submit (you’ll need to enter your password twice to verify).
- Follow any prompts from Chime bank, like entering your phone number or email and using a one-time password to get set up.
- Continue responding to prompts from Varo until you see your external accounts and balances show up on the Accounts
Then you’ll know you’re successfully linked and appears under External Accounts.
However, if for some reason, your Chime account still shows as Unverified and does not work with the Plaid option, you can use the manual transfer option where there will be Varo will verify the Chime account using test deposits. However, this process can take a longer time.
As per Varo, it instantly completes verification with banks using Plaid., while some bank accounts may require additional verification.
If your Chime bank account is still showing as Unverified in Varo, here are some steps you can use to complete the verification.
- Go to the bottom of the My Accounts page on Varo, tap View External Accounts.
- Tap the Chime Account which is showing as “Unverified”
- Tap Verify Account, then enter the First and Second Deposit amounts that were sent to your external account.
- Tap Submit.
- You’ll know you’re successfully linked when the account appears on External Accounts page.
You can follow these steps to add other bank accounts to your Varo account using the mobile banking app.
Step 3- Next tap on “Move Money”
Once you have added your Chime bank account and completed the Verification, you have crossed the main hurdle. The remaining steps are self-explanatory.
Just go to the “Move Money” option in Varo, complete the steps like selecting your Varo account in “from” field and your linked Chime Bank Account in “To” field. Enter the amount you want to transfer from Varo to Chime. Review the details, confirm and that’s it.
How long does it take to transfer money from Varo to Chime?
It can take 2-4 business days to get the amount credited in your Chime account, once you initiate the transfer from Varo.
To avoid more delay, you can intiate the transfer on weekdays preferably before 5 pm (cut-off time). As the trasfer time will be longer if you initiate the transfer on weekends or on Friday after 5 pm, as in that case the count of 3 business days will effectively start on Monday.
If you don’t get your funds even after waiting for 3 days, you can get in touch with the Varo customer care team
How much money can I transfer from Varo to Chime?
All transfers from Varo to external checking or savings accounts include Chime are limited to $5,000 per transfer. Also, there is a limit of $10,000 per calendar month.
Wrap Up
Hope this guide served the purpose of giving you a clear idea on the steps to transfer money from Varo to Chime. If you have some feedback, do mention in the comments. Also, share the post with your friends who may find it helpful.
