Varo vs Current
short answerBoth are traditional neobanks. Varo holds its own banking license. Compare custody, license, FX markup and fees field by field below.
Varo: First US consumer fintech with a national bank charter.
Current: Everyday + teen banking; in-app crypto trading.
Side by side
| Varo | Current | |
|---|---|---|
| Category | traditional | traditional |
| Audience | general | general |
| HQ | San Francisco, US | New York, US |
| Founded | 2015 | 2015 |
| Custody | Custodial | Custodial |
| Regulation | Licensed bank | Partner-bank model |
| License detail | National bank charter (2020) | Partner banks (Choice, Cross River) |
| Card | Visa · Debit | Visa · Debit |
| Cashback | — | Points |
| Yield | Up to 5% APY (conditions) | ~4% savings pods |
| FX markup | 0% foreign transaction fee, no exchange-rate markup; Visa wholesale rate (2026-07) | 3% international transaction fee on all purchases (Visa wholesale rate) (2026-07) |
| Services | — | — |
| Stablecoins | No | No |
| KYC | Yes | Yes |
| Regions | North America | North America |
| Reported users | — | — |
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.