Varo Money vs ila Bank.
Varo Money (V82/100) and ila Bank (i50/100), scored on the same six pillars and compared row-by-row. Every cell is sourced from licence registers and live pricing pages, not opinion. Varo Money leads ila Bank 6-0.
| i ila Bank №74 · ila Bank is the digital retail brand of Bank of Bahrain and Kuwait 50 /100 | V Varo Money №04 · OCC 82 /100 | |
|---|---|---|
| Score | ||
| Composite score Out of 100 | 51 /100 | 82 /100 |
| Fees | ||
| Monthly fee Cheapest paid tier (€0 if free) | €0 Free tier | €0 Free tier |
| FX markup Debit card abroad | 1.50% | Interbank |
| Free FX / month EUR equivalent | €0 | €0 |
| Free ATM Before fee kicks in | — | — |
| Protection | ||
| Banking licence Tier | Payment inst. | Full bank OCC |
| Deposit guarantee Per depositor | Safeguarded BH.DCS | $250,000 US.FDIC |
| Reach | ||
| Markets served Licensed jurisdictions | 1 country | 1 country |
| Crypto Coins available | No | No |
| Stocks & ETFs Self-directed | No | No |
| UX | ||
| Trustpilot Customer score | — | 4.2 ★ 8k reviews |
| App store iOS + Android avg | 4.2 ★ iOS 4.3 · And 4.1 | 4.6 ★ iOS 4.7 · And 4.5 |
| Read review → | Read review → | |
Pick ila Bank if…
Digital retail brand of Bank of Bahrain and Kuwait (BBK B.S.C., Bahrain Bourse: BBK) — one of the GCC's oldest commercial banks (founded 1971). Launched November 2019 as Bahrain's first fully-digital retail bank. CBB Conventional Retail Bank licence sits at the BBK parent; ila is a brand inside that charter, not a separately licensed entity. Bahrain DPS cover BHD 20,000 per depositor flows via the parent licence under CBB Rulebook Volume 6. Conventional banking; for Sharia products from the same group, see KFH Bahrain (separately licensed Islamic bank).
Pick Varo Money if…
First US neobank to receive an OCC national bank charter (July 2020). Direct FDIC member — your money sits at Varo Bank, N.A., not a sponsor. Headline 5.00% APY savings rate on the first $5K with direct deposit — among the highest in the US neobank market.
- Best for fees Varo Money won 1 of 4
- Best for protection Varo Money won 2 of 2
- Best for reach Tied
- Best for ux Varo Money won 2 of 2
Varo Money vs ila Bank — FAQ
Quick answers to the four questions the search-bar asks most about a head-to-head.
Is ila Bank better than Varo Money?
Under our v3 methodology, Varo Money leads ila Bank 6–0 across 12 dimensions. Composite scores: ila Bank 50/100 vs Varo Money 82/100. Varo Money is stronger overall, but the right pick depends on which row matters most to you — fees, protection, reach, or app quality.
Is ila Bank or Varo Money cheaper?
Monthly fee — ila Bank: €0; Varo Money: €0. Card FX markup — ila Bank: 1.50%; Varo Money: Interbank. Varo Money wins more fee rows (1 of 4). See the Fees section of the matrix above for ATM caps and the rest.
Which is safer for deposits, ila Bank or Varo Money?
ila Bank holds a Payment inst. licence under ila Bank is the digital retail brand of Bank of Bahrain and Kuwait (BBK B.S.C.) — CBB Conventional Retail Bank licence held at the BBK parent. CBB Rulebook Volume 6 Deposit Protection Scheme cover up to BHD 20,000 per depositor per institution; ila and BBK aggregate against one ceiling because they are the same legal entity. Verify the current DPS ceiling on cbb.gov.bh.; deposit guarantee per depositor: Safeguarded. Varo Money holds a Full bank licence under OCC; deposit guarantee per depositor: $250,000. Varo Money is the stronger pick on regulatory protection.
Where can I use ila Bank and Varo Money?
ila Bank operates in 1 country; Varo Money operates in 1 country. Check each provider's signup page for the live country list — eligibility depends on residency, not just the licence footprint.
Want a 3- or 4-way comparison?
The dynamic compare picker handles up to four banks. Add this pair plus one or two more and we'll resolve every row.