Varo Money vs Monzo.
Varo Money (V82/100) and Monzo (M78/100), 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 Monzo 4-2.
| M Monzo №08 · Central Bank of Ireland 78 /100 | V Varo Money №04 · OCC 82 /100 | |
|---|---|---|
| Score | ||
| Composite score Out of 100 | 78 /100 | 82 /100 |
| Fees | ||
| Monthly fee Cheapest paid tier (€0 if free) | €0 Free tier | €0 Free tier |
| FX markup Debit card abroad | Interbank | Interbank |
| Free FX / month EUR equivalent | €0 | €0 |
| Free ATM Before fee kicks in | €200 /mo | — |
| Protection | ||
| Banking licence Tier | Full bank Central Bank of Ireland | Full bank OCC |
| Deposit guarantee Per depositor | €100,000 EU.DGS.IE | $250,000 US.FDIC |
| Reach | ||
| Markets served Licensed jurisdictions | 2 countries | 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 | — | 4.6 ★ iOS 4.7 · And 4.5 |
| Read review → | Read review → | |
Pick Monzo if…
Pick if you bank in the UK or Ireland and value the best budgeting tools in the category.
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 Monzo won 1 of 4
- Best for protection Varo Money won 1 of 2
- Best for reach Monzo won 1 of 3
- Best for ux Varo Money won 2 of 2
Varo Money vs Monzo — FAQ
Quick answers to the four questions the search-bar asks most about a head-to-head.
Is Monzo better than Varo Money?
Under our v3 methodology, Varo Money leads Monzo 4–2 across 12 dimensions. Composite scores: Monzo 78/100 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 Monzo or Varo Money cheaper?
Monthly fee — Monzo: €0; Varo Money: €0. Card FX markup — Monzo: Interbank; Varo Money: Interbank. Monzo 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, Monzo or Varo Money?
Monzo holds a Full bank licence under Central Bank of Ireland; deposit guarantee per depositor: €100,000. 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 Monzo and Varo Money?
Monzo operates in 2 countries; 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.