Varo Money vs Rakuten Bank.
Varo Money (V82/100) and Rakuten Bank (R70/100), 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 Rakuten Bank 4-1.
| R Rakuten Bank №33 · JFSA 70 /100 | V Varo Money №04 · OCC 82 /100 | |
|---|---|---|
| Score | ||
| Composite score Out of 100 | 70 /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 | — | — |
| Protection | ||
| Banking licence Tier | Full bank JFSA | Full bank OCC |
| Deposit guarantee Per depositor | Safeguarded No DGS | $250,000 US.FDIC |
| Reach | ||
| Markets served Licensed jurisdictions | 1 country | 1 country |
| Crypto Coins available | No | No |
| Stocks & ETFs Self-directed | Yes | No |
| UX | ||
| Trustpilot Customer score | — | 4.2 ★ 8k reviews |
| App store iOS + Android avg | 4.3 ★ iOS 4.4 · And 4.2 | 4.6 ★ iOS 4.7 · And 4.5 |
| Read review → | Read review → | |
Pick Rakuten Bank if…
Largest Japanese internet-only bank by customer count (~14M+) and the only TSE Prime-listed pure-play net bank (TYO: 5838, IPO 21 April 2023 — the largest Japanese IPO in five years at the time). Originally chartered as eBank in 2001; acquired by Rakuten Group (TYO: 4755) in 2009. Structural moat is the Rakuten Points + Rakuten Card + Rakuten Securities + Rakuten Mobile + Rakuten Ichiba ecosystem — points cross-pollinate across the entire surface area. Full FSA Banking Act licence; statutory DICJ member at the JPY 10,000,000 ceiling.
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 Tied
- Best for protection Varo Money won 1 of 2
- Best for reach Rakuten Bank won 1 of 3
- Best for ux Varo Money won 2 of 2
Varo Money vs Rakuten Bank — FAQ
Quick answers to the four questions the search-bar asks most about a head-to-head.
Is Rakuten Bank better than Varo Money?
Under our v3 methodology, Varo Money leads Rakuten Bank 4–1 across 12 dimensions. Composite scores: Rakuten Bank 70/100 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 Rakuten Bank or Varo Money cheaper?
Monthly fee — Rakuten Bank: €0; Varo Money: €0. Card FX markup — Rakuten Bank: Interbank; Varo Money: Interbank. Tied across fee rows. See the Fees section of the matrix above for ATM caps and the rest.
Which is safer for deposits, Rakuten Bank or Varo Money?
Rakuten Bank holds a Full bank licence under JFSA; 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 Rakuten Bank and Varo Money?
Rakuten 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?
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