Frsutration arises when one wants to send or receive money, and then we are told the transfer limit has been reached. Very annoying and also very popular with Varo Money users.
Varo is a P2P transfer app that permits sending and receiving of money from one person to another. Well, due to security issues and account safety, Varo has to limit the amount of money sent or received per day for accounts.
This is good security measure, but it has raised alert for some people who urgently want to send huge amounts of money legitimately.
Welcome to the right place, since we will be showing you in this guide how to increase that daily limit for sending or receiving money on Varo Money.
How To Increase Sending and Receiving Limits on Varo Money
Well, the simple truth is that, Varo checks accounts and tracks how you use your account. When your account is old, and you have been sending large amounts of money, then your spending limit becomes very high.
On the other hand, when you have a new account, and do not make a lot of transactions, then you should not expect your spending limit to be high.
This simply means that generally Varo does not have a certain limit they have written down. But they have a limit dedicated for each account depending on how the user uses their account.
Increase Spending Limit on Varo Money
If your account limit is low, what then should you do to increase it? We have researched some accounts that have high spending limits and analyzed how their spending limits increase so high and brought up some techniques to use and increase your own spending limit on Varo.
And so, to increase your spending limit on Varo, check these steps below;
1. Proper usage of your account
When you use your account well, it already assures that you have no fraudulent activities involved with your account, and then your account will easily be able to develop and get newer spending limits if requested.
Also, you should be a frequent user. That is, do not send money today and then stay like 1 or 2 months before using it again to send or receive money. Try sending money or completing transactions more frequently like 2 to 3 times weekly.
2. Maintain a Good Balance
Your balance also matters if you want to have a higher spending limit. You always make sure your account is empty and do not leave anything in it.
It is true that it is good to keep your account as such because scammers track accounts who have money in their accounts, but it is also good to have a positive amount in your account to show Varo that your account is encouraging and should have an eye placed on it. Regularly deposit funds into your account and keep a positive balance.
3. Checking Spending Limits
With these two main things done, your spending limits should increase on its own frequently. But how do you know your spending limit has increased? You have to check your account spending limit.
- To check your account spending limits, first of all log into your account
- Then go to "Account settings" usually found in the menu tab
- When there, you should browse for "limits" or "transactions."
There, you will be able to see all your transactions, including your account spending limits. If it has increased, then you will see a change in number from the original one.
4. Request for an Increase
Well, not everybody usually gets lucky to have an increase in their spending limit so easily. And it might also be the same case for you. If you are in such a situation, then you have to request for an increase.
It is easy to request for an increase in your spending limits. You just have to contact the Varo customer support and table your request to them. You can contact them using the contact form that is in the customer support tab in the app.
Keep In Mind
Note that, there are also tricks to make sure your spending limits keep increasing and does not drop. First thing being your creditworthiness. Keep a good credit score on Varo (credit card). When your credit score becomes poor, they also reduce their trust in your account, and which eventually causes your spending limits not to increase or to block.
Also, you should keep an eye out for any updates or policies from Varo that might affect spending limits, especially if they make adjustments based on user feedback.
Varo Bank Mobile Deposit Limit Per Day
Generally, the Varo mobile deposit limit per day is at $5000. But this amount ranges based on account, user activities, and other factors as we explained above.
It might increase, same as it might reduce with time. We said keeping a positive balance, getting major updates on Varo, keeping a good credit score, and also properly using your account can help increase your spending limit.
But you should also know that doing the opposit can cause your spending limit (deposit or withdrawal limits) to decrease or drop.
Varo Bank mobile deposit endorsement
To endorse a check for Varo Bank mobile deposit, sign the back of the check and write "For Mobile Deposit Only at Varo" below your signature. To complete the deposit, make sure the check is endorsed precisely as it was made payable to you. Then, use the Varo app's instructions to take images of the check's front and back.
Is Varo Bank a local Bank
Well, Varo is not a local bank. Varo Money is an Online-only bank that works only in the US. That is, other countries won't be able to complete transactions on Varo.
They have a mobile app for both iPhone and Android, and have a website for all users around the US. This permits easy access from all their users.
They also have a 24/7 customer support service which you can deposit your requests to and get answers as soon as possible.
And contrary to several other Online-only banks, Varo does have FDIC Insurance. That is, your deposits are insured up to $250,000 per depositor by the Federal Deposit Insurance Corporation (FDIC).
Final Remarks on Varo Spending/Depsoti Limits Increase
Spending limits are a security measure to avoid frauds from being able to move away with cash from users. Whether Varo or any other mobile banking app, they all have spending limits and that these numbers can increase.
We said that you should maintain a positive balance, properly use your account, keep a good credit score, and always make sure that you are updated with new features available on Varo. And following all these things properly, I assure you that your spending limit will increase.
And even if it does not increase immediatly, you can always request that it be increased and it will be increased. But also do not involve yourself into fraudulent activities because you will be on the negative side.