Varo for ITIN — does it accept ITIN? Requirements, pros and cons

Varo for ITIN holders

Varo is a 100% online bank (was the first neobank to obtain its own US national banking charter). Accepts ITIN. Offers checking + savings + debit card. No monthly fees. Overdraft up to $50 without fee.

Key facts

Pros

• Bank with national banking charter (FDIC insured via Varo Bank, N.A.)
• Zero monthly fees
• Savings account with APY up to 5.00% (varies)
• Small overdraft ($50) without fee
• Accepts ITIN

Cons

• No physical branches
• Support primarily in English
• No significant loan options

How to open an account with ITIN

1. Visit Varo
2. Start the “Open Account” process
3. When asked for tax ID, select “ITIN” (sometimes appears as “Other Tax ID”)
4. Provide your passport or other photo ID
5. Provide US residential address (utility bill, lease, pay stub)
6. If traditional bank with branches (BofA, Wells Fargo): in-person appointment may be smoother than online
7. Wait for approval (instant for neobanks, 1-3 days for traditional)

Related information

• Banks that accept ITIN — full comparison
• What is an ITIN?

Last verified: 2026-05-25.

General procedural information for educational purposes. Not legal, tax, or immigration advice. Laws and fees change — verify with the issuing agency before taking action. For case-specific guidance, consult a licensed immigration attorney or other appropriate professional.

Related procedural information

• ITIN — taxpayer ID for banking — required to open most accounts without SSN
• ITIN mortgages — home loans — qualifying without SSN
• Form an LLC for business banking — separate business and personal finances
• Find legal aid for banking disputes — consumer-protection attorneys
• Consulate of your country — many provide ITIN-friendly bank referrals

Recent ITIN-friendly banking context (2025-2026)

ITIN-only banking is fully legal under 31 CFR 1020.220 (Customer Identification Program rules). Banks rated NCUA/FDIC are not required to refuse ITIN customers, and most major US banks accept ITIN. The 2026-05-29 H.R.1 / OBBBA changes did NOT affect ITIN banking eligibility.

Major banks accepting ITIN (verify at branch): Bank of America (checking + savings), Wells Fargo (checking + savings), Chase, Citibank, US Bank, BBVA (now PNC), Capital One (limited), Self Financial (credit-building accounts), Chime (limited products), Varo, T-Mobile Money. Most credit unions accept ITIN — credit unions often have lower minimum balances and fewer fees than major banks.

The Bank Secrecy Act (31 USC 5311) requires Currency Transaction Reports (CTRs) for cash transactions over $10,000, applied uniformly regardless of ITIN/SSN status. Suspicious Activity Reports (SARs) similarly apply uniformly. Banks are explicitly prohibited from sharing account information with ICE absent a federal subpoena under 31 USC 5318.

ITIN mortgage lending: portfolio CDFI (Community Development Financial Institution) lenders and select community banks offer non-QM ITIN mortgages with typically 1-2% higher rates than FHA, 20%+ down payments, and 15-30 year terms. The 1099-INT issued by your bank for interest earned must be reported on Form 1040 (with ITIN). For Form 1099-DIV (dividends) and 1099-MISC (miscellaneous income): same reporting obligation applies.

Lifeline phone subsidy: $9.25/month phone or internet discount for households under 135% Federal Poverty Level (FPL) — apply at lifelinesupport.org. Affordable Connectivity Program (ACP): suspended June 2024 pending Congressional refunding. Contact IRS for ITIN questions: 1-800-829-1040 Monday-Friday 7:00am-7:00pm local time.