Banchero was a key player for state 3A champion O'Dea High School, where he averaged 15.1 points for the Fighting Irish, who went 25–5.

After his senior year in high school, he committed to play for Seattle Pacific University men's basketball program under coach Ryan Looney.

In his junior year at Seattle Pacific, he was named a Division II All-American, after he led the Falcons with a 19.6-point scoring average that was the second-highest figure in the Great Northwest Athletic Conference.

He was well on his way to being named the D-II National Player of the Year when his senior season was cut short by an ACL injury in January 2011.

Banchero was recruited by San Miguel Beermen in the ASEAN Basketball League after graduating in college.

[11] After consecutive finals appearances, Banchero extended [12] his contract for another year in September 2015 in a reported 2.7 million peso deal.

"[13] He credited the coaching staff and his teammates as the main reason he stayed with the team and hopes he will finish his career with Alaska.

[19] As of the end of 2023–24 season[20][21] Banchero was born in Seattle, Washington[22] to a Filipino mother, Jacqueline Guerrero, and a father of Italian descent.