Wamo is a business financial platform that provides e-money services through a business account. It was founded in 2018 and has headquarters in London, Helsinki and Malta. Here, we take a closer look at the Wamo business account, including a full breakdown of its features and fees.
What is the Wamo business account?
The Wamo business account works like a regular bank account, but also offers a range of additional features. Below is an overview of the features you can expect to get with this account, although there will be some variations depending on the plan you pick:
Quick application. You can set up a business account in just 10 minutes through the Wamo app. No paperwork is required.
Sub-accounts. You can create as many sub-accounts as you need to streamline managing your finances. This can help you to set money aside for costs such as taxes or allocate separate accounts by currency, employee or project.
Visa debit cards. You’ll also be able to issue physical or virtual cards to each team member with an option to link it to a sub-account in their name too.
Invoicing tools. Send invoices and get paid faster with Wamo’s built-in billing tools.
Spending insights. You can set card limits, get reports and analytics and oversee all activity for every card from your Wamo dashboard.
Multiple payment options. Use payment links, make transfers from your bank account, pay by SEPA or SWIFT, request a point of sale (POS) card reader machine or use QR code payment technology.
Accounting integrations. Sync your account with Xero to automate bookkeeping (only available with some plans).
Exchange currencies. You can open local accounts in EUR, GBP, USD, DKK and SEK. Plus, you can transact in 22 currencies from one dashboard.
How does it work?
There are different pricing plans depending on whether you are a company or self-employed. Both can open the Freemium account which is for those who are just getting started and comes with no monthly fee. Alternatively, self-employed individuals can choose the Smart account for €9.99 a month or the Pro account for €19.99 a month, both of which come with additional fuctionality.
The remaining 3 plans for companies are outlined in the table below:
Start
Grow
Scale
Best for
Micro or small businesses
Growing, or small to medium-sized businesses
Medium to large businesses or corporations
Monthly cost
€19.99
€49.99
€99.99
Account opening fee
Free
Free
Free
Free physical card
1
5
100
Free virtual card
1
10
100
Local transfer in fee
Free
Free
Free
Free local transfers out (€0.49 per transaction thereafter)
0
50
250
No-fee ATM withdrawals (1.99% fee thereafter)
0
5
10
Who is it for?
The Wamo business account is designed for businesses of all shapes and sizes, including limited companies and partnerships, although UK-based sole traders are not currently supported. Businesses must be registered in the European Economic Area (EEA) or the UK to qualify.
Note that charities, cooperatives, public sector businesses, private foundations and trusts and gaming and cryptocurrency businesses won’t be eligible to apply.
What are the benefits?
Some of the main benefits of the Wamo business account include that you can open as many sub-accounts as you wish, as well as issue cards to all team members and keep track of what’s being spent where. You’ll also be able to exchange and transfer money in multiple currencies.
How to apply
You can apply online or via the app. You will need to provide a few basic personal details, your ID (such as a passport, national identity card or driving licence) and some basic business details and how you plan to use your account. The whole process should take no longer than 10 minutes.
Is it safe?
Wamo is regulated by the Financial Conduct Authority (FCA) as an institution that deals in electronic money. Because Wamo is not a bank, your money will not be protected by the Financial Services Compensation Scheme (FSCS). Instead, an equivalent amount will be held in a segregated bank account. This means that should Wamo go out of business, you should still get your money back.
Pros and cons of the Wamo business account
Pros
Create as many sub-accounts as you need
Visa debit cards available for all team members
Exchange and transfer money in several currencies
Multiple payment options
Easy and quick to open an account
Different pricing plans depending on your business size
Spending insights will help you manage your company’s finances
Cons
Account fees can be high
Must be managed online or via the app
No FSCS protection
Certain businesses won’t qualify
You’ll need to pay more to access the best features
Our verdict: Is this business account from Wamo worth it?
This business account from Wamo has a lot going for it. It’s open to a wide range of business sizes, with different pricing plans to suit each one. It’s also a great option if you like the idea of opening several sub-accounts to better manage your finances, as well as issuing separate debit cards to all team members. Another big plus point is the multiple payment options available, including the opportunity to use QR code payment technology.
However, keep in mind that with the exception of the Freemium account, fees are high so you’ll need to consider whether you feel the benefits on offer are worth the cost before making your decision.
Frequently asked questions
Yes, you can. The account has full functionality on the web, mobile application and on your tablet.
Yes, you can change your plan at any time. However, your new plan will be activated at the end of the current 30-day billing cycle which means your next billing will reflect the new fee charge.
No, you cannot pay cash or cheques into this account.
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Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time.
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