Wamo business account review
Looking for a business account? Find out if the Wamo business account could work for you.

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 and Malta. Here, we take a closer look at the Wamo business account, including a full breakdown of its features and fees.
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:
There are 4 different pricing plans with the Wamo business account, all aimed at different business types. The Sole account is designed for freelancers and sole traders and has no monthly fee and no fees for account opening, cards or local transfers.
The remaining 3 plans and their fees 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 | €99.99 | Free | Free |
Debit card fee | €9.99 | Free | Free |
Virtual card fee | €0.99 | Free | Free |
Local transfer in and out fee | €0.99 | Free | Free |
International transfer in and out fee | €14.99 | €14.99 | €9.99 |
ATM withdrawal fee | €1.99 | €1.99 | €1.99 |
The Wamo business account is designed for businesses of all shapes and sizes, including sole traders, limited companies and partnerships. Businesses must be registered in the European Economic Area (EEA), Switzerland, Gibraltar 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.
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.
To apply for the Wamo business account you’ll first need to download the app. You will then 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 such as the registered name and registration number. The whole process should take no longer than 10 minutes.
Wamo is an Electronic Money Directive agent of PayrNet (a subsidiary of Railsr) and is regulated by the Bank of Lithuania and the Financial Conduct Authority (FCA). 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.
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 Sole 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.
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