Wamo business account review

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

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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.

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:

  • 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.
  • 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.
  • Exchange currencies. You can exchange euros and pound sterling in your account by sending an internal transfer between sub-accounts. You can also send money to an account that is in one of the following currencies: EUR, GBP, USD, AUD, CAD, JPY, NZD, NOK, SEK, CHF. You can currently only receive inbound transfers in EUR or GBP.

How does it work?

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:

Best forMicro or small businessesGrowing, or small to medium-sized businessesMedium to large businesses or corporations
Monthly cost€19.99€49.99€99.99
Account opening fee€99.99FreeFree
Debit card fee€9.99FreeFree
Virtual card fee€0.99FreeFree
Local transfer in and out fee€0.99FreeFree
International transfer in and out fee€14.99€14.99€9.99
ATM withdrawal fee€1.99€1.99€1.99

Who is it for?

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.

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

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.

Is it safe?

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.

Pros and cons of the Wamo business account


  • 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


  • Account fees can be high
  • Must be managed online or via the app
  • No FSCS protection
  • Certain businesses won’t qualify

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 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.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

Written by

Rachel Wait

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. See full profile

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