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. <\/p>
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:<\/p>
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 \u20ac9.99 a month or the Pro account for \u20ac19.99 a month, both of which come with additional fuctionality.<\/p>
The remaining 3 plans for companies are outlined in the table below:<\/p>
| <\/th> | Start<\/th> | Grow<\/th> | Scale<\/th><\/tr><\/thead> |
|---|---|---|---|
| Best for<\/th> | Micro or small businesses<\/td> | Growing, or small to medium-sized businesses<\/td> | Medium to large businesses or corporations<\/td><\/tr> |
| Monthly cost<\/th> | \u20ac19.99<\/td> | \u20ac49.99<\/td> | \u20ac99.99<\/td><\/tr> |
| Account opening fee<\/th> | Free<\/td> | Free<\/td> | Free<\/td><\/tr> |
| Free physical card<\/th> | 1<\/td> | 5<\/td> | 100<\/td><\/tr> |
| Free virtual card<\/th> | 1<\/td> | 10<\/td> | 100<\/td><\/tr> |
| Local transfer in fee<\/th> | Free<\/td> | Free<\/td> | Free<\/td><\/tr> |
| Free local transfers out (\u20ac0.49 per transaction thereafter)<\/th> | 0<\/td> | 50<\/td> | 250<\/td><\/tr> |
| No-fee ATM withdrawals (1.99% fee thereafter)<\/th> | 0<\/td> | 5<\/td> | 10<\/td><\/tr><\/tbody><\/table>Who is it for?<\/h3>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. <\/p> Note that charities, cooperatives, public sector businesses, private foundations and trusts and gaming and cryptocurrency businesses won\u2019t be eligible to apply.<\/p> What are the benefits?<\/h3>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\u2019s being spent where. You\u2019ll also be able to exchange and transfer money in multiple currencies. <\/p> How to apply<\/h3>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. <\/p> Is it safe?<\/h3>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.<\/p> Pros and cons of the Wamo business account<\/h3>\n Pros<\/h4>\n \n Cons<\/h4>\n Our verdict: Is this business account from Wamo worth it?<\/h3>This business account from Wamo has a lot going for it. It\u2019s open to a wide range of business sizes, with different pricing plans to suit each one. It\u2019s 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. <\/p> However, keep in mind that with the exception of the Freemium account, fees are high so you\u2019ll need to consider whether you feel the benefits on offer are worth the cost before making your decision. <\/p> \n |