Wamo Review [2024]: Features, Fees & Alternatives

What Is Wamo?

Founded in 2018, Wamo is a UK-based fintech firm that offers financial services for SME businesses as a licensed Electronic Money Institution. Their services aim to simplify business finance with a user-friendly platform for business accounts. Wamo also provides efficient payment processing and integrates with business-friendly services to enhance operational efficiency.

In 2023, Wamo raised USD 1.5 million in a seed extension round led by Finberg and RePie Asset Management. This followed a similar amount raised previously, bringing their total funding to USD 6.8 million.

Wamo Featured Reviews

Nahuel rated Wamo ⭐⭐⭐⭐⭐

Excellent Service and Personalized Attention

My experience with Wamo has been exceptional, largely due to the team led by Ischke Lochner. Their dedicated attention and proactive approach to problem-solving have made a significant impact. From the outset, the team has demonstrated a genuine commitment to helping me achieve my goals, providing swift answers and practical solutions. Wamo's intuitive interface, coupled with the team's efficiency, has streamlined my processes and enhanced my productivity. I highly recommend Wamo to those seeking an effective platform backed by a committed and dedicated team. Special thanks to Ischke Lochner and the team for their outstanding service.

Source: Trustpilot review

Eleazer rated Wamo ⭐⭐⭐⭐⭐

Impressive Onboarding Experience with Wamo

Wamo's onboarding process was excellent – seamless, efficient, and user-friendly. The quick identity verification showcased their commitment to modern banking. Excited to explore the innovative features promised and make great use of their banking product. Wamo seems poised to redefine digital banking convenience.

Source: Trustpilot review

Based on 187 reviews on Trustpilot, Wamo received a score of 4 out of 5.

Wamo Features

Business Account

Wamo business account enables businesses to hold, receive, and transfer money in GBP and EUR. With Wamo, businesses can easily expand their market across the UK and the EU.

The main features of the Wamo business account are:

• Send and receive money in EUR and GBP locally via SEPA and Fast payments, respectively.
• Collect and make international payments in EUR, GBP, and USD through the SWIFT network, except for prohibited countries.
• However, you can send SWIFT transfers by emailing the payment request form to support@wamo.io.
• Open sub-accounts of up to 10 accounts, each with its own EUR or GBP account details.
• Sub-accounts can be allocated for specific purposes, which helps businesses streamline their expense management.
• Free transfers to Wamo accounts around the world.
• Send payment links via email or direct messaging to get paid.
• Scheduled payments and set recurring payments (daily, weekly, and monthly) in just a few clicks.

It’s important to note that for businesses registered in the EEA, your EUR sub-accounts will have a Netherlands (NL) IBAN, and your GBP sub-accounts will have a United Kingdom (GB) IBAN.

On the other hand, if your business is registered in the United Kingdom, both your GBP and EUR sub-accounts will have a United Kingdom (GB) IBAN.

In addition, all USD transfers will be converted to EUR or GBP before being credited to your Wamo account, as Wamo doesn’t support USD at the time of review.

💡 Helpful Resource: Learn key differences between local and SWIFT payments.

Debit Cards

Wamo offers account holders physical and virtual cards. Both are Visa debit cards, which are linked directly with business accounts.

Here are the main features of Wamo cards.

• Every account holder can receive at least 1 physical and 1 virtual card (each account plan has a different card quota).
• Each card can be linked to a specific sub-account.
• Card currencies are EUR and GBP.
• It can be used to make online and in-store purchases.
• Withdraw cash from ATMs worldwide.
• Freeze, unfreeze, delete, or block cards in seconds.
• Real-time business expenses tracking.

It’s important to note that Wamo cards come with the following limits:

Foreign Exchange

Wamo only offers currency exchange services between EUR and GBP at the time of review.

If you need to make a payment in a different currency, such as USD, Wamo will require the final amount in USD and will use the European Central Bank (ECB) mid-market rate between the two currencies to calculate the equivalent amount in EUR or GBP. Additionally, a fee of 0.50% will be added to the amount to be sent.

Other Services

• Team members feature: There are three roles in the Wamo account: Director, Manager, and Accountant. Each role has specific access levels to the account, including payments, transaction visibility, and card control.
• Xero integration: Comprises a ledger and transactions (including card expenses). It streamlines accounting processes, enabling quicker and more efficient book closing.

Wamo Business Account Plan

Lastly, Wamo provides business account plans for businesses of all sizes. There are 3 plans which are Start, Grow, and Scale plan. The differences between them are shown in the following table.

Wamo’s Features Rating is 3.8/5

Wamo business account is strong in its account management, fast EUR and GBP transfers, Visa debit cards, and digital integration. These features make it an attractive choice for companies operating within the UK and EU.

However, the account faces some limitations for businesses that frequently engage in multi-currency transactions, especially USD transfers. The constraints in foreign exchange services and local payment options might pose challenges to effective and efficient financial management. Additionally, the requirement to email the SWIFT payment form adds an additional layer of complexity. Considering these aspects, we rate Wamo’s features 3.8 out of 5.

Wamo Fees

*Waived for annual plans

Wamo’s Fees Rating is 4/5

Wamo's pricing structure is thoughtfully designed to cater to businesses of various sizes. The structured prices also align well with the range of services offered.

However,  the EUR 19.99 fee for SWIFT transfers stands out as relatively steep, especially when compared to UK competitors like Revolut and Starling Bank, which charge around GBP 5 - 5.5. This higher fee could significantly impact UK businesses that often engage in small international transactions. Therefore, we rate 4 out of 5 to Wamo's fee structure.

Wamo Customer Support

Wamo provides a Help Centre for customers to search for common queries and find solutions. As of today, they currently have 33 common questions answered in the form of a blog. The answers are comprehensive and easy to understand as well. 

Additionally, if you have any questions or concerns, you can contact the Wamo team through

• Live chat;
• And Email: support@wamo.io.

Wamo’s Customer Support Rating is 4.5/5

Wamo offers various customer support channels to assist its users. Customers can choose to use self-help options or real-time human support to get their queries resolved.

However, a phone call option is not available. This might be a limitation for customers who prefer or require verbal communication for complex issues. Hence, we rate 4.5 out of 5 for Wamo customer support.

Requirements for Opening a Wamo Account

Eligibility

• Your businesses must be registered in the European Economic Area (EEA) or the United Kingdom.
• The nationality or residence of directors, shareholders, or UBOs must not be in the prohibited jurisdictions.
• Your business must be a Limited Liability Company (LLC) or Public Limited Company (PLC).
• Your businesses must not engage in any prohibited industries, including cryptocurrencies, e-cigarettes, gaming, and non-profit organisations.

Required Documents

• Your name, business email, and phone number
• Valid identity proof (ID card, passport, or driving license)
• Certificate of incorporation*
• Memorandum and Articles of Association*
• Registry Extract showing beneficial owners*
• Proof of address (e.g., utility bill, bank statement, or rental agreement) - Dated within the last 6 months

*All documents should be dated within the last 3 years unless specified otherwise by the Wamo team

The application process for a Wamo business account is completely online. You can apply either on the website or through the Wamo app. The process is simple and straightforward, taking only 15 minutes to complete.

Once you submit your application, Wamo will review it and activate your account within 2 business days.

The Ease of Opening an Account Rating for Wamo is 4/5

Wamo's account opening process is efficient and straightforward, marked by clear eligibility criteria and a fast online application system. The 4 out of 5 ratings acknowledges this well-organised approach while also recognising its selective nature, which restricts service to businesses in the EEA or UK and to certain types of businesses.