Wamo Review [2024]: Features, Fees & Support

Founded in 2018, Wamo is a UK-based fintech firm aiming to help small businesses and entrepreneurs manage their finances. As a licensed Electronic Money Institution, they offer a user-friendly payment platform with features like business accounts, debit cards, and expense management tools.

Recently, Wamo partnered with Banking Circle, a global banking platform. This partnership helps Wamo send and receive money overseas faster and at lower costs.

Business Accounts

Wamo provides business accounts for sole traders and companies in the UK and EEA regions. With Wamo, businesses can hold, receive, and transfer funds in both GBP and EUR, making it easy to expand their market across the UK and the EU. Here are the key features of Wamo business accounts:

• Send and receive local payments in GBP and EUR via SEPA and Fast payments, respectively.
• Collect and make international payments in EUR, GBP, and USD through the SWIFT network, with restrictions on certain countries.
• Send SWIFT payments by emailing the payment request form to support@wamo.io.
• Convert money between EUR and GBP at the rate based on the European Central Bank mid-market rate.
• Open up to 10 sub-accounts, each with its own EUR or GBP account details. This feature allows businesses to allocate funds for specific purposes and better manage cash flow.
• Free transfers between Wamo accounts around the world.
• Send payment links via email or direct messaging to get paid easily.
• Scheduled payments and set recurring payments (daily, weekly, and monthly) in just a few clicks.
• Send bulk payments to multiple payees at once by uploading a single CSV file.
• Integrate with Xero to simplify accounting and bookkeeping. 
• Create, manage and track professional invoices to minimise manual tasks and reduce errors.
• Assign different roles to your team (director, manager, employee), each with different access levels to view, and manage an account.

For businesses registered in the EEA, EUR sub-accounts will come with a Netherlands (NL) IBAN, while GBP sub-accounts will have a UK (GB) IBAN. If your business is registered in the UK, both your GBP and EUR sub-accounts will have UK-based (GB) IBANs.

Also, keep in mind that USD transfers are automatically converted to EUR or GBP before being credited to your account, as Wamo doesn’t currently support holding USD balances.

Debit Cards

Wamo offers account holders physical and virtual Visa debit cards. Here are the main features of Wamo cards.

• Get multiple virtual and physical debit cards for your employees.
• Link each card to a specific sub-account for spending online or in-store where Visa is accepted.
• Choose between EUR or GBP as the base currency for your card.
• Withdraw cash from ATMs worldwide.
• Compatible with Google Pay for added convenience.
• Manage cards on the go—freeze, unfreeze, delete, or block them in seconds.
• Track business expenses in real-time.
• Earn up to 1% cash back on all eligible purchases.
• Convert money between GBP and EUR at a competitive exchange rate with no volume limits.

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

Transaction Limits:

• Maximum per transaction: EUR 50,000
• Daily limit: EUR 50,000
• Monthly limit: EUR 100,000
• Annual limit: EUR 250,000

ATM Withdrawal Limits:

• Maximum per withdrawal: EUR 500
• Daily limit: EUR 500
• Monthly limit: EUR 20,000
• Annual limit: EUR 100,000

Wamo Business Account Plan

Lastly, Wamo offers business account plans tailored for both sole traders and companies. While the core features are similar, there are the key differences between these plans:

3 Account Plans for Companies: Start, Grow, and Scale

3 Account Plans for Sole Traders: Freemium, Smart, Pro

Wamo’s Feature Rating is 3.8/5

Wamo’s business account offers solid features for companies in the UK and EU, with fast GBP and EUR transfers, sub-accounts, and Visa debit cards for business purchases. The integration with Xero and role-based access control provide added flexibility for managing finances.

However, there are some limitations, particularly for businesses that make frequent SWIFT payments, as the process requires manually emailing a payment request. Additionally, advanced features like recurring and bulk payments are only available in higher-tier plans. Taking these factors into account, we rate Wamo’s features 3.8 out of 5.

Opening a Wamo business account is free, but there is a monthly fee based on your account plan. While receiving local payments and transferring funds between Wamo accounts is always free, other features may incur charges, which can vary based on your account plan.

Below are the fees associated with Wamo's business accounts.

Account Plans for Companies

Account Plans for Sole Traders

*Only 1 virtual card is allowed.

Wamo’s Fee Rating is 3.5/5

Wamo offers free account opening and competitive FX fees at 0.5%, which makes it appealing to businesses with moderate international needs. Their plans are flexible, and they provide free transfers and free cards in higher tiers. 

However, their SWIFT transfer fee of EUR 19.99 and the 1.99% charge for physical cards and ATM withdrawals could become expensive for frequent users. 

Additionally, premium plans like the "Scale" plan, which costs EUR 99.99 per month, might be too costly for smaller businesses. 

While Wamo is a solid option for many, businesses that handle frequent international transactions or need lower cash withdrawal fees may want to consider other alternatives.

Wamo provides a Help Centre for customers to search for common queries and find solutions. As of today, they currently have 44 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 3/5

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. In addition, Wamo lacks a dedicated “Contact Us” page to centralise contact information. This makes it more challenging for customers to access support quickly, particularly outside working hours. Hence, we rate Wamo’s customer support at 3 out of 5.

Wamo offers business accounts to companies in the EEA and the United Kingdom. Before signing up, let’s check if your business is eligible and prepare the necessary documents to speed up the process.

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.
• Limited Liability Company (LLC), Public Limited Company (PLC), sole traders, freelancers, and self-employed individuals are eligible.
• Your businesses must not engage in any prohibited industries, including CBD products, cryptocurrencies, and non-profit organisations.

Required Documents

• Your name, business email, and phone number
• Your website or other online presence (e.g., social media pages)
• Nature of your business
• 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
• Business tax registration documents (for sole traders)

*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 may activate your account within 2 business days.

The Ease of Opening an Account for Wamo is 4.5/5

Wamo offers a straightforward process for opening a business account, with a fully online application that takes just 15 minutes. The eligibility requirements are clear, and the necessary documents are standard. The account opening process is efficient and well-suited for modern businesses.