Wamo Review [2025]: Pros, Cons & What To Use Instead

Final Verdict

Wamo suits small UK and EEA-based businesses, but growing companies may find the higher-tier costs and limited basic features restrictive.

Wamo helps entrepreneurs in the UK, Denmark, and Luxembourg open business accounts with local IBANs, allowing them to send and receive payments in each country like a local business. It’s a solid choice for freelancers and businesses in the EEA or UK that need basic international payment tools. One of Wamo’s strengths is its simplicity. You can open an account fully online, the app feels clean, and the support appears responsive.

However, if you’re looking for accounting integrations, bulk transfers, scheduled payments or lower FX costs, you’ll need to upgrade to higher-tier plans. SWIFT transfers come at a steep price, and payment link fees can eat into your revenue. For lean businesses seeking essential features at a more straightforward, budget-friendly price, providers like Wise Business or Starling (for UK and EEA-based businesses), or Statrys (for Asia and beyond), might offer better value.

Key Highlights

• Hold balances in GBP, EUR, USD, SEK, and DKK
• Local IBANs for the UK, Denmark, and Luxembourg
• Faster Payments, SEPA Instant, and SWIFT transfer options
• Issue physical and virtual business cards
• In-app invoicing and payment link creation

Wamo Account Features

Wamo offers two types of business accounts: one for sole traders and one for companies. Each account type is available across three tiers, with slightly different features. However, all accounts come with core benefits, including multicurrency capabilities. 

Accounts come with local GB, DK, and LU IBANs and allow you to hold GBP, EUR, USD, SEK, and DKK. Fund exchanges between these currencies can be done directly within the app. Payments can also be received in 22–24 currencies, with automatic conversion into your balance. For payments, Wamo supports instant SEPA and Faster Payments within the EU and UK, along with global SWIFT transfers. 

To help organise finances, accounts offer the option to create sub-accounts—useful for separating expenses or managing different currencies. Wamo also enables you to issue both physical and virtual cards linked to your balance. You can track every transaction and instantly freeze, delete, or block cards when needed. The Wamo app also includes in-app invoicing, allowing users to send and track invoices, as well as create payment links to share by email, text, invoice, or direct message.

Here’s an overview of the tiers and the extra features included with each.

Sole Trader Accounts:

• Freemium: Free account with one sub-account per currency, basic transfers, and no cashback. 
• Smart: Up to 5 sub-accounts, 0.25% cashback on card spend, recurring and scheduled payments, ability to add team members, and Xero accounting integration.
• Pro: Up to 10 sub-accounts, 0.50% cashback on card spend, all Smart features, plus bulk payments.
  

Company Accounts:

• Start: 1 sub-account per currency, basic transfers, and no cashback.
• Grow: Up to 10 sub-accounts, 0.50% cashback on card spend, recurring and scheduled payments, bulk payments, team management, and Xero integration.
• Scale: Up to 100 sub-accounts, 1% cashback on card spend, all Grow features plus improved pricing model.

Higher-tier accounts also benefit from better exchange rates, a higher number of cards, certain fee reductions, and increased free transfer allowances.

Wamo Fees

Below are the key fees for a sole trader account type.

Below are the key fees for a business account type.

You can also receive a discount by opting for the annual payment plan. For more information, please visit Wamo’s Pricing Page.

Wamo Customer Support

Wamo offers several ways to get in touch with their support team:

• Live Chat: Visit the Wamo website and tap the blue chat button located in the bottom right corner to start a live chat with a support agent.
• Email: You can email Wamo directly at support@wamo.io.
• Replying to Emails: Wamo’s emails are not sent from 'no-reply' addresses. If you respond to any Wamo email, including marketing or onboarding messages, your reply will reach a customer support team.

Currently, there is no dedicated support phone line listed. However, Wamo mentions that if you feel comfortable sharing your phone number in the email, a team member can promptly call you back.

Opening a Wamo Account

You can set up a Wamo business account entirely online through their website or mobile application. To assess how simple the process is, here are the eligibility criteria, required documents, and application steps.

Eligibility Criteria and What You’ll Need

The types of businesses that are eligible for a Wamo account include Limited Liability Companies (LLC), Public Limited Companies (PLC), and self-employed individuals, sole traders, or freelancers. Your company must also be registered in the European Economic Area (EEA) or the United Kingdom. 

For your application, you will need to provide the following documents:

• Certificate of Incorporation
• Memorandum and Articles of Association 
• Registry Extract displaying the beneficial owners
• Proof of address, such as utility bill, bank statement, or rental agreement

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

How to Apply 

1. Visit the Wamo business website at https://business.wamo.io or use the Wamo business app. Wamo recommends using the app for the best experience.
2. Enter your name, business email, and phone number.
3. Upload a scan of your passport, ID card, or driving license.
4. Complete a brief video and biometric check to verify your identity.
5. Provide details of directors and shareholders, including their names, addresses, and ID information.
6. In the business details section, you'll be asked to provide:
7. Your company’s name, registration number, and business address
8. Your website URL or another form of online presence (such as social media pages). If you don’t have an online presence, explain how your business is marketed.
9. A brief description of your business, including the products or services you offer.

Once your account is set up, Wamo will reach out to gather more details about your business. This step ensures compliance and helps Wamo provide you with tailored service.

Wamo Ratings and Reviews

Trustpilot: 4.4/5 (based on 370 reviews)

Wamo generally receives positive ratings on Trustpilot, with most users highlighting its responsive customer support and the fast, straightforward application and onboarding process. Negative reviews mostly cited blocked accounts and withheld funds.

Apple App Store Rating is 3.7/5 based on 6 reviews, with no written reviews published. Similarly, no rating is available on the Google Play Store.

Most user feedback on Trustpilot is positive, especially when it comes to setup and customer support. However, the small number of app reviews and reports of account holds and frozen funds in some negative reviews raise concerns. These issues can disrupt cash flow and cause serious stress, particularly for people who rely on a single account to manage all their income and payments.  

An Alternative Option in Hong Kong

If you plan to expand your business into the Asian market, such as China, Hong Kong, or Singapore, then Statrys is a solid option for you to consider. 

With a Statrys business account, you can hold and manage 11 major currencies within a single account, apply for payment cards (subject to approval), and send international transfers at competitive rates.

We also offer Xero integration, competitive foreign exchange (FX) fees, FX tools, and a dedicated account manager is included. 

Explore the key features below.