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

2025-05-13

6 minute read

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Statrys Score Cards
 Wamo Business Account Rating
7.5

Features

8

Fees

6

Customer Support

7

Ease of Opening an Account

9

Explore more options

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
Pros ✅
  • Easy, fully remote account opening
  • Multi-currency support with direct in-app exchanges
  • Cashback rewards on higher plans
Cons ❌
  • Important features locked behind higher-priced tiers
  • High SWIFT transfer and payment link fees
  • No public phone support line

Everything You Need, Already Included

Open a Business Account in Hong Kong with Statrys and access multi-currency payments, Xero integration, and support—all in one package.

Screenshot of the Statrys payment platform's business account dashboard. The interface displays account details for "Happy Client Limited," showing a total balance of HKD 886,277.52 across multiple currencies (HKD, USD, EUR). The left sidebar contains navigation options such as Accounts, Transfer, Convert, Secure your FX Risk, Payees, Cards, Team, Statements and documents, and Integrations. A prominent "Add a payee" and "View Account Details" call-to-action section is visible.

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.

A screenshot of Wamo business account page, showing the application dashboard, cards, and description

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.

Our Verdict: 8/10

Wamo provides strong support for multiple currencies and flexible payments, with local IBANs in the UK, Denmark, and Luxembourg as key features. Its tiered pricing adapts to your company’s size, giving growing businesses access to extras like cashback on card spending.

However, the lower-tier plans are quite basic—features like accounting software integration, recurring payments, multiple sub-accounts, and bulk transfers are only available in higher tiers, which can be limiting, especially since some competitors include these in their standard plans.

Wamo Fees

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

Fee types Freemium Smart Pro
Monthly fee 0 €9.99 €19.99
Opening fee Free
Incoming local transfer Free
Outgoing local transfer €0.99 20 free, then €0.99 50 free, then €0.99
SWIFT international transfer €19.99
Currency exchange Standard rates Advantageous rates Advantageous rates
Payment links 1.99% 1.49% 1.29%
ATM Withdrawal 1.99% Monthly plan: 2 free, then 1.99%

Yearly plan: 5 free, then 1.99%
Monthly plan: 4 free, then 1.99%

Yearly plan: 10 free, then 1.99%

Below are the key fees for a business account type.

Fee Types Start Grow Scale
Monthly fee €19.99 €49.99 €99.99
Opening fee Free
Incoming local transfer Free
Outgoing local transfer €0.49 50 free then €0.49 250 free, then €0.49
SWIFT international transfer €19.99
Currency exchange Standard rates Advantageous rates Advantageous rates
Payment links 1.49% 1.29% 0.99%
ATM Withdrawal 1.99% Monthly plan: 5 free, then 1.99%

Yearly plan: 10 free, then 1.99%
Monthly plan: 10 free, then 1.99%

Yearly plan: 15 free, then 1.99%

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

Our Verdict: 6/10

The Freemium option makes Wamo accessible, but costs ramp up quickly with upgrades, especially for businesses needing bulk payments or better FX rates. Some lower-tier plans for sole traders are still competitive. However, once you move into company accounts, monthly fees rise sharply.

International SWIFT transfers' price is on the higher end, and payment link fees can really eat into small profit margins. Annual plans provide some savings, but overall, Wamo may not offer the most competitive pricing model.

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.

Our Verdict: 7/10

Wamo offers live chat on the website and responsive email support. You can reply directly to emails, which is a nice and rare feature. You can also request a callback, providing an additional option for personalised assistance. Most reviews on Trustpilot say the support is good.

However, there’s no public phone number for instant help, and support hours aren’t listed—so it’s unclear if you can get help on weekends or after hours. Overall, the support looks promising but has limited options.

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. 

Full eligible countries list

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.

A screenshot of Wamo business account sign-up page

Our Verdict: 9/10

Wamo offers a straightforward account setup process for businesses based in the UK and EEA. They provide clearly defined documentation requirements, such as a certificate of incorporation and fully remote onboarding. The in-app document upload and video/biometric ID verification process is user-friendly, supported by a well-designed interface.

While collecting director and shareholder details can introduce minor friction, the overall process appears simple. However, businesses registered outside the UK and EEA are not eligible to apply, limiting the platform’s reach.

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.

A summary of Statrys' services

Our Rating Methodology

More info

Click "More info" to understand how we calculate our Wamo Business Account ratings.

FAQs

What services does Wamo offer?

Wamo offers business accounts with features such as sending and receiving fast GBP and EUR payments, debit cards (both virtual and physical), integration with Xero, and expense management tools. It also supports scheduled and bulk payments to simplify business transactions.

Is Wamo a bank?

Does Wamo charge an account fee?

Does Wamo support international SWIFT transfers?

Disclaimer

More info

Statrys does not directly compete with Wamo because we do not provide business accounts in the UK, except in the BVI. We're committed to providing an unbiased, thorough review to help you make an informed choice. Click More info to read the full disclaimer on our review.

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