Wamo Business Account Review 2026: Fees, Features & Real Costs

Wamo Business Account Scorecard

Wamo helps entrepreneurs across the UK and EEA open business accounts with local IBANs (the UK, Denmark, Luxembourg, Germany, Finland, and Sweden get a dedicated local IBAN, while other EEA markets use a general EU IBAN), so they can send and receive payments in each market like a local business. It's a reasonable choice for freelancers and small businesses in the EEA or UK that need straightforward international payment tools. The app is clean, onboarding is fully online, and support has a reputation for being responsive.

Where it gets less generous is the paid tiers: accounting integrations, bulk transfers, scheduled payments, and better FX rates all sit behind an upgrade. SWIFT transfers aren't cheap, and payment-link fees can eat into thin margins. If you're outside the UK/EEA (expanding into Hong Kong, Singapore, or elsewhere in Asia), Wamo simply isn't an option, since it only serves UK- and EEA-registered companies.

Is Wamo Right for You?

Wamo is a solid fit if you're a UK or EEA company, or an EEA-registered sole trader, that mostly moves money in GBP, EUR, or the other three supported currencies, and you're comfortable paying more as you need more features. It's a weaker fit if you need accounting integration or bulk payments on a starter budget, since those sit behind Wamo's higher tiers, or if your business isn't registered in the UK or EEA at all, in which case Wamo can't open your account regardless of budget. It's also not an option for UK-based sole traders, since Wamo doesn't currently support them.

For comparison, Wise Business serve a similar UK/EEA customer base with different fee structures, while Starling Bank serve UK customer base specifically. Both are worth comparing if Wamo's tiered pricing doesn't fit your usage pattern.

Wamo Fees

Company Account Plans

Additional fees to budget for: ATM withdrawals cost 2.19% per transaction on the Freemium and Start plans (no free allowance), or 2.19% beyond a free monthly allowance on Grow and Scale, and a EUR 99-per-year account inactivity fee applies if no deposits or withdrawals happen for 12 months.

Sole trader/self-employed plans are priced separately and lower at entry level. Wamo's pricing page toggles between "Self-employed" and "Companies" views with different numbers for each, so check the tab that matches your registration type before comparing costs.

Wamo Account Features

Wamo offers two account types, sole trader and company, each split across three to four pricing tiers, with slightly different features per tier. Every account gets local GB, DK, LU, DE, FI, and SE IBANs and can hold GBP, EUR, USD, SEK, and DKK, with in-app currency exchange between them. Wamo also supports receiving payments in 22 currencies with automatic conversion into your balance.

Payments and Transfers

Wamo supports instant SEPA and Faster Payments within the EU and UK, plus global SWIFT transfers. Sub-accounts let you separate expenses or currencies, and both physical and virtual Visa cards are available, with instant freeze/block/delete from the app.

Invoicing and Payment Links

The Wamo app includes invoicing tools and lets you create payment links to share by email, text, or direct message, which is useful for freelancers who bill clients directly rather than through a separate invoicing tool.

Higher-Tier Extras

Higher tiers add more sub-accounts, cashback on card spend (up to 1% on the top plan), recurring/scheduled payments, bulk payments, team member access, and Xero integration. If your business needs any of these from day one, budget for at least the Grow tier, since they're not available on Freemium/Start.

Our take: Wamo's core multi-currency and local-IBAN feature set is genuinely useful for its target market, but the tiering means a lean, cash-conscious business ends up without accounting integration or bulk payments until it can justify the higher monthly fee.

Opening a Wamo Account

You can open a Wamo business account entirely online via wamo.io or the mobile app. Eligible business types are LLCs and PLCs registered in the EEA or UK, plus self-employed individuals, sole traders, and freelancers registered in the EEA. UK-based sole traders are not currently supported.

Documents you'll need:

• Certificate of Incorporation
• Memorandum and Articles of Association
• Registry extract showing beneficial owners
• Proof of address (utility bill, bank statement, or rental agreement) dated within the last 3 years

Application Steps

1. Start at business.wamo.io or the app (Wamo recommends the app).
2. Enter your name, business email, and phone number.
3. Upload a passport, ID card, or driving licence, then complete a video/biometric identity check.
4. Provide director and shareholder details.
5. Submit your business details, including your registration number, address, website or other online presence, and a description of what you do.

Once submitted, Wamo follows up for further compliance details before finalising the account. The process is straightforward for eligible businesses, though collecting full director/shareholder information can add friction for larger ownership structures, and it's simply not available if your company isn't registered in the UK or EEA.

What Real Users Say

Wamo holds a 4.8/5 "Excellent" rating on Trustpilot from 1,381 reviews. Positive reviews consistently point to responsive customer support and a fast, straightforward onboarding process. Negative reviews mostly cite payment holds tied to Wamo's banking partner and accounts being suspended or closed with little advance notice.

On mobile, Wamo's iOS app carries a 4.0/5 rating from 8 ratings with no written reviews.

Wamo vs Statrys

Statrys and Wamo don't actually compete for the same customer. Wamo can't serve a Hong Kong- or Singapore-registered company, and while Statrys' Hong Kong business account now offers local currency account details in the UK, Denmark, and Australia, and IBANs in Germany, Luxembourg, and Liechtenstein, it still doesn't offer full business accounts for UK-registered companies.

Alternative to Wamo

If your business operates in or is expanding into Hong Kong, Singapore, or the wider Asia region (or you simply want FX pricing that starts at 0.1% above the mid-market rate rather than an undisclosed "advantageous" tier rate), Statrys is built for that need, while Wamo remains a UK/EEA-only provider. You get 11 major currencies in one account, a dedicated account manager over phone or WhatsApp, Xero integration, and, for Hong Kong accounts, Mastercard® payment cards, without needing to climb a pricing tier to unlock basic tools like invoicing. Statrys has helped over 10,000 clients open accounts, with 96% opening within 3 business days.