One of the major concerns faced by new corporations and small-scale businesses is being able to set up a bank account to start making business transactions. The key reason is that most standard banks have a ton of paperwork that business owners must go through and policies to comply with before issuing them accounts.  

This seemingly small delay in getting a functioning bank account can cost new businesses a lot in terms of customers or finances. Thankfully, the world is fast becoming digitized, simplifying tedious processes like these into shorter and simpler solutions.

wamo has come into the finance domain as a solution for business owners who find it difficult to secure a business account from physical banks in their locality. wamo leverages fintech and innovations to defy the norm, break location barriers, and erase the limits on account creation to provide a limitless business account for business owners in Europe and other parts of the world.

Find out all about wamo in this all-encompassing review. We answer pressing questions about creating an account with wamo, its safety, and the fees involved.

Is wamo a Bank?

No, wamo is not a bank. wamo is a fintech organization operational continentally but headquartered in London. The organization is registered in the United Kingdom and the EEA to enable it to provide digital banking services. Although the headquarter of wamo is in the UK, it is virtually accessible to millions of users in Europe.

wamo is a company that works as an alternative to banks, opens a business account for companies, allows them to send and receive money, make their payments, and issue debit cards.

You can open a business account on wamo if you register a company in the United Kingdom or European Union. You must have a registered office address in these locations; however, you don’t have to be a resident there.

The brains behind this tech, and founder, is CEO Yanki Önen. A financial leader with 20+ years of experience in the banking and finance industry.

What Does wamo Do?

wamo provides business accounts for businesses to help them grow quickly. Within 10 minutes, you can set up your wamo account and provide a payment option for your customers and client.

wamo also offers physical and virtual Visa debit cards for you and members of your business team. Whichever type of card you prefer is available with your wamo account, allowing you to make purchases anywhere across the continent.

With its multiple accounts and IBANs, there’s no restriction to the purchases you can make anywhere in the world. It appears the main focus of the fintech company is to provide you with the banking freedom that regular or traditional banks may not be able to offer you.

In addition, wamo allows users to register a business in the UK from anywhere they are in the world. You don’t have to be present in the cities; sign up with wamo.

Is wamo Safe?

Yes, wamo is as safe as can be. It is regulated by the Bank of Lithuania and the Financial Conduct Authority (FCA). Now, because wamo is not a regular bank, it does not protect your money with the Financial Services Compensation Scheme (FSCS).

But fear not, whatever amount you hold with wamo has its equivalent stored in a segregated bank account. So, if ever wamo goes bankrupt or stops doing business, you can’t lose your money. You’ll get your money back from the segregated bank account. 

What Services Does wamo Provide?

wamo provides a business account for business owners in the European Economic Area (EEA), Switzerland, Gibraltar, or the UK. This business account mainly functions like a regular bank account. However, it also offers a variety of different services that make it special. Here are a few of them:

• Paperless applications: Unlike regular banks, where you have to fill in countless forms and information before you can be issued a bank account, wamo only requires your ID and a few basic pieces of information to get you started. In as quickly as 10 minutes, you can get your wamo business account.
• Sub-accounts: Opening an account with a regular bank usually only gives you access to one account number. With wamo, however, you may open multiple sub-accounts to help you manage your finances expertly. You can open a sub-account to handle taxes, for instance, or salaries for your employees — it’s up to you.
• Company registration in the UK: For people who dream of owning a business overseas, wamo makes your dreams come true. It helps interested users set up a company in their preferred city (UK) in just a few steps.
• Visa cards with spending insights: All wamo accounts are eligible for visa debit cards for every member of the team. The team members can link this card to a sub-account in their name as well.
• Multiple payment options: You can use wamo to make payments in different ways. You can use payment links, bank transfers, a POS card reader from wamo, Pay via SEPA or SWIFT, or QR code payment technology.

Is It Safe to Create a Sub-Account With wamo?

It is safe to create a sub-account because it is directly linked to your main wamo account and, thus, enjoys the same protection your main account does. The wamo sub-accounts are unique because you can get reports and analytics for each account to keep an eye on how money goes out of and into them.

How Can I Create a wamo Account?

Opening a wamo account is straightforward — it doesn’t matter whether you are a small, medium or large-scale business. Limited Liability Companies (LLC) can get a wamo business account and start using it on the same day. Sole traders, freelancers, or partnership companies can also create a wamo account.

However, there are some categories of businesses and nationalities that are not eligible to open an account. More on this will be discussed in the next section.

Here are the steps involved in creating a wamo account:

• Prepare your ID and basic details of your business, such as your registered name and registration number.
• Download the wamo app.
• Fill in your details.
• Verify your identity.
• Leave it up to wamo to handle the rest.

It’s important to note that LLCs will require more supporting documents to create an account. They are:

• Shareholder structure
• Articles of Association (AoA) and The Memorandum of Associations (MoA)
• Proof of identity for directors, shareholders, and Unique Beneficial Owners (UBOs)

Who Can Open a wamo Account?

wamo is available to businesses registered in the UK, European Economic Area (EEA), Gibraltar, and Switzerland. It’s open to freelancers, sole traders, limited companies, and partnerships.

However, the following list of businesses cannot open an account on wamo:

• Charities,
• Cooperatives,
• Public sector businesses,
• Private foundations,
• Trusts,
• Gaming and crypto businesses.

Here is a full list of ineligible applicants, countries, business types, nationalities, and industries inclusive. 

How Could wamo Virtual and Physical Visa Debit Cards Make My Business Easier?

wamo’s physical and virtual debit cards are eligible for every member of the team, meaning anyone can use these cards wherever they are without restriction. wamo physical cards can be used to also make contactless payments in addition to withdrawing from ATMs.

wamo cards help keep your business flowing. The virtual cards have high spending limits to enable you to take care of every aspect of your business without stress. This includes paying for subscriptions, setting budgets, and making online payments.

You can also keep an eye on your team’s spending, as you can set daily, weekly, or monthly limits on a card from your dashboard. You can even freeze a card if you no longer want a team member to use the card. 

The wamo business cards can also be connected to EU or GB IBANs to enable you to spend online like a local, no matter where you are.

Is wamo the Right Choice for Payment Solutions?

wamo is a great payment solution with the freedom it gives you to plan and manage your expenses. Not only are you able to keep track of the spending of your team members, but you can also use wamo for money transfers and exchanges in multiple currencies.

You can transfer to accounts in these currencies: Euro, Pound Sterling, US Dollar, Australian Dollar, Canadian Dollar, Japanese Yen, New Zealand Dollar, Norwegian Kroner, Swedish Krona, and Swiss Franc. However, you can receive transfers only in Euro or British Pound Sterling.

It offers you the ability to use QR code payment technology, pay using a POS card reader you request from wamo, and make regular wamo money transfers. Also, you can use payment links or pay via SEPA or SWIFT.

Are There Any Packages wamo Offers?

Yes, wamo offers 3 major packages. These include Start, Grow, and Scale.

1. Start: This plan or package is best for micro or small businesses. It costs €19.99 per month.
2. Grow: Best plan for growing or small-to-medium-sized businesses and starts at €49.99 per month.
3. Scale: Perfect for medium-to-large businesses. It starts at €99.99.

Here’s what the fees for each paid package look like:

Each of these packages comes with different features inclusive such as card spending limits, the option to add team members or schedule payments, create a bank statement, and set up recurring payments.

Again, all these plans can access stand-by personal support to assist with any hitches that may occur.

How Can I Create a Company In the UK With The Help of wamo?

To open a UK company with wamo, here’s what you need to do:

• Select a distinct and original company name in line with your business
• Fill in a few business and personal details, including your address, date of birth, and nationality.
• Have a registered office address in the UK, Scotland, Wales, England, and Northern Ireland. It can be virtual if you don’t have a physical address (wamo offers you one during the registration process.)
• Register for a wamo business account.
• Receive your certificate from wamo.

To set up a company in the UK with wamo costs £99 and comes with a virtual office address.

Can Foreign People Open a Company In the UK With wamo?

Yes, you don’t have to be a UK resident to open a company in the UK with wamo. In 2 days, you can set up a UK company via the wamo mobile or desktop app and have a functioning business account in 24 short hours.

All that’s required is that your identity can be verified, you have a business address in any of the following countries: UK, Scotland, Wales, England, and Northern Ireland, and you can provide the relevant documents needed.

To register your UK company, you must have a director who is at least over 16 years old and does not have any issue that can disqualify them from being a director. Also, your director does not have to be a UK resident.