Wamo: The Business Account That Puts You First
If you are looking for a business account that is fast, flexible, and friendly, you might want to check out Wamo. Wamo is a digital banking platform that offers a range of services and features for businesses of all sizes. Whether you are a freelancer, a start-up, an SME, or a corporation, Wamo can help you manage your finances, make payments, and grow your business. In this article, we will tell you everything you need to know about Wamo, how to open an account, how to use it for your business, and why you should choose it over other options.
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What is Wamo?
Wamo is a digital banking platform that was launched in 2020 by a team of experts in finance, technology, and marketing. Wamo is based in Malta and is regulated by the Malta Financial Services Authority. Wamo operates as an agent of Payrnet, a licensed electronic money institution in the UK. Wamo provides business accounts, debit cards, payment solutions, and other services for businesses across Europe. Wamo's mission is to make banking simple, accessible, and affordable for everyone.
A business account that supports your growth
One of the main features of Wamo is its business account. With a Wamo business account, you can open multiple sub-accounts in EUR and GBP, each with its own IBAN. You can use these sub-accounts to manage your cash flow, budget for your teams, projects, and expenses, and exchange currencies at competitive rates. You can also issue physical and virtual Visa debit cards for yourself and your employees, with high spending limits and powerful controls. You can link each card to a sub-account, freeze and unfreeze them at any time, and get notified on every transaction.
A business account that offers flexible payment options
Another feature of Wamo is its payment solutions. With a Wamo business account, you can make and receive payments locally and internationally with ease. You can send and receive money via SEPA and Swift transfers, or use free wamo-to-wamo in-app payments. You can also accept payments from your customers via QR codes, payment links, or regular transfers. You can generate QR codes and payment links from your app or website, and have your customers scan or click them to pay instantly. No cards, no cash, no machines, no integration needed.
A business account that is secure and easy to use
A third feature of Wamo is its security and usability. With a Wamo business account, you can rest assured that your money is safe and protected. Your funds are held in a safeguarded account by a licensed bank in Malta. Your transactions are secured by 3D Secure authentication and encryption. Your cards are protected by PIN codes and biometric verification. You can also monitor your account activity in real-time from your app or dashboard, get alerts on suspicious transactions, and contact customer support anytime.
How to Open a Wamo Business Account
If you are interested in opening a Wamo business account, here are the steps you need to follow:
The requirements and the process
To open a Wamo business account, you need to meet the following requirements:
You must be at least 18 years old.
You must have a valid ID document ( passport, ID card, or driving license) and a proof of address document (utility bill, bank statement, or tax document).
You must have a registered business name and address in the EEA, Switzerland, or the UK.
You must have a valid email address and phone number.
You must have a compatible smartphone or tablet with iOS or Android operating system.
To open a Wamo business account, you need to follow these steps:
Download the Wamo app from the App Store or Google Play Store and sign up with your email address and phone number.
Fill in your personal details, such as your name, date of birth, nationality, and address.
Scan your ID document and take a selfie for verification.
Fill in your business details, such as your business name, address, registration number, industry, and turnover.
Upload your proof of address document and any other documents that Wamo may request.
Wait for Wamo to review your application and approve your account. This usually takes a few minutes, but it may take longer depending on the complexity of your case.
Once your account is approved, you can start using it right away. You can also order your physical debit card from the app and receive it within a few days.
The benefits and the features
Opening a Wamo business account comes with many benefits and features that can help you run your business smoothly and efficiently. Here are some of them:
You can access your account anytime and anywhere from your app or dashboard.
You can create multiple sub-accounts in EUR and GBP with their own IBANs.
You can issue physical and virtual debit cards for yourself and your employees.
You can make and receive payments locally and internationally via SEPA, Swift, QR codes, payment links, or wamo-to-wamo transfers.
You can exchange currencies at competitive rates with no hidden fees.
You can track and manage your spending, income, and cash flow with real-time notifications and analytics.
You can set spending limits, rules, and categories for each card and sub-account.
You can integrate your account with popular accounting software like Xero and QuickBooks.
You can enjoy high security standards with 3D Secure authentication, encryption, biometric verification, PIN codes, card freezing, and fraud prevention.
You can get support from Wamo's friendly and professional customer service team via email, phone, or live chat.
The fees and the limits
Opening a Wamo business account is free of charge. However, there are some fees and limits that apply to certain transactions and services. Here is a summary of them:
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Transaction/ServiceFee/Limit
Monthly account feeFree
Physical debit card issuanceFree for the first card per user; 5 for each additional card
Virtual debit card issuanceFree for the first card per user; 2 for each additional card
Debit card deliveryFree for standard delivery; 25 for express delivery
Debit card replacement5 per card
Debit card spending limit10,000 per day; 50,000 per month
Debit card ATM withdrawal limit500 per day; 2,000 per month
Debit card ATM withdrawal feeFree for the first 5 withdrawals per month; 1.5 for each additional withdrawal
Currency exchange fee0.5% on top of the mid-market rate
Incoming SEPA transfer feeFree
Incoming Swift transfer fee5 per transfer
Incoming wamo-to-wamo transfer feeFree
Incoming QR code/payment link transfer feeFree for up to 1,000 per month; 1.5% for amounts above 1,000 per month
Outgoing SEPA transfer fee Free for up to 10 transfers per month; 0.5 for each additional transfer
Outgoing Swift transfer fee5 per transfer
Outgoing wamo-to-wamo transfer feeFree
Outgoing QR code/payment link transfer feeFree
You can find more details about the fees and limits on Wamo's website or app.
How to Use Wamo for Your Business
Now that you have opened a Wamo business account, you might be wondering how to use it for your business. Here are some tips and tricks that can help you make the most of Wamo's features and services:
How to make and receive payments with Wamo
Making and receiving payments with Wamo is easy and convenient. You can choose from different payment methods depending on your needs and preferences. Here are some examples:
If you want to pay someone who also has a Wamo account, you can use the wamo-to-wamo in-app payment option. Just enter their phone number or email address, or scan their QR code, and confirm the amount and the currency. The payment will be instant and free.
If you want to pay someone who does not have a Wamo account, you can use the SEPA or Swift transfer option. Just enter their IBAN or account number, or select them from your contacts, and confirm the amount and the currency. The payment will be processed within one business day for SEPA transfers, or within two to five business days for Swift transfers.
If you want to receive payments from your customers, you can use the QR code or payment link option. Just generate a QR code or a payment link from your app or website, and share it with your customers via email, SMS, social media, or any other channel. Your customers can scan the QR code or click the payment link, and pay with their card or bank account. The payment will be instant and free for up to 1,000 per month, or 1.5% for amounts above 1,000 per month.
How to manage your cards and sub-accounts with Wamo
Managing your cards and sub-accounts with Wamo is simple and flexible. You can create multiple sub-accounts in EUR and GBP, each with its own IBAN, and link them to your cards. You can also issue physical and virtual debit cards for yourself and your employees, and control them from your app or dashboard. Here are some examples:
If you want to create a sub-account for a specific purpose, such as a project, a team, or an expense category, you can do so from your app or dashboard. Just tap on the "Add account" button, choose the currency, name the sub-account, and confirm. You can then transfer money to and from the sub-account, view its balance and transactions, and exchange currencies if needed.
If you want to issue a card for yourself or an employee, you can do so from your app or dashboard. Just tap on the "Add card" button, choose the type (physical or virtual), name the cardholder, select the sub-account to link it to, and confirm. You can then activate the card, view its details and transactions, set spending limits and rules, freeze and unfreeze it, and get notified on every transaction.
How to use QR codes and payment links with Wamo
Using QR codes and payment links with Wamo is fast and convenient. You can generate QR codes and payment links from your app or website, and share them with your customers or partners. They can then scan the QR code or click the payment link, and pay with their card or bank account. Here are some examples:
If you want to generate a QR code for a specific amount and currency, you can do so from your app or dashboard. Just tap on the "Request money" button, enter the amount and the currency, choose the sub-account to receive the money, and tap on the "Generate QR code" button. You can then display the QR code on your screen, print it out, or save it as an image.
If you want to generate a payment link for a specific amount and currency , you can do so from your app or dashboard. Just tap on the "Request money" button, enter the amount and the currency, choose the sub-account to receive the money, and tap on the "Generate payment link" button. You can then copy the payment link and share it via email, SMS, social media, or any other channel.
If you want to generate a QR code or a payment link for a variable amount and currency, you can do so from your app or dashboard. Just tap on the "Request money" button, leave the amount and the currency fields blank, choose the sub-account to receive the money, and tap on the "Generate QR code" or "Generate payment link" button. You can then display the QR code or share the payment link as before. The payer will be able to enter the amount and the currency they want to pay.
Why Choose Wamo for Your Business
By now, you might be wondering why you should choose Wamo for your business. What makes Wamo different from other business accounts and payment solutions? Here are some reasons why Wamo is the best choice for your business:
The advantages of Wamo over traditional banks
Wamo is not a traditional bank. It is a digital banking platform that offers a better alternative to traditional banks. Here are some of the advantages of Wamo over traditional banks:
Wamo is faster and easier to open and use. You can open a Wamo business account in minutes from your app, without any paperwork or branch visits. You can also access and manage your account anytime and anywhere from your app or dashboard.
Wamo is more flexible and affordable. You can create multiple sub-accounts in EUR and GBP, each with its own IBAN, and link them to your cards. You can also exchange currencies at competitive rates with no hidden fees. You can enjoy free or low-cost transactions for most of the services.
Wamo is more innovative and customer-oriented. You can make and receive payments via QR codes, payment links, or wamo-to-wamo transfers, without any cards, cash, machines, or integration needed. You can also integrate your account with popular accounting software like Xero and QuickBooks. You can also get support from Wamo's friendly and professional customer service team via email, phone, or live chat.
The testimonials and reviews from satisfied customers
Wamo has received many positive testimonials and reviews from satisfied customers who have used Wamo for their businesses. Here are some of them:
"Wamo is a game-changer for my business. I can manage my finances, make payments, and grow my business with ease. Wamo is fast, flexible, and friendly. I highly recommend it to anyone who needs a business account." - John Smith, Freelance Designer
"Wamo is the best thing that happened to my business. I can create multiple sub-accounts for my teams, projects, and expenses, and issue cards for my employees. Wamo is simple, accessible, and affordable. I love it." - Mary Jones, Startup Founder
"Wamo is amazing for my business. I can accept payments from my customers via QR codes, payment links, or regular transfers. Wamo is secure, easy to use, and customer-oriented. I am very happy with it." - David Lee, Online Shop Owner
The future plans and updates from Wamo
Wamo is not only a great solution for your business today, but also a promising one for tomorrow. Wamo is constantly working on improving its services and features, adding new ones, and expanding its reach. Here are some of the future plans and updates from Wamo:
Wamo plans to add more currencies to its platform, such as USD, CHF, CAD, AUD, NZD, JPY, NOK, SEK, DKK, PLN, CZK, HUF, RON.
Wamo plans to offer more payment methods to its customers , such as PayPal, Stripe, Apple Pay, Google Pay, and more.
Wamo plans to launch a loyalty program for its customers, where they can earn points and rewards for using Wamo's services and features.
Wamo plans to expand its market to other regions, such as Asia, Africa, and Latin America.
Conclusion and FAQs
Wamo is a digital banking platform that offers a business account that puts you first. With Wamo, you can manage your finances, make payments, and grow your business with ease. Wamo is fast, flexible, and friendly. Wamo is the best choice for your business.
If you have any questions about Wamo, you might find the answers in the following FAQs:
What is the difference between a physical and a virtual debit card?A physical debit card is a plastic card that you can use to make payments in stores or online, or to withdraw cash from ATMs. A virtual debit card is a digital card that you can use to make payments online or in-app. You can view the details of your virtual debit card from your app or dashboard.
How can I contact Wamo's customer service?You can contact Wamo's customer service via email, phone, or live chat. You can find the contact details on Wamo's website or app. Wamo's customer service is available 24/7 and speaks multiple languages.
How can I close my Wamo business account?You can close your Wamo business account at any time from your app or dashboard. Just go to the settings section, tap on the "Close account" button, and follow the instructions. You will need to transfer any remaining funds from your account before closing it.
Is Wamo safe and regulated?Yes, Wamo is safe and regulated. Wamo is based in Malta and is regulated by the Malta Financial Services Authority. Wamo operates as an agent of Payrnet, a licensed electronic money institution in the UK. Your funds are held in a safeguarded account by a licensed bank in Malta. Your transactions are secured by 3D Secure authentication and encryption. Your cards are protected by PIN codes and biometric verification.
Can I use Wamo for personal purposes?No, Wamo is only for business purposes. You can only use Wamo for your registered business name and address. You cannot use Wamo for personal purposes or for other businesses that are not registered with Wamo.
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