Overview
Wamo, at a glance.
Wamo is an e-money institution headquartered in Finland, regulated by FIN-FSA. Business accounts cost from €0 a month. Opening an account takes 3–5 days.
Customer funds are held in full in segregated safeguarding accounts and cannot be lent or invested. Deposit guarantee protection does not apply.
Why businesses pick Wamo
- Free plan with no setup fee, and a physical and a virtual Visa card included
- Accounts in EUR, GBP, USD, SEK and DKK, with payments out in 22 currencies
- Open to sole traders and freelancers as well as companies
- Applications are usually reviewed within one business day
- Trustpilot score of 4.8 from more than 1,500 reviews
Watch out for
- Only for businesses registered in the EEA or Switzerland; UK companies cannot apply
- New applications are closed for the Czech Republic, France, Hungary, Latvia, Portugal and Slovakia
- Crypto businesses, money transmitters, offshore holding companies and dealers in precious metals are not accepted
- International payments cost €19.99 to €29.99
- The exchange margin is not published
- An account unused for a year is charged €99 a year
Business fit
Will Wamo accept your business?
Four quick answers. Where your company is registered and what it does rule a provider in or out faster than anything else.
Based on Wamo's published rules
Likely no
Wamo does not list United Kingdom among the countries where it accepts companies.
Wamo does not publish a minimum company age or turnover, so those two answers are not checked here.
This is one provider. Your profile checks all of them.
- Every provider that fits your business
- The reason behind each match
- Company age and turnover checked too
Who it works with
Accepted and not accepted.
What Wamo publishes about the businesses it takes on.
Who Wamo serves
- Startups and SMEs
- Freelancers
- E-commerce
- IT and software
Not supported
Industries and countries Wamo does not accept, from its own published lists.
Industries
- Groups, legal bodies or similar subject to international sanctions or embargoes
- Non-standard or non-transparent activities
- Bidding-fee, penny or all-pay auctions
- Shell banks
- Shell companies
- Bearer-share corporations and nominee arrangements masking UBOs
- Physically present adult services
- Unregulated or offshore holding/investment companies
- Binary options
- Weapons of war, automatic weapons, ammunition or defence equipment
- Nuclear/atomic power
- Proliferation financing
- Adult services that are not physically present, including dating/adult content/products and pornography subject to stated conditions
- Non-registered government or NGO, charities, social-service, non-profit or political organisations
- Cryptocurrency trading or other cryptocurrency businesses
- Anonymous accounts
- Numbered accounts
- Cheque cashing, deposit-taking, cash transfer, credit repair, debt restructuring, debt recovery, debt settlement or debt collection
- Financial pyramid or Ponzi schemes
- Money-transmission services/MSB
- Illegal drugs and narcotics, including medical cannabis
- Sale/distribution of stolen goods
- Psychic services
- Offensive materials
- Animal trafficking
- Illegal wildlife trade
- Transactions involving human organs
- Dealers in precious metals and stones
- High-value watches/timepieces
Countries
- Afghanistan · owners
- Iran · owners
- Nicaragua · owners
- Belarus · owners
- Bosnia & Herzegovina · owners
- Congo - Kinshasa · owners
- Congo - Brazzaville · owners
- Burundi · owners
- Central African Republic · owners
- Cuba · owners
- Eritrea · owners
- Ethiopia · owners
- Guinea-Bissau · owners
- Iraq · owners
- North Korea · owners
- Kosovo · owners
- Lebanon · owners
- Libya · owners
- Mali · owners
- Myanmar (Burma) · owners
- Niger · owners
- Russia · owners
- Somalia · owners
- South Sudan · owners
- Sudan · owners
- Syria · owners
- Ukraine · owners
- Venezuela · owners
- Yemen · owners
- Afghanistan · owners
- Iran · owners
- Nicaragua · owners
- Belarus · owners
- Bosnia & Herzegovina · owners
- Congo - Kinshasa · owners
- Congo - Brazzaville · owners
- Burundi · owners
- Central African Republic · owners
- Cuba · owners
- Eritrea · owners
- Ethiopia · owners
- Guinea-Bissau · owners
- Iraq · owners
- North Korea · owners
- Kosovo · owners
- Lebanon · owners
- Libya · owners
- Mali · owners
- Myanmar (Burma) · owners
- Niger · owners
- Russia · owners
- Somalia · owners
- South Sudan · owners
- Sudan · owners
- Syria · owners
- Ukraine · owners
- Venezuela · owners
- Yemen · owners
- United Kingdom · company
Coverage
Where can you use Wamo?
Coverage is a starting point. It does not confirm that every business in these markets is eligible.
Supported currencies
5 currencies
Hold and receive · 5 currencies
- EUR
- USD
- GBP
- DKK
- SEK
Pay out · 22 currencies
- EUR
- USD
- GBP
- CHF
- CAD
- AUD
- AED
- CNH
- CZK
- DKK
- HKD
- ILS
- MXN
- NOK
- NZD
- PLN
- RON
- SAR
- SEK
- SGD
- TRY
- ZAR
Payment reach
Not published
Who can apply
Company incorporation countries26 countries · show list
- Austria
- Belgium
- Bulgaria
- Croatia
- Cyprus
- Denmark
- Estonia
- Finland
- Germany
- Gibraltar
- Greece
- Iceland
- Ireland
- Italy
- Liechtenstein
- Lithuania
- Luxembourg
- Malta
- Netherlands
- Norway
- Poland
- Romania
- Slovenia
- Spain
- Sweden
- Switzerland
Owner nationality and residency221 countries · show list
- Åland Islands
- Albania
- Algeria
- American Samoa
- Andorra
- Angola
- Anguilla
- Antarctica
- Antigua & Barbuda
- Argentina
- Armenia
- Aruba
- Australia
- Austria
- Azerbaijan
- Bahamas
- Bahrain
- Bangladesh
- Barbados
- Belgium
- Belize
- Benin
- Bermuda
- Bhutan
- Bolivia
- Botswana
- Bouvet Island
- Brazil
- British Indian Ocean Territory
- British Virgin Islands
- Brunei
- Bulgaria
- Burkina Faso
- Cambodia
- Cameroon
- Canada
- Cape Verde
- Caribbean Netherlands
- Cayman Islands
- Chad
- Chile
- China
- Christmas Island
- Cocos (Keeling) Islands
- Colombia
- Comoros
- Cook Islands
- Costa Rica
- Côte d’Ivoire
- Croatia
- Curaçao
- Cyprus
- Czechia
- Denmark
- Djibouti
- Dominica
- Dominican Republic
- Ecuador
- Egypt
- El Salvador
- Equatorial Guinea
- Estonia
- Eswatini
- Falkland Islands
- Faroe Islands
- Fiji
- Finland
- France
- French Guiana
- French Polynesia
- French Southern Territories
- Gabon
- Gambia
- Georgia
- Germany
- Ghana
- Gibraltar
- Greece
- Greenland
- Grenada
- Guadeloupe
- Guam
- Guatemala
- Guernsey
- Guinea
- Guyana
- Haiti
- Heard & McDonald Islands
- Honduras
- Hong Kong SAR China
- Hungary
- Iceland
- India
- Indonesia
- Ireland
- Isle of Man
- Israel
- Italy
- Jamaica
- Japan
- Jersey
- Jordan
- Kazakhstan
- Kenya
- Kiribati
- Kuwait
- Kyrgyzstan
- Laos
- Latvia
- Lesotho
- Liberia
- Liechtenstein
- Lithuania
- Luxembourg
- Macao SAR China
- Madagascar
- Malawi
- Malaysia
- Maldives
- Malta
- Marshall Islands
- Martinique
- Mauritania
- Mauritius
- Mayotte
- Mexico
- Micronesia
- Moldova
- Monaco
- Mongolia
- Montenegro
- Montserrat
- Morocco
- Mozambique
- Namibia
- Nauru
- Nepal
- Netherlands
- New Caledonia
- New Zealand
- Nigeria
- Niue
- Norfolk Island
- North Macedonia
- Northern Mariana Islands
- Norway
- Oman
- Pakistan
- Palau
- Palestinian Territories
- Panama
- Papua New Guinea
- Paraguay
- Peru
- Philippines
- Pitcairn Islands
- Poland
- Portugal
- Puerto Rico
- Qatar
- Réunion
- Romania
- Rwanda
- Samoa
- San Marino
- São Tomé & Príncipe
- Saudi Arabia
- Senegal
- Serbia
- Seychelles
- Sierra Leone
- Singapore
- Sint Maarten
- Slovakia
- Slovenia
- Solomon Islands
- South Africa
- South Georgia & South Sandwich Islands
- South Korea
- Spain
- Sri Lanka
- St. Barthélemy
- St. Helena
- St. Kitts & Nevis
- St. Lucia
- St. Martin
- St. Pierre & Miquelon
- St. Vincent & Grenadines
- Suriname
- Svalbard & Jan Mayen
- Sweden
- Switzerland
- Taiwan
- Tajikistan
- Tanzania
- Thailand
- Timor-Leste
- Togo
- Tokelau
- Tonga
- Trinidad & Tobago
- Tunisia
- Türkiye
- Turkmenistan
- Turks & Caicos Islands
- Tuvalu
- U.S. Outlying Islands
- U.S. Virgin Islands
- Uganda
- United Arab Emirates
- United Kingdom
- United States
- Uruguay
- Uzbekistan
- Vanuatu
- Vatican City
- Vietnam
- Wallis & Futuna
- Western Sahara
- Zambia
- Zimbabwe
Company types
Private limited companies, Public limited companies, Partnerships, Sole traders and freelancers
Pricing
What does Wamo cost?
Look beyond the monthly fee. Your total cost depends on how many transfers you make, where they go and how much you convert.
Account cost
Opening fee
Free
Monthly fee
€0–109
depends on plan
Freemium
Lowest cost€0 per month
€0 setup · €0 in year one
Start
€20 per month
€0 setup · €240 in year one
Grow
€59 per month
€0 setup · €708 in year one
Scale
€109 per month
€0 setup · €1,308 in year one
Transaction fees
| Cost | Freemium | Start | Grow | Scale | How it is charged |
|---|---|---|---|---|---|
| Incoming | |||||
| SEPA | Free | Free | Free | Free | No charge |
| SWIFT / international | €0–14.99 | €0–9.99 | €0–9.99 | €0–9.99 | Fixed fee; varies by plan |
| Outgoing | |||||
| SEPA | €0.99 | €0.49 | Free | Free | Fixed fee · Grow includes 50 free a month and Scale 250 |
| SWIFT / international | €23.99–29.99 | €19.99–23.99 | €19.99–23.99 | €19.99–23.99 | Fixed fee; varies by plan |
Other fees
Cards
| Cost | Listed amount | How it is charged |
|---|---|---|
| Virtual card issue | Free | No charge · Included cards by plan; an extra virtual card costs €0.99 |
| Physical card issue | Free | No charge · Included cards by plan; an extra physical card costs €9.99 |
| ATM withdrawal | 2.19% | Percentage of the amount · Freemium and Start; Grow includes 5 free withdrawals a month and Scale 10 |
Onboarding
From application to live account.
Opening an account typically takes three to five business days.
- 1
Apply online
Fill in the application; it takes about 15 minutes.
- 2
Verify identity
The applicant and each owner of 25% or more verify their identity and address.
- 3
Business details
Describe what the business does and give its website or social media presence.
- 4
Review
Wamo reviews most applications within one business day.
Documents you need
- Certificate of incorporation
- Memorandum and articles of association
- Registry extract showing beneficial owners
- Proof of address
- Sole-trader/freelancer tax-registration documents
- Identity documents and biometric check for applicant and 25%+ directors/shareholders
- Ownership-structure documents for corporate shareholders where requested
FAQ
Your questions, answered.
Is Wamo a bank?
No. Wamo Solutions Oy is an e-money institution authorised by the Finnish Financial Supervisory Authority. Customer funds are held in segregated safeguarding accounts and are not covered by a deposit guarantee.
How much does a Wamo business account cost?
The Freemium plan is free. Start costs €20 a month, Grow €59 and Scale €109, with lower prices when billed yearly. On Freemium a local transfer costs €0.99 and an international payment €23.99 to €29.99.
Which countries can open a Wamo account?
Businesses registered in 26 countries of the EEA plus Switzerland and Gibraltar. UK companies cannot apply, and new applications are closed for the Czech Republic, France, Hungary, Latvia, Portugal and Slovakia.
Can sole traders open a Wamo account?
Yes. Sole traders, freelancers and self-employed professionals can apply, with their own plans from €0 to €19.99 a month.
Which businesses does Wamo not accept?
Its prohibited list includes cryptocurrency businesses, money transmission, shell companies, unregulated or offshore holding and investment companies, binary options, weapons, adult services, dealers in precious metals and stones, and unregistered charities.
Does Wamo offer cards?
Yes. Virtual and physical Visa debit cards. Freemium and Start include one of each; Grow and Scale include more.
Alternatives
How Wamo compares.
If Wamo is not the right fit, these providers work with similar businesses. Compare their listed licences and services below.
| Provider | Licensed in | Known for |
|---|---|---|
 WamoThis pageE-money institution |  | Free planSole traders |
 FinomE-money institution |  | Freelancers and small companiesInvoicing |
 Revolut BusinessBank |   | Cards and spend controlsStartups and SMEs |
 Wise BusinessE-money institution |  | Low FX costsStandard businesses |
 iCardE-money institution |  | Low feesFree Mastercard |
Not sure which one fits? Your profile ranks them for your business, with the reason behind each.