How to open a business account in Spain with wamo
Communication Team
Communication Team

January 05, 2023

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How to open a business account in Spain with wamo

If you are opening a business in Spain or simply planning to relocate your business to the country, opening a business bank account can be helpful to manage your finances. A business account can save you time and money by providing a dedicated account for your international business transactions. Additionally, it enables you to convert currencies with low conversion fees, easy transfers and hold multiple currencies at one point of time.

While there are many banks in Spain that offer business accounts, The first step is to choose the right bank. You'll want to consider things like accessibility, customer support fees, and services offered.

Thanks to Spain's large expat community, the local banks have relaxed the requirements for opening a business bank account, making it possible for foreigners to open one with little documentation. However, you may still need to provide some details and have to go through procedures to qualify for a bank account in Spain.

In this article, we'll highlight the easy options for you to open a business account in Spain and how you can get one with minimum effort involved.

Advantages of having a wamo account over traditional banks

While traditional banks in Spain offer a range of financial services and a bank account, wamo is a financial service provider that is specifically designed to help small and mid-sized business owners thrive. So, it offers a more customised and easy-to-use local business account that is designed for business purposes. The biggest advantage of wamo is the lack of administrative hassle and bureaucracy when compared with a traditional bank.

You can also expect to save time with wamo as:

  • where opening a regular business account can take weeks and even months, you can open your wamo account in just 10 minutes.
  • wamo's customer service is available via chat, email, or phone with instant human support
  • you won't need to visit a physical branch as everything can be done online

wamo has many more benefits for small businesses like multi-currency accounts, virtual debit cards, faster turnaround time and perhaps most importantly of all, bespoke, personal customer support.

Also read: How to open a business account with wamo in 10 minutes

Additionally, you can get a faster, easier and cost-effective subscription plan that covers most of the extra costs usually charged by banks, starting at €19.99/month. The company does not demand extensive documentation like some banks might.

Documents needed to open a business bank with wamo

In order to open up any type of business account in Spain, both individuals and businesses must provide some documents that prove your eligibility in the country. Most of these processes are done online, but if you choose a popular traditional bank in Spain, they might ask you to visit in-person to proceed with the bank account opening process.

On the other hand, wamo allows you to open and run a business account from your own country, entirely online. This can be a very convenient option for you if you are also running your business online in Spain.

To open a business account with wamo, you will need these documents:

Memorandum and Articles of Association (M&A) - this document is required if you are setting up a company in Spain. Proof of Address - You will need to provide wamo with a utility bill or bank statement that is less than three months old and shows your current address. Identity card - all individuals who are associated with the business must provide a copy of their passport or national ID card Proof of shareholder structure - These documents are required in order to prove your business' identity, location, and shareholders. Proof of company address - You will need to provide wamo with either a lease agreement or utility bill that shows your company's current address. This can be a virtual business address as well.

Not necessary to open you account initially, but will be asked for afterwards: Registry extracts - these documents are required in order to prove the legal existence of your company. Certificate of Incorporation - this document proves that your company has been registered with the Spanish Companies House or The Registro Mercantil.

After you have gathered all of the required documents, you can begin the business account opening process by going to the wamo.io or downloading the wamo app from Google Play or the App Store..

Note: At the moment, wamo only offer accounts to registered companies (e.g. LLCs) or Public Limited Company (PLC).

Steps to opening a business account with wamo

The process to open a business account with wamo is pretty straightforward. In fact, you can get started right away.

  1. Gather the required documents (listed above).
  2. Go to the wamo website and click on the "sign up" button or download the wamo app from Google Play or the App Store.
  3. Fill out the online application and upload all of the necessary documents.
  4. Once your application has been reviewed and approved, you will receive further instructions on activating your business account.

As soon as you apply for a business account with wamo, you will be connected with one of the wamo representatives within 24 hours. Known for excellent customer support and a broad range of products, businesses can always find instant support from the wamo team.

Wamo.Io LTD incorporated and registered in the United Kingdom under the company registration number 12352849 and the operational office of which is at WeWork, 199 Bishopgate, London EC2M 3TY. Wamo.Io LTD (Firm Reference Number 922901) is an EMD agent of PayrNet Ltd which is an Electronic Money Institution authorised by the FCA under the Electronic Money Regulations 2011 (EMR’s) with Firm Reference Number 900594.

Wamo Solutions Ltd is registered under the Laws of Malta with company registration number C97355 and registered office at Dragonara Business Centre, 5th Floor, Dragonara Road, St. Julians STJ 3141, Malta. Wamo Solutions Ltd is an EMD agent of UAB “PAYRNET” which is authorised by the Bank of Lithuania under the Law on Electronic Money and Electronic Money Institutions (authorization code LB001994, license reference 72).

The wamo card is issued pursuant to licence from Visa. UK issuance is conducted by PayrNet Ltd and EU issuance is conducted by UAB PayrNet. wamo operates the wamo.io website and the app. wamo is not a bank, the current account is an e-money account. Issuance of Electronic Money and payment services is provided by PayrNet Limited. The Financial Services Compensation Scheme does not cover electronic money products. No other compensation scheme exists to cover losses from your electronic money account. Your funds will be safeguarded in one or more segregated bank accounts with a regulated third party credit institution and not lent out, which gives you protection against insolvency, in accordance with the provisions of the Electronic Money Regulations 2011.

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