wamo vs Wittix: What's better for opening a business bank account?
Communication Team
Communication Team

September 20, 2022

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wamo vs Wittix: What's better for opening a business bank account?

Since the EU government introduced a number of benefits for running a business as a non-resident, the demand for business bank accounts has increased among entrepreneurs. However, it is not always easy to choose the right financial management platform or bank taking into account the peculiarities of running a business in the European Union. In this article, we will compare two growing digital platforms - Wittix and wamo - to find out which is better for entrepreneurs. Of course, in the end it depends on individual business needs and simple preferences.

Why choose a digital?

These digital payments and financial management platforms are generally more convenient and have lower fees than traditional banks. In addition, they don’t require a minimum balance and offer a free business debit card.

Wittix is a European Electronic Money Institution for entrepreneurs, freelancers and small businesses, that is licensed and regulated by the Central Bank of Lithuania, and has its services open for citizens of EEA/EU. The bank offers a number of advantages for its clients, including free SEPA transfers, multicurrency accounts, contactless debit cards and easy integration with popular accounting software.

wamo is financial management and payments platform for businesses of all sizes, sole traders and entrepreneurs that focusses on providing an easy, fast convenient solution especially to those who have struggled to open a business account with regular and digital banks.

Both Wittix and wamo offer business owners easy access to open business accounts, make transactions and manage accounts.

Let’s compare them…

Pricing comparison wamo -wittix.jpg

wamo vs Wittix: Subscription plans

While both digital solutions have multiple subscription plans, we'll compare the most popular ones being used by customers.

With versatile subscription packages for businesses, 'Plan A' from Wittix starts at € 99 per month. There is an additional account processing fee of €250 which can go higher with upgraded plans and offers much more benefits with lesser transfer fees. wamo's most popular 'Grow' plan is available for businesses at €49.99 per month. The plan comes with no set up fee and other features such as easy accounting software integration, easy financial tracking and much more.

wamo vs Wittix: Money Transfers

Traditionally, sending money from one country to another within the EU has been both slow and expensive. However, with the advent of digital banking, this has changed dramatically.

wamo offers free SEPA transfers to its clients, which is a huge advantage for businesses that need to make SEPA transfers on a regular basis. With Wittix, you will be charged a small fee for SEPA transfers €5 +(0.15%), which is still lower than the fees charged by traditional banks.

For international transfers, wamo has a fixed fee of €14.99, while Wittix has a variable fee depending if it is incoming or outgoing.

wamo vs Wittix: Debit Cards

One of the most important factors to consider when choosing a business bank account is the type of debit card that is offered. Both digital banks come up with their own physical and virtual debit cards, which can be used for making payments across the world.

Wittix offers virtual and physical cards, which can be used for withdrawals and payments in multiple countries. The card ordering fee for virtual cards and plastic cards is € 4.5 and € 9 respectively with a monthly maintenance fee of € 4.9. Additionally, there is a 1% card loading fee and POS purchase fee for both domestic and international purchases.

wamo also offers a physical debit card that can be used for payments and withdrawals in multiple countries. The best part is that, with the Grow plan, there are no fees for ordering wamo cards and you can even issue multiple cards without any fees, which makes it ideal for businesses that have to make international transactions.

wamo vs Wittix: Currencies Supported

Another important factor to consider when choosing a business bank account is the number of currencies supported.

Wittix supports a total of 75 currencies, which is very useful for businesses that have to deal with international clients. The bank also offers a multicurrency account, which allows businesses to hold and manage multiple currencies in one account.

wamo also supports multiple currencies and even offers a multicurrency IBAN account. However, the number of currencies supported is currently lower than Wittix. So if you deal with clients from multiple countries and make regular international transactions, Wittix would be a better option.

wamo vs Wittix: Customer Support

When it comes to customer support, both digital banks offer excellent service. However, wamo has a slight edge over Wittix because it offers customer support in less than 3 minutes and with a dedicated team of customer support representatives.

So if you are someone who believes in personalised services and is a growing business that needs a reliable customer support team, wamo can be your go-to bank as it has a small growing team that is dedicated to growing along with your business.

wamo vs Wittix: Who Wins?

Both banks have their own advantages and disadvantages. However, if you are a growing business that wants to keep fees as low as possible, wamo can be a better option. On the other hand, if you have a large international client-base, Wittix can be a great option for you.

With wamo, the account opening process is simple and quick which lets you open a business bank account in 10 minutes, there are no hidden fees, and the customer support team is excellent.

© wamo 2022, all rights reserved wamo & the wamo logo are trademarks and trade names of wamo technology Limited and may not be used or reproduced consent of the owner

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 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. PayrNet holds an amount equivalent to the money in the wamo current accounts in a safeguarding account which gives the customers protection against insolvency. We are authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (register reference 922901) for the issuing of electronic money. wamo is an EMD agent of PayrNet.

© wamo 2022, all rights reserved wamo & the wamo logo are trademarks and trade names of wamo technology Limited and may not be used or reproduced consent of the owner