Wise vs wamo: which is better?
Communication Team
Communication Team

July 12, 2022

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Wise vs wamo: which is better?

Wise and wamo both offer business accounts that make cross border payments easier, faster and cheaper. They are both an excellent alternative to both traditional and challenger business bank accounts for many reasons but perhaps the biggest reason is that it makes it possible for anyone with a business to get a business account in minutes.

It can take weeks if not months to get a business bank account done and dusted with many banks and this can be a huge obstacle for entrepreneurs, sole traders and business owners of all stripes.

One thing to note, if you are looking for an account without any holding fees, take a look at wamo. wamo has 3 pricing plans to choose from for companies. We’re going to compare the most popular of the plans - ‘wamo Grow’ - with Wise’s business plan.

Let’s see which of the two comes out on top.

Wise vs wamo: overview

Pricing comparison_1x.png

Some points to note:

While it’s natural human instinct to see a subscription fee compared to a one-off sign up fee, and assume the latter is better, if you look a bit deeper, you’ll notice how Wise fees will add up to at least the wamo subscription price every month.

For example:

137 local transfers in a month with Wise? €50 Holding fee for €100,000 with Wise? €50 Replacement cards if you or your team lose them? €4 every time.

With wamo, all of these things are free - covered by the subscription so there are no surprises.

However if your business is smaller and you don’t expect to be holding more than €30K a month in your account and/or make fewer than 137 local transfers a month - in other words depending on the size of your business, Wise could be a better choice for you.

It’s not all about the money (well, not quite)

Wise is a well-known and trusted international business account provider and a great choice especially for those businesses that value a huge number of currency options.

Wise’s focus is on making life easy especially for digital nomads and international businesses where a card terminal isn’t generally wanted or necessary. wamo customers expressed a need for the option of a card terminal and so, well, it’s available to those who need it!

Wise and wamo both provide great ‘always-on’ customer service and both strive to make customers feel valued. wamo has the added benefit of dedicated account reps for your business so that you can always speak to the person who knows you and your business. You’ll get a response time in under 3 minutes via chat. Our warm and efficient customer service is what we’re most proud of.

Take a look at the Wise pricing plan here. And the wamo pricing plans here.

When it comes to choosing the best business account for you, there are many things to consider of course, but we hope this guide has helped answer some questions especially if you are trying to choose between wamo and Wise.

© 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