Flexible accounts for specific needs
Never go over budget again
Save for everyday expenses
What is a sub-account?
A sub-account is an additional account that sits within your existing wamo business account.
Each sub-account has its own balance, unique IBAN and account details that you can use to send and receive money. The total balance of your overall wamo business account is equal to the sum of all your sub-account balances.
Sub-accounts are the same as multi-currency accounts, letting you use different currencies in one account. You can choose the main currency for each sub-account - either Euros (EUR) or Pounds (GBP).
What are the types of sub-accounts?
Setting up a wamo business account is quick and straightforward. To get your account up and running, we'll need:
Your business's operating address
A brief explanation of what your business does and where it operates
Information on how you plan to use your account
Proof of your identity
The wamo plan you want to start with
What are examples of sub-accounts?
The flexibility of sub-accounts means that you can tailor them exactly to your business needs to improve your account organisation. Here are some of the 3 most popular examples of sub-accounts:
Organise your finances based on currency, partner, project, expenses or team member to avoid exchange rate fees and get individual statements for each sub-account.
Easily manage expense accounts for Google or Facebook marketing ad campaigns to allocate budgets and link virtual debit cards instantly.
Delegate limited access to certain team members for a designated sub-account. This allows them to monitor activity in that sub-account only, not your overall wamo account.
What type of IBAN does a sub-account have?
If your business is registered in the EEA, your EUR (€) sub-accounts will have a Netherlands (NL) IBAN and your GBP (£) sub-accounts will have a United Kingdom (GB) IBAN.
If your business is registered in the United Kingdom, both your GBP (£) and EUR (€) sub-accounts will have a United Kingdom (GB) IBAN.
All GBP sub-accounts with GB IBANs have a UK sort code and account number.
How much does a sub-account cost?
It doesn’t cost anything to open a sub-account!
Opening multiple sub-accounts is completely free for any business type and account plan.
What is the difference between an account and a sub-account?
A sub-account is a part of your overall business account. Your account is the overall wamo business account that you opened, meaning you can create sub-accounts within a business account.