free up your time and your business with sub-accounts

Yes. A multi-currency account is a type of bank account or account with an alternative fintech service provider that allows you to spend, receive and hold multiple currencies in a single account. wamo’s sub-account are separate accounts that sit within your main wamo account. When you create a sub-account you will choose its default currency - either euro or GBP - which will dictate whether the account has an EU or UK IBAN. The ability to send, receive and hold more than one currency in sub-accounts makes your wamo account a multi-currency account.

Sub-accounts make your business operations easier to run with better account organisation. Here are the 3 main purposes of sub-accounts:

1. To be able to organise your finances and cash flow based on currency, partner, project, expenses or team member. When it comes to needing a report or statement, you can get an individual one per sub-account.
2. To link a card to a designated sub-account with an allocated budget, to easily manage expenses (such as marketing campaigns or team expenses).
3. To give certain team members limited access to a sub-account that is designated for operations they are responsible for. They can see the movement of funds in that sub-account only, not your overall wamo account.

The flexibility of sub-accounts means that you can tailor them exactly to your business needs. Here are some of the most popular examples of sub-accounts:

• Multi-currency accounts for EUR (€) and GBP (£) payments and operations to avoid exchange rate fees or fluctuations
• Expense accounts for Google or Facebook marketing ad campaigns to allocate budgets and link virtual cards instantly
• Settlement accounts for online payments and ecommerce business
• Separating streams of income to make reporting and accounting much simpler to manage, such as for different locations of business

If your business is registered in the EEA or Switzerland, your EUR (€) sub-accounts will be located in Lithuania with an LT IBAN and your GBP (£) sub-accounts will be located in the United Kingdom.

If your business is registered in the United Kingdom or Gibraltar, both your EUR (€) and GBP (£) sub-accounts will be located in the United Kingdom with a GB IBAN, UK sort code and account number.

It doesn’t cost anything to open a sub-account!

Opening multiple sub-accounts is completely free for any business type and account plan.

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.