wamo Review: Ground-breaking Innovation in Finance

Ground-breaking Innovation in Finance

Entrepreneurs need more than a regular bank. Businesspeople want a service that can meet all their financial needs. They want to transfer money and make or take payments quickly. Fortunately, with alternative banking services, you can perform everything financial-related, from the simplest to the most complex, in just a few minutes.  

With service providers like wamo there’s simply no need to ever go into a bank or stand in an endless queue again. wamo goes further than providing a platform to do your banking; their company formation service makes it possible to register a UK company from anywhere in the world – imagine being able to get a business account and a UK registered company sorted within 48 hours. Let’s check out wamo

Describe wamo—Is It a Bank? 

No, wamo is not a bank. It is a financial management platform offering various e-money services (please don’t mistake it for having anything to do with cryptocurrencies) to businesses of all sizes. 

With wamo, a raft of smart features to manage and run every aspect of your business finances are gathered under one roof. Without leaving the app (whether on your phone or desktop), you can perform almost any financial activity you need to on a regular business day. The most exciting feature is that account holders – usually the business owner, of course – can use the app to handle team finances, including issuing team cards, creating and managing budgets, and moving funds from one wamo sub-account to another in multiple currencies. 

wamo: Is a Financial Platform Safe? 

Security is a top priority and wamo uses cutting-edge technology to protect all its customer accounts. Account holder funds are held at banks, which are highly regulated and insured against potential losses. The institution also uses state-of-the-art security measures, such as encryption and multi-factor authentication, to protect account holders’ personal and financial information from unauthorised access. Additionally, wamo regularly conducts audits and assessments to ensure that its systems and processes are secure and in compliance with industry standards and regulations. Overall, the e-money institution provides a secure and reliable option for managing and accessing funds.

Consumers’ information is only collected by the financial service as needed and is only shared with other parties with the customer’s consent. 

The company will require information about you, like your name, address, phone number, and email address. In addition, they must gather financial information such as bank accounts, invoice address details, and basic consumer information. wamo also requests information on your location, employment, and communications. This is all necessary and standard industry practice to be able to safely offer business accounts. 

They have put the necessary security precautions in place to avoid unintentional loss, alteration, exposure, or misuse of your personal information. They also limit access to your personally identifiable information to those employees, contractors, and other third-party services needed to perform their jobs. 

They have a data protection obligation while gathering your personal information and will only do it in compliance with wamo guidelines. When the law requires, they will notify you and any pertinent authority of a violation and have procedures to handle any suspected personal data breach. Your finances, payments, and transfers are all under your safe control. 

What Kinds of Services Does wamo Have? 

Many business owners around the world require assistance in obtaining a business bank account. wamo offers a range of services for corporate clients that can have a significant positive impact on their teams and business. Among the benefits of using wamo are that you can: 

  • manage all physical and virtual wamo Visa debit cards through the app,
  • create limits and track spending related to specific projects or teams,
  • monitor all expenses. 

Furthermore, by connecting wamo to preferred accounting software, it transforms into a comprehensive financial platform that can provide expense and transaction analysis on demand or at regular intervals.

How Does wamo Work? 

Suppose your company is incorporated in the EU or the UK. In that case, you can easily open a wamo business account and start doing business with all the support you need. wamo offers a range of subscription package types to suit every type of business. You’ll find that the subscription fee works out as far less than you might pay every month in transaction fees and card ordering and delivery charges. It’s worth calculating how much you’ll save and choosing your plan accordingly.  

It’s possible to register for a wamo business account quickly and easily on the wamo website or by installing the wamo business app. Once the app is downloaded, you’ll be asked to provide a bare minimum of personal and business in order to confirm your business’s legitimacy and your identification. That is all –  you leave the rest to wamo. 

How Can I Establish a Business with wamo in the UK? 

Do you want to move your business to the UK? Or do you want to start a new business in the UK? If you answer “yes,” to either of these questions it’s now easy to make that dream come true, thanks to wamo. 

You may not want to quit and start over in another country if you have an established business. Creating everything from scratch with different rules, regulations and cultural norms in a foreign country can be extremely challenging. But wamo is ready to help with a big emphasis on providing support and human-centred customer service. 

When starting a business in the UK, you need an international company bank account. This is where wamo comes into play. wamo lets you register a new company in the UK just by providing a few basic details about yourself and your business. As long as you have the necessary information and documents, you can apply for “Company Formation” directly through wamo’s service. The application takes about 20 minutes, and your company will be registered in 48 hours. At this point, you will also have a wamo business account (as part of the registration process) so you can immediately start receiving and sending money from your EUR and GBP wamo accounts and sub-accounts.

Who Can Use wamo to Establish a Business in the UK? 

Any entrepreneurs who want to expand their goals and business! With wamo you can have a company and a business account up and running in the UK within two days. You may have various needs while opening your existing business to the world, to meet these, you can order your high-limit Visa debit cards via the wamo app or web app to use internationally. 

In this way, you will have the opportunity to receive and make international payments. For example, you can request a physical Visa debit card to use internationally and create virtual debit cards instantly for online spending. 

Individuals interested in expanding their trade may want to move their sales to foreign markets. Growing in this way can be relatively easy while opening you up to the possibility of benefitting from multiple online sales platforms such as Etsy, Shopify, Amazon, and eBay. Once you have decided on the product you want to sell, you can go to the platform and set up your business in the UK within two days. 

Content producers who get business abroad can also take advantage of this opportunity. For example, you may live in a different country and produce content for companies or digital designs abroad. Payments can be deposited into your wamo account without interruptions.  

You will have access to Euro and GBP accounts when your company is opened making international and local payments much more manageable. You can make payments faster by requesting an internationally valid Visa debit card. 

Is It Secure to Set Up a Sub-account on wamo? 

Definitely, yes! Setting up multiple sub-accounts for various purposes is a great way to organise business better, whether you run a large or small business. You’ll have the freedom to create multiple sub-accounts thanks to wamo’s flexible design. You can create as many sub-accounts as necessary for your particular business needs.  

Because of the better account structure provided by sub-accounts, your business activities will run more smoothly. You may organise your finances and cash flow by team members, partners, projects, or costs – however you choose. You can get a separate statement or report for each sub-account if needed. 

Sub-accounts enable you, as the account owner to provide specific users limited access to a sub-account designated for the tasks they are responsible for. Only that sub-cash account’s movement is visible to them; the rest of your account is visible only to you. entire wamo account is not. 

Are wamo’s Cards Beneficial to My Business? 

You can use debit and virtual cards simultaneously, thanks to wamo. Cards, both physical and virtual, can be ordered or created and organised with ease. High spending caps might help your team get stronger faster. Cards can be securely linked to a variety of accounts. You may have a card connected to a GBP account and another one linked to a Euro account. 

The wamo app allows you to obtain your virtual card instantly. Budget management and simple online payment processing are possible without interfering with productivity. Connecting your digital cards to GB and EU IBANs is effortless with wamo. 

Encourage and inform your colleagues with team cards linked to the business account. By default, you can obtain up to 50 debit and virtual cards. 

To put it simply

wamo is goes way beyond business banking and is much more than a bank. It is a platform where you can easily handle financial transactions in a virtual environment with a few clicks. You can establish a business account (and a company!) in the UK and confidently perform all your financial transactions via the platform. From small businesses to large companies, anyone can benefit from wamo. 

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.