First up, Revolut started as a prepaid card and money app back in 2015 and is now one of the most used banking apps in the UK and many European countries. Revolut offers both business and personal accounts at various price points. Revolut has aimed itself at travelling business people and digital nomads right from the start with a focus on ease of spending money wherever you go without the hassle and expense usually incurred with traditional banks and foreign exchanges.
At this point Revolut has more than 20 million customers world-wide. Along with challengers like Monzo and TransferWise (now, Wise), Revolut helped to challenge and change the banking experience initially for consumers and then for businesses too.
wamo is a financial management and payments platform designed specifically to provide banking solutions for businesses, with a particular focus on making getting and maintaining a business account easy for small businesses and business owners who have struggled to open an account with a traditional bank or with digital banks - both of which are constrained by the same more antiquated processes and procedures.
For new business owners with residency in the country they are attempting to open a business in, both Revolut and wamo are excellent solutions. For those looking to open a business account as a non-resident of a country or for those who for one reason or another have become frustrated by or been denied access to a business bank account - wamo is a great alternative.
In order to compare wamo and Revolut we’ll look at both solutions’ most popular subscription packages: Revolut Grow and wamo Grow. Let’s see which business account will save you the most money and provide you with the best customer experience over all:
Revolut vs wamo : overview
Revolut’s monthly subscription rate is lower then wamo’s which puts Revolut ahead if your business isn’t focused on local transactions. For example, making a total of £2000 in local transfers per month from your Revolut account adds £40 to your monthly bill - something to bear in mind. Ordering a new card with Revolut - after the initial free card - adds to the charges too - although this isn’t a problem if you aren’t issuing team cards. For micro and small businesses with teams smaller than 10 and a focus on international transfers (e-commerce companies, for example), Revolut is a great choice, especially as it is a well-established, official bank. If you’re after the security and functioning of a traditional bank with the convenience and ease of a digital product - Revolut shines.
While wamo sets its Grow subscription rate higher, it goes on to provide everything else free, no matter how your business does over the course of the month. For business owners who value person-to-person customer service, wamo prides itself on its team’s response time and dedication to giving a friendly, efficient service every time. wamo customers are protected by the FSCS, but wamo is not a registered bank. This means that wamo is not encumbered by the requirements that traditional banks are - and allows wamo to offer a full-suite business account to any legitimate business owner.
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 Revolut business accounts.