If you travel on a frequent basis abroad or simply run a business that requires you to work in different currencies, regardless of the fact that you are paying or getting paid in your home currency, you will need to be able to convert your money into the currency of choice. In such situations, you’ll need a business account to keep up with these on-the-go transactions. So, let’s talk about two major players in this game - wamo and N26.
What do wamo and N26 have in common?
Established in the UK and Malta, wamo is a financial platform that enables entrepreneurs, expats and freelancers to run their business internationally, manage their finances in one place and make it easy to get paid in multiple currencies with low fees. N26, on the other hand, is a startup in Germany, known as a digital bank that works similar to wamo and enables businesses in the Eurozone (with some exceptions) to manage multiple currencies and run transactions internationally.
Both platforms have been pioneering financial solutions for small businesses and have been gaining popularity among the masses.
While N26 has been operational for a while now, wamo is still a new player in the game. Nevertheless, it has managed to create a niche for itself and is being used by many small businesses today.
So, which one should you go for? Today, we'll be talking about all the aspects that will help you decide which one to go for. Let's get this started!
Who can have a wamo or N26 account?
It’s worth bearing in mind that if you are a non-resident of Europe and want to open a business account with an EU IBAN, you can only do this with wamo. N26 is not yet available in the UK and N26 accounts are not available for Cyprus or Malta. With wamo you are able to open a business account from outside of Europe or the UK and get an EU or GB IBAN with your account.
wamo vs N26 fees and charges
When it comes to a subscription frr fees, N26 charges €4.90 per month for its most popular "Smart plan.” This plan includes a free Mastercard and access to all of the app's features. The price goes up further with the plan upgrade which offers many more features and benefits to users. On the other hand, wamo's most popular ‘Grow plan’ charges €49.99 per month, but offers a higher number of features and more 'free stuff'.
Regarding monthly subscription plans, N26's plan is ahead of wamo. However, note that N26 is a great option only if your business is not focused on local transfers as you have to pay €0.67 for every outgoing local transfer, which is not the case with wamo. For example, if your business is based in Malta and you're looking to expand to other countries, wamo's foreign currency exchange rates will save you a lot of money.
wamo vs N26 cards
When we talk about the physical and virtual cards, N26's plan offers a Mastercard, which means that you can use your card anywhere in the world that accepts Mastercard. The first card, be it physical or virtual, is free with N26. However, if your card gets misplaced or if you want to issue another card, you will have to pay a fee of €10 for an additional card.
wamo's offers multiple virtual and physical cards. While both platforms offer a free first card, wamo offers all additional cards free too. If you are issuing and replacing team or multi-project cards, this is a bonus. Free virtual cards are especially a bonus as the ability to issue and delete cards depending on need (e.g. for multiple projects, online ad-spend, team members etc) means that potentially your business will want to use a large number of virtual cards every month. As virtual cards are safer and add an extra layer of security to your transactions, in a business that requires travel to a lot of different places or keeping strict track of all transactions in different departments of your business, wamo is a better choice. Imprtant to note that wamo offers free delivery on all their physical Visa debit cards with the Grow plan, wherever you are in the world.
As far as customer service is concerned, both platforms excel. But if you are someone who enjoys person-to-person interaction with your financial service provider, wamo could be a great choice as you get a personal account representative with its plan.
You might also like to check the additional charges that come with N26's subscription plan. For example, their express delivery charges, fees for international transfers, and charges for using your card abroad. Overall, we think that N26 is a great choice for small businesses that need a simple and easy way to manage their finances without investing into high fees. On the other hand, you will be paying more with 'Grow wamo,' but it offers almost all features and benefits for free and can enable growing organisations to run their day-to-day financial operations more efficiently. Furthermore, it's worth noting that wamo demands no commitment in regards to business performance and keeps on providing everything for free without disturbing your plan.