Small businesses have a lot to think about, from managing everyday operations to employee wellbeing, and choosing the right financial service provider shouldn't be one of them. If you are someone who runs an international business (however big or small) or frequently travels for business purposes, you will need a business account that enables you to manage your everyday finances smoothly.
That’s when two major players come into the game: wamo and bunq. Both of these financial service providers have gained considerable popularity in recent years and have been enabling small businesses, freelancers and corporations to better run their businesses across borders.
Established in 2014, bunq has gained popularity as a fully-fledged digital bank. Their mobile app is designed for businesses and entrepreneurs to manage their invoices, business accounts, and international and domestic spending in one place.
On the other hand, wamo is a financial service provider that is a great alternative to a traditional option and operates entirely online. Established in the UK, it offers services similar to other financial service providers in Europe. The company has become famous for its convenient services, low-cost plans and excellent customer support. .
Both companies have managed to stay ahead of the curve through their excellent market rates and transparent financial services. But here comes an important question - Which one should you go for? There are no right or wrong answers to this question, but we have drawn a comparison for you to decide which one suits your business requirements.
Both of these platforms offer an array of features that can make financial management easy. Still, their subscription plans and fees can vary greatly. For example, wamo’s most popular plan has a number of different subscription tiers that start at €19.99 per month and increase to €99.99 per month for their most comprehensive plan. bunq, on the other hand, starts its subscription plan at €7.99 per month and goes up to €23.99 per month. Additionally, both platforms have free subscription plans for individuals and freelancers who are planning to run a business internationally.
However, it's important to note the overall cost in both scenarios as there may be additional charges along with the monthly subscription plans. If you plan to go ahead with bunq, you will be paying standard Wise charges for SEPA transfers, which are typically free for Euro transfers within the SEPA region. On the other hand, wamo offers free local transfers regardless of the number of transactions within the SEPA zone.
For instance, if you want to transfer €4000 from your UK account to your Cyprus account using bunq, you might incur a fee for currency conversion or other non-Euro transfers, but SEPA transfers in Euros are €0.99. Conversely, wamo would not charge for SEPA transfers within the Eurozone.
Regarding payment acceptance charges, wamo applies a percentage fee on incoming payments. bunq, however, uses a different model where transaction fees might vary based on the volume and type of transactions.
Thus, if your business handles frequent local SEPA transfers, wamo might be a better option due to the lack of fees for these transactions. For businesses receiving larger amounts of money, bunq could be more economical due to the potentially lower costs associated with higher transaction volumes through its Wise integration.
In terms of debit cards, the number of team members, ATM withdrawals and minimum deposits, wamo’s plan gives higher value for the price you will be paying. Technically, you can make easy card replacements, issue additional cards and add more members to your business account for free. wamo also allows you to run your own account without any minimum deposits or account maintenance charges, which can save a lot of money in future.
Ä°layda Birol
In all, wamo’s popular subscription plan might be higher than bunq’s plan, but the company offers almost all of its regular features for free. Since bunq has been in the game for longer than wamo, bunq could be a great platform for businesses who have already established a strong foundation of business in the country. On the other hand, with wamo’s flexible procedures, low conversion rates, multi-currency accounts and free features, the platform could be a great choice for new business owners in EU.
