In a world of global, always-on transactions, having your financial transactions done quickly and easily has become an essential part of running a successful business. That’s when having an international business account comes in handy.
There are plenty of reasons why you might need an international business account. Maybe you're a small business owner who sells products online to customers all over the world. Or maybe you're a freelancer who works with clients in different countries. Whatever the reason, if you need to send or receive payments from other countries, an international business account is the way to go.
wamo and Qonto are similar in what they offer and who they offer it to. Both platforms have grown quickly in the last year, thanks to their competitive subscription plans, excellent customer support and comprehensive list of features.
wamo appeals strongly to a global audience of business owners who are looking to have a business account in the UK or EU. The company works remotely with its clients and has become popular in just a few years of its existence due to its flexible business account opening procedures. Their ability to adapt to customer needs as they grow means that their product is a direct response to the market and has resulted in a holistic financial platform. The company offers team finance management , physical and virtual debit cards, SEPA and international transactions and multi-currency accounts among other things.
Qonto includes a similar type of combination of design and technology to give entrepreneurs an all-rounder financial services experience. The company provides a versatile set of financial services for small to large businesses, freelancers and solopreneurs. With a prominent emphasis on customer service, they have helped over 300 000 businesses manage their everyday financial requirements at a faster pace.
Laine Redpath
But here comes the most crucial question, which platform would fit your business requirements best? There’s no straightforward answer to this, but analysing the offerings of both platforms can help you make a quicker decision. So let’s dive in!
wamo vs Qonto: Subscription Plan
In terms of the subscription plan, wamo offers three subscription plans for its international business accounts: Start, Grow and Scale. The ‘Start’ plan is designed for micro and small businesses that are still new in the game and are looking for expert support for their financial transactions.
On the other hand, the ‘Scale’ plan is designed for large organisations that operate on a bigger scale and are continuously expanding. However, we will be talking about the most popular ‘Grow plan’, which costs €49.99/month. Qonto also has a number of subscription plans for businesses and the most popular one costs €99/month.
wamo's Grow Plan is priced higher but provides substantial benefits that make it a strong contender for business owners. By switching to an annual payment plan, you can receive up to 1% cashback on all your spending and a 20% discount on the subscription rate. This cashback benefit is a significant perk, as it directly rewards your business spending.
If you're looking for an affordable option that enables you to own a flexible business account, wamo is the way to go.
wamo vs Qonto: Currencies
When it comes to the number of currencies offered, both platforms offer various currencies for easing your international transactions. Compared to wamo’s 10 currencies, Qonto offers more currency options, i.e. you can send and receive money in more than 18 currencies using the SWIFT network. This keeps Qonto ahead in the game. Note that this feature is only included in some of the Qonto plans.
wamo vs Qonto: Transfers
When it comes to fees, both wamo and Qonto charge a transaction fee on all payments made through their international business accounts. While Qonto charges 0.56% for standard currencies and 1.56% for non-standard currencies (with a minimum fee of €5) per international transaction, wamo has a fixed fee of €19.99 per transaction. If your business involves multiple high-value international transactions, you might find wamo's plan cheaper.
wamo vs Qonto: Others
Additionally, if your business enjoys 1:1 support, both platforms excel in this area. Note that wamo does have a chat function for newcomers to the website whereas Qonto’s chat function is only available once you have signed up. Both providers are dedicated to providing ‘human support’ from a dedicated team of account representatives.
You would also want to consider other aspects like debit cards and space for onboarding new team members. wamo has some great features which allow you to explore these business aspects for free, which otherwise would be chargeable in the case of Qonto. This makes wamo an easy choice!
Sinan Elver
Overall, both platforms offer a wide range of features and plans. If you are ready to invest slightly more, Qonto could fit well into your requirements. However, if you are a growing business with dynamic needs and financial operations, and especially if you are looking to open a UK or EU business account, wamo would be a great option for you.
No matter which provider you choose, having an international business account will make your financial transactions quick and easy - giving you one less thing to worry about in today's fast-paced business world.
İlayda Birol
