Sub-accounts are individual accounts that sit within your overall wamo business account. You can create multiple sub-accounts at no cost with no additional paperwork or application needed.
A few advantages of using sub accounts
Every sub-account has its own IBAN, so you can choose who you share which sub-account with and generate a new IBAN when you like.
You can link cards to each sub-account you create, enabling you to allocate budgets to team cards or have a designated card expense account.
Organize your account into different needs. You could have a sub-account reserved for tax payments or for wages, which means that when it comes time to pay the bills, you’ll have the funds ready.
You can also generate separate statements for each sub-account.
Each sub-account has its own IBAN that you can use to send and receive funds.
Can I link a card to a specific sub-account?
Yes, when creating a card you can connect it to a certain account. For security reasons, you cannot change the account that it has been linked to once the card has been ordered or created. To do this:
Navigate to your Home dashboard
Go to the Cards tab (you’ll find this on the left hand side of your desktop or the bottom right on the mobile app)
Click + Add card and follow the on-screen instructions, taking care to select the desired sub-account to connect your card to
Why is this useful?
It allows you to budget your expenses and organize your finances much more easily.
For example, if you want to get a card for one of your team members, you can link this to a sub-account that they have access to. This would enable you to generate an expense report for that card by generating an account statement for that designated sub-account.
How do I delete a sub account?
To delete one of your accounts, first please make sure that you have withdrawn all the funds from the sub-account you wish to delete.
Once you have done this, contact our support team to have the sub-account deleted, either via our live chat or by emailing support@wamo.io - we will be happy to assist you.