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Eligible industries and business types

Check if we're able to open a wamo business account for your business activity and company structure

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Written by Polly
Updated over 3 weeks ago

Eligible business types

The following businesses types are eligible for a wamo business account:

  • Limited Liability Company (LLC)

  • Public Limited Company (PLC)

  • Self-employed, sole trader or freelancer

Ineligible business types:

  • Charity

  • Cooperative

  • Public sector

  • Private foundation or trust

  • Other unregistered businesses

Non-eligible industries

Below is a list of industries that we are unable to open an account for. If unclear about your eligibility, please refer to the following list or reach out to us on our support via chat or by emailing support@wamo.io. We're here for you 7 days a week.

You will not be able to open a wamo business account if your business conducts any activity or business relating to the following industries:

  • Act as a wholesaler to cash-based money remitters or offer downstream services to other PSPs beyond your original customer.

  • Act as a wholesaler to cash-based money remitters or offer downstream services to other PSPs beyond your original customer.

  • Adult entertainment, products, or services including the production of Adult or Violent content

  • Anonymous or Numbered Accounts, Shell Banking Financial Services, Cash and Cheque Handling: Cheque Cashing, Deposit-Taking, Cash Transfer Credit repair, Debt Restructuring

  • Any industry is known to be an illegal industry in its local jurisdiction

  • Any products harmful to human health - tobacco, e-cigarettes, and all CBD products

  • Cryptocurrency trading or other Cryptocurrency businesses
    ​Note: Payments to and from EU-regulated Crypto Exchanges is permitted, if the funds have come from or to the name of our customer or their UBO. Not from 3rd parties.

  • Dealers in precious metals and stones

  • Debt recovery, Debt settlement, Debt Collections

  • Financial institutions (e.g., MSBs, PSPs, or EMIs, etc.)

  • Financial Pyramid or Ponzi Schemes

  • Illegal Drugs and Narcotics

  • Lottery and Gambling, including payouts

  • Money Transmission services, where the originator or recipient of the payment is unclear;

  • Non-profit organizations, non-registered, and registered charities

  • Operating a business that requires a license or special permit without obtaining such a license (i.e., Unregulated Auction Houses)

  • Production or Distribution of Offensive Weapons: Ammunition, Firearms, Explosives, Complex Weapons (i.e., guided missiles), Poisons

  • Psychic services

  • Sanctioned individuals and entities

  • Selling, hosting, distributing, producing, or promoting offensive materials, including materials that incite or promote racial hatred or discrimination based on gender, race, religion, national origin, physical ability, sexual orientation, or age

  • The sale or distribution of stolen goods (including digital and virtual goods), counterfeit goods and violation of intellectual property, or items that violate individual privacy (revenge porn)

  • Transactions involving Human Organ
    ​

Read here for information on country eligibility and which countries wamo is available in.

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