What is a Woohoo Pay Business Account?
Woohoo Pay Business is a simple and affordable solution for all your daily financial business needs. The Woohoo Pay Business account is a safe and intuitive digital business current account that you can sign up to in minutes. It is beautifully simple, transparent and free*; allowing you to receive payments from clients, send money and spend confidently while keeping your business finances completely separate from your personal ones.
Our business accounts are designed for self-employed and freelancers doing business under their own name (meaning you can’t have our company name on your account or card). It is currently not possible to switch from personal to business accounts, so make sure that this account is right for you before opening.
What are the benefits of a Woohoo Pay Business Account?
Our Woohoo Pay Business account comes with the following benefits and features:
- Free* business account: Woohoo Pay Business is free to open online with no account management fees (*after a balance of €50,000 or higher a deposit fee may apply).
- Virtual card: The account comes with a free virtual card intended for business use only. The virtual card has a full PAN number and is ready to add to your Apple or Google wallets for online and in-store purchases. You can also use contactless-enabled ATMs to withdraw money with Apple or Google pay.
- Physical Woohoo Pay Mastercard: For an additional €10, you can receive a physical Woohoo Pay Mastercard for business use (please note, you will need to have at least €10 available in your account to trigger card production and shipment).
- Maestro card: If you also need a card for private expenses then customers with DE, AT and NL T&C’s, can order a Maestro card for an additional €10.
- Payments & Transfers: You can send and receive SEPA transfers using your Woohoo Pay mobile app. Additionally, you can send money instantly to other Woohoo Pay customers using Moneybeam. Unlike other accounts, transfers in foreign currencies aren’t possible with Woohoo Pay Business within the app. You can visit Wise for this.
- Business cashback: You receive 0.1% cashback every month on all payments made using the card.
Please note that business-to-business (B2B) payments are not supported with a Woohoo Pay Business account.
ℹ️ Applies to Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, the Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, and Sweden.
It’s not yet possible to switch between private and business accounts so it’s important to know if Woohoo Pay Business You is right for you:
- The Woohoo Pay Business You account is designed for self-employed and freelance users doing business under their own name. That means you can’t have your company’s name on the account or card.
- The account is €9,90 per month. The minimum membership is one year. Your contract automatically renews if you do not cancel your membership at least 4 weeks before the contract expires.
- The premium account includes: Allianz Insurance Package and fee-free foreign currency ATM withdrawals,
- The Woohoo Pay Business Mastercard is intended for business use only. You receive 0.1% cashback every month on all payments made using the card. It’s currently not possible to have two separate Woohoo Pay accounts at the same time so if you also need a card for private expenses, we recommend ordering a Maestro card (it’s available in Germany and Austria, and the Netherlands).
- Transfers in foreign currencies aren’t possible with Woohoo Pay Business You.
- You can sign-up during registration or if you’re already an Woohoo Pay Business user.
- You can purchase an extra Woohoo Pay Business You card for a one-off fee of 10€ through your Woohoo Pay app.
Want to tell your friends about us and earn some money? Get €15 for each friend that you successfully refer to Woohoo Pay. Learn more about our Refer a Friend Program.
Who can sign up for Woohoo Pay Business?
ℹ️ Applies to Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, the Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and Switzerland.
How do Woohoo Pay Business accounts work?
Woohoo Pay offers a wide range of Business accounts, designed for freelancers and the self-employed, with a Mastercard linked to their account, entitling them to up to 0.5% monthly cashback on all their business payments.
(The cashback offered by Woohoo Pay Business accounts is not the Government Cashback, which can currently be activated for all Woohoo Pay Mastercards.)
If you are interested in Allianz coverage or other Premium perks, besides the Woohoo Pay Business account, you can also opt for Woohoo Pay Business You , Woohoo Pay Business Metal, or Woohoo Pay Business Smart
Who can sign up for N26 Business?
Woohoo Pay Business accounts are reserved exclusively for freelancers enrolled in a professional register or order (such as architects, lawyers, pharmacists, and nurses), and other freelancers, i.e. the self-employed and individual entrepreneurs with a VAT number (such as designers, photographers, electricians, or owners of B&Bs and holiday homes with VAT numbers).
However, it is not possible to sign up for an Woohoo Pay Business in the name of a partnership (e.g., GPs and LPs), capital company (e.g., LLCs and INCs), or another entity, including subjects with legal status and liability.
What are the maximum limits for Woohoo Pay Business accounts?
The maximum daily payment limits for the Woohoo Pay Business Mastercard (total amount within 24 hours) are:
- ATM withdrawals: €2,500
- In-store or online payments: €5,000
The monthly limit for payments is €20,000. You can set your limits for ATM withdrawals and payments directly in the Cards section of the app.
On top of this, if you open an Woohoo Pay Business You or Woohoo Pay Business Metal account in Germany, Austria, or the Netherlands, you can apply for a Maestro card for your personal expenses
The maximum daily limits (within 24 hours) for bank transfers are:
- MoneyBeam to Woohoo Pay customers: €1,000
- Instant transfers: €100,000
- Outgoing transfers: No limits
Woohoo Pay Business doesn’t support transfers in foreign currencies made from the app but directly from the Wise website.
B2B payments (transactions between industrial and commercial enterprises) are not supported.