Today, we're putting two fintech giants head-to-head: Novo vs Wise. Novo and Wise are shaking up the financial scene.

Novo vs Wise: A Comparison

Today, we’re putting two fintech giants head-to-head: Novo vs Wise. Novo and Wise are shaking up the financial scene.

Both of these tools offer seamless international transfers, transparent fee structures and customized features. But which one reigns supreme?

In this article, we’ll break down the key differences between Novo and Wise. From fee structures to international transactions, we’ve got you covered.

What is Novo?

Novo is an online banking solution tailored for entrepreneurs, startups, and freelancers. With it, you can easily manage your finances, track expenses, and receive insights into your cash flow.

Novo provides business checking accounts to simplify financial management. Unlike traditional banking options with hidden fees and complicated structures, Novo provides a clear fee schedule. So, you know exactly what you’re paying for. 

Novo also integrates into your financial toolkit for transparent and convenient transactions. Whether you’re using accounting software, invoicing tools, or other financial platforms, Novo can sync up effortlessly and streamline your financial management processes.

What is Wise?

Wise is a fintech platform that specializes in international money transfers. It is available in over 80 countries. Wise caters to the needs of intermediate traders and investors by sending money across borders with transparency.

At its core, Wise provides a multi-currency account and borderless debit card. It lets you hold and manage money in different currencies without incurring hefty fees. It also ensures that you get the most value out of your transfers with its real exchange rates. Its user-friendly interface simplifies international transactions for intermediate traders and investors.

A Breakdown of Novo

Novo Banking Options

It’s best to research a solution before making your pick. Some must-know details about Novo are discussed below:

Novo Business Banking

Novo Business Banking is a financial solution tailored for entrepreneurs, startups, and freelancing businesses. It offers user-friendly business checking accounts to simplify your financial management without hidden fees or complexities.

Novo comes with essential banking features like online banking, mobile deposits, and electronic transfers. These tools empower you to handle your day-to-day business transactions efficiently and conveniently. Novo stands out for its transparent fee structure. There are no hidden fees lurking in the fine print.

Novo ensures a smooth and cohesive financial management experience as it integrates seamlessly with various financial tools and platforms like accounting software, invoicing tools, or expense tracking apps.

At its core, Novo Business Banking offers a straightforward and hassle-free solution for entrepreneurs and business owners looking for transparency, simplicity, and efficiency in their banking services.

Who Can Open a Novo Account?

Any business owner residing and having a registered business in the US can open a Novo account. The business can be registered as a:

  • Sole Proprietorship

  • LLC

  • Corporation

  • General Partnership

  • Non-profit Organization

There’s also a catch. If you are not a U.S. citizen but residing here, you can still apply for a Novo account. In that case, Novo will verify that you live here with your W8. However, you must be a U.S. citizen to open a sole proprietorship account with Novo.

Novo App and Card

The Novo app and card provide a streamlined and convenient banking experience. The Novo app serves as your virtual banking hub. It allows you to manage your business finances anytime, anywhere. It also lets you easily check your account balance, track transactions, and deposit checks using your smartphone camera.

The Novo debit card complements the app by offering seamless access to your funds. It is accepted worldwide wherever Mastercard is accepted. The Novo card allows you to make purchases, withdraw cash from ATMs, and pay bills with ease. The card also comes with security features like instant notifications for transactions and the ability to freeze your card.

Best Features of Novo

  • Business Banking Features

  • Freelancer-Friendly

  • Integration

  • Transparent Fees

  • Easy to Use

A Breakdown of Wise

Now, let’s delve into some crucial details about Wise:

Wise Banking Options

Wise offers various banking options for individuals and businesses engaged in international transactions. Its key offering is the multi-currency account. This feature allows users to hold and manage money in different currencies with ease. It’s useful for anyone who has to do transactions in foreign currencies or is a regular traveller.

Additionally, Wise provides a borderless debit card. This card lets you purchase and withdraw cash in various countries without incurring hefty foreign transaction fees.

Wise also specializes in international money transfers. It offers competitive exchange rates and transparent fees to ensure that you get the most value out of your transfers. Users can send money to over 80 countries, often at lower costs compared to traditional banks.

Who Can Open a Wise Account?

According to their website, Wise works nearly everywhere. Individuals, businesses and freelancers can open a Wise account. Types of businesses include:

  • Sole traders and freelancers

  • Limited and public companies

  • Partnerships

  • Charities and trusts in the European Economic Area (EEA), Canada, the US, the UK, Switzerland, Australia, and New Zealand

We also recommend consulting the Wise Prohibited Activities for an in-depth understanding of the eligibility criteria.

Wise App and Card

Wise offers mobile apps compatible with iPhones, iPads, and Android devices. This enables users to send money internationally from anywhere with an internet connection. Users can also easily track transfer statuses and cancel them if necessary.

The app provides comprehensive information for initiating bank transfers, whether online or at a local branch. Additionally, users can make debit or credit card payments directly through the Wise app.

Other features available on the app include:

  • Inviting friends to join Wise

  • Uploading verification documents

  • Setting up Amount Lock transfers for specific currency routes

  • Initiating new transfers using saved recipient details

  • Making payments via Apple Pay (iOS) and Google Pay (Android)

  • Setting up two-step verification for enhanced security.

The Wise card allows you to spend money in multiple currencies with low conversion fees. It provides real exchange rates with no hidden markups. The app also has advanced security features like instant transaction notifications and the ability to freeze and unfreeze your card instantly through the Wise app.

Moreover, the Wise card is free to order and has no monthly fees.

Best Features of Wise

  • International Money Transfer

  • Focus on Transparency

  • Multiple Currencies

  • Fast and Secure Transfers

  • No Monthly Fees

Novo or Wise: Which One is Better?

Novo and Wise are both useful banking tools for businesses, but they cater to different needs. Novo acts as a business checking account with features like debit cards and bill pay, ideal for freelancers and small businesses. On the other hand, Wise is the stronger choice if your focus is on sending money abroad, assuming you already have a separate business bank account.

You can also consider using both! Novo is a good option for managing your day-to-day business finances, and Wise can be a cost-effective solution for international transactions.

doola's website is for general information purposes only and doesn't provide official law or tax advice. For tax or legal advice we are happy to connect you to a professional in our network! Please see our terms and privacy policy. Thank you and please don't hesitate to reach out with any questions.

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