Novo vs Wise : Which one is better for your business?

Business checking accounts and international money transfer services are pivotal to our operations, providing essential financial solutions for small businesses and global transactions. By comparing Novo and Wise, we aim to identify the best option for seamless, cost-effective banking and international transfers, ensuring our clients receive the most efficient and transparent services available.

A quick overview on Novo and Wise

What is Novo?

Novo is a fintech company that provides online business checking accounts with no hidden fees or minimum balance requirements. It offers free ACH transfers, free incoming wires, and reimburses ATM fees up to $7 per month. Novo also features virtual and physical debit cards, AI-powered bookkeeping, automated budgeting tools, and integration with various business tools.

What is Wise?

Wise is a financial technology company that offers international money transfer services and multi-currency accounts. Unique features include low fees, guaranteed exchange rates, and a debit card that supports spending in multiple currencies without foreign transaction fees. Wise also provides business accounts for managing cash flow in various currencies and offers interest on GBP balances.

Features of Novo and Wise

Novo features

Novo offers a range of unique features that cater to the needs of small businesses, freelancers, consultants, and the self-employed:

• No hidden fees and no minimum balance requirements: Manage your business finances without upfront costs or sneaky charges.
• Free ACH transfers and free incoming wire transfers: Your money should move with you. Novo makes sure it’s easy, affordable, and fast to transfer your money where you need to, and accept payments however you need to.
• Free physical and virtual debit cards: Novo’s business checking account comes with free virtual and physical debit cards so you can track your finances and spend safely, online, at home, and abroad.
• Reimbursement of up to $7/month for ATM fees: Novo ensures you can access your money without worrying about extra costs, even when using out-of-network ATMs.
• AI-powered bookkeeping and integration with top business tools: Novo is built for businesses to start, succeed, and scale, offering comprehensive financial tools like invoicing, bookkeeping, and budgeting, along with seamless integration with existing business tools.

Wise features

Wise offers a variety of features that cater to consumers looking for efficient and cost-effective international money management:

• Multi-currency account used by 16 million people: Manage your finances in over 40 currencies, all from one account.
• Low fees on international transfers: Save money with transparent pricing and no hidden fees.
• Fast transfer speeds: Send money quickly and reliably to over 80 countries.
• Debit card that automatically uses the right currency: Spend money worldwide without worrying about foreign transaction fees.
• Earn returns on balances with a variable rate return: Grow your money while maintaining the flexibility to send and spend freely.

Comparing Novo, Wise and OneSafe's features

Why choose one over the other?

• Why use Novo over Wise: Novo's business checking accounts are designed with small businesses in mind, offering no hidden fees, no minimum balance requirements, and free ACH transfers. This makes it an ideal choice for businesses looking to manage their finances without incurring extra costs, unlike Wise, which focuses more on international money transfers and may not provide the same level of domestic banking features.
• Why use Wise over Novo: Wise excels in international money management with its multi-currency accounts and low fees on international transfers. If your business frequently deals with global transactions, Wise's ability to handle over 40 currencies and provide competitive exchange rates makes it a superior choice compared to Novo, which primarily focuses on domestic banking services.

Considering OneSafe vs Novo and Wise

• Why use OneSafe over Novo and Wise: OneSafe offers a seamless onboarding process and supports global payments in various currencies, making it ideal for businesses with international operations. Unlike Novo, which focuses on domestic banking, and Wise, which excels in international transfers but lacks comprehensive business tools, OneSafe combines the best of both worlds with multi-currency support, instant crypto to fiat conversions, and user-friendly corporate cards.

What are the customers saying?

Novo reviews

Users have generally had a positive experience with Novo, giving it an overall rating of 4.3 out of 5. Many appreciate its ease of use, small business-friendly features, and lack of fees. However, some users have expressed frustrations with customer service and account management issues.

• "This bank is terrible. I had a business account with a small balance on it and when I tried to log in my password wouldn’t work. Contacted customer service and they said my account was closed due to inactivity." - Clean Sweep
• "Oh, let me tell you about Novo, the small business bank that has become an absolute lifeline for my business! Seriously, it's been a total game-changer." - Lisa Benson

For more detailed reviews, visit Novo Reviews on Trustpilot.

Wise reviews

Users have generally found Wise Business to be useful for international money transfers, offering good conversion rates and ease of use. However, there are complaints about customer support and some issues with transaction fees and delays. The overall rating users have given Wise is 3.9 out of 5 stars.

• "Wise business transfers from one currency to the other are instant, local payments on USD to USD are quick as well as payments local GBP to GBP." - Lazaros D.
• "You can set up and receive multiple currencies. I could use it as my card/debit card abroad. Easy for me to convert the USD funds I have to the currencies of the country I'm vacationing." - Cherilyn A.

For more detailed reviews, visit Wise Business Reviews on G2.

OneSafereviews

Users have praised OneSafe for its exceptional customer support and innovative solutions that simplify complex financial tasks. The overall rating users have given OneSafe is 4.8 out of 5. Customers particularly appreciate the seamless conversion between currencies and the efficiency it brings to payroll and expense management.

• "OneSafe has the best customer support I've ever experienced from a bank." - Amit Chu, Investments @ Celo Foundation
• "OneSafe is a game-changer. They solve so many headaches for our company. Finally, a banking solution that gets it." - Marco, CEO of Ensuro

For more detailed reviews, visit OneSafe.

Novo, Wise, or OneSafe: Which is the best platform for you?

In conclusion, while Novo and Wise offer robust solutions for business banking and international money transfers, OneSafe stands out with its exceptional customer support and innovative financial tools. Each platform has its strengths, but for a seamless, all-in-one banking experience, we recommend OneSafe. Ultimately, the best choice depends on your specific business needs, but you can't go wrong with any of these options.