When deciding between Wise and Novo, it’s important to evaluate which features best align with your financial needs.
This comparison will highlight key differences, from mobile banking capabilities to specific benefits, helping you make an informed choice.
Wise
Novo
How do Wise and Novo compare?
Novo and Wise are two mobile banking options that cater to the needs of modern businesses, each with its own unique set of features and benefits.
Novo is designed specifically for small businesses and startups, offering a no-fee banking experience that is both straightforward and efficient. It integrates seamlessly with a range of popular business tools such as QuickBooks, Stripe, and Shopify, simplifying financial management for entrepreneurs. The Novo app is user-friendly, providing functionalities like instant transaction notifications, easy money transfers, and mobile check deposits. With free ACH transfers, mailed checks, and access to a wide network of ATMs, Novo ensures that managing business finances is convenient and hassle-free.
Wise, formerly known as TransferWise, is renowned for its ability to handle international transactions with ease. It offers a powerful solution for businesses that operate globally or deal with foreign clients and suppliers. Wise stands out with its low-cost international money transfers, allowing users to send and receive money in multiple currencies at real exchange rates with minimal fees. The platform supports holding and managing balances in various currencies, making it ideal for businesses with a global reach. Additionally, Wise provides local bank details for multiple regions, enabling businesses to receive payments as if they had a local bank account in those countries.
While both Novo and Wise provide valuable banking services, they cater to different business needs. Novo is ideal for small businesses and startups looking for a cost-effective, integrated banking solution within the domestic market. Its strong integration with business tools and no-fee structure make it perfect for managing everyday business finances without worrying about hidden costs. On the other hand, Wise is better suited for companies engaged in international operations. Its ability to offer low-cost, real-exchange-rate international transfers and support for multiple currencies makes it an indispensable tool for businesses with a global presence.
In summary, the choice between Novo and Wise depends on the specific needs of the business. Novo excels in providing a cost-efficient and integrated banking experience for domestic operations, while Wise shines in facilitating low-cost, efficient international transactions and managing multi-currency accounts. Both platforms offer distinct advantages, making them valuable tools for different aspects of business finance.
Founded: 2011
Headquarters: London, UK
Users: +16 million
Countries available: 56
Account plans: multi-currency accounts
Go to Wise
Founded: 2016
Headquarters: New York, USA
Users: unknown
Countries available: United States
Account plans: checking accounts
Go to Novo
Other comparisons about Wise and Novo
Why use a digital bank?
Affordable fees and attractive pricing
With their digital-first approach and reduced operating costs, neobanks often offer highly competitive fees compared to traditional banks. Many neobanks minimize or eliminate fees for services like account maintenance and transactions, and some even provide enhanced interest rates on savings and loans. This cost-efficiency appeals to individuals and businesses focused on maximizing financial value without the typical expenses of traditional banking.
Quick account setup and hassle-free onboarding
Opening an account with a traditional bank is often a slow, paperwork-heavy process. Neobanks streamline this experience by using technology to offer a quick, fully online onboarding. Some even provide instant approval, allowing users to start banking within minutes. This efficiency and ease make neobanks an attractive option for people who want fast, paperless access to financial services.
Intuitive design for easy navigation
Neobanks offer highly accessible, user-friendly mobile apps designed for a smooth, modern banking experience. Unlike traditional banks, which rely on complex processes and paperwork, neobanks provide a streamlined interface where users can manage finances, track transactions in real-time, and set up alerts with ease. This straightforward, app-based experience appeals to tech-savvy users and businesses alike, offering a practical solution for efficient financial management.
Advanced budgeting and financial tracking tools
Neobanks often come equipped with advanced financial tools built right into their apps, giving users insights into spending patterns, budgeting help, and real-time transaction categorization. For businesses, this translates into improved financial control and clear visibility over cash flow. With features like expense tracking and financial analysis, neobanks empower individuals and businesses to make informed, data-driven financial decisions, setting them apart with their strong focus on financial management.
Responsive support and community involvement
Neobanks focus on customer satisfaction with quick, accessible support through multiple channels like in-app chat, email, and even social media. Traditional banks can sometimes have slower, more bureaucratic service, but neobanks use technology to deliver faster, more tailored responses. Many also build a sense of community through online forums and events where users can exchange tips and insights, fostering a collaborative approach to banking.