Snapshot
Ramp and Novo compared on the points that usually decide a business account: account type, monthly fee, currency support, eligibility and where each one is available.
Ramp figures as of 5 June 2026Novo figures as of 5 June 2026Last reviewed 5 June 2026
General information, not financial, legal, or tax advice. There is no single best account. The right fit depends on your business. Verify current terms and eligibility with each provider before applying.
Ramp and Novo suit different businesses. Use the comparison below to weigh account type, fees, currency support and eligibility against how your company operates, then confirm the latest terms with each provider. Figures are shown as of 5 June 2026.
Ramp vs Novo at a glance
| Feature | Ramp | Novo |
|---|---|---|
| Account type | Spend management platform with a corporate card, bill pay, and a business account. Ramp is a financial technology company and not a bank, and banking services are provided through partner banks. | Online business checking from Novo, a financial technology company with banking services provided through a partner bank. No monthly fee and no minimum balance. |
| Who it suits | United States companies that want to control card spend, automate expense and bill workflows, and hold operating cash that earns interest. | United States based sole proprietors, LLCs, partnerships and corporations, especially small businesses and freelancers that want a free online checking account. |
| Monthly fee | The Ramp business account and the entry level plan have no monthly fee, no minimum balance, and no required maintenance fee. Higher tier plans are priced separately. As of 5 June 2026. | No monthly fee and no minimum balance. As of 5 June 2026. |
| Transaction fees | Payments from the business account can carry per item charges, for example standard ACH at 0.59 United States dollars and domestic wires at 15 United States dollars, which can be waived when paying directly from a Ramp checking balance. As of 5 June 2026. | No transaction fees and no incoming wire fees. A 27 United States dollar insufficient funds fee and a 27 United States dollar uncollected funds returned fee apply. As of 5 June 2026. |
| FX fees | Ramp is built around United States dollar operations. International wires are supported with a per item fee, for example 20 United States dollars, and any conversion terms should be confirmed with the provider. As of 5 June 2026. | Primarily a United States dollar account with limited international features. Unclear at a single headline rate, so verify with Novo. As of 5 June 2026. |
| Minimum deposit | No minimum balance is required to use the business account, though the corporate card and business account typically expect a United States bank balance of at least 25,000 United States dollars to qualify. As of 5 June 2026. | 50 United States dollars to open, then no minimum balance. As of 5 June 2026. |
| Multi currency | No. Ramp is a United States dollar focused platform and is not a multi currency holding account. As of 5 June 2026. | No. It is a United States dollar checking account, not a multi currency account. As of 5 June 2026. |
| Integrations | Connects with accounting and ERP tools such as QuickBooks, Xero, and NetSuite, with deep expense and bill pay automation. Confirm current integrations with Ramp. | Invoicing tools and integrations with common business and payment apps. Confirm current integrations with Novo. |
| Eligibility | Open to businesses registered in the United States as an LLC, C corporation, S corporation, or limited partnership, with most operations and a physical United States address in the country. PO boxes and virtual offices are not accepted. As of 5 June 2026. Verify with Ramp. | United States based sole proprietorships, partnerships, LLCs and corporations. Some industries, such as cryptocurrency and cannabis, are not accepted. As of 5 June 2026. Verify with Novo. |
| Broadly available in | United States. As of 5 June 2026. | The United States only. As of 5 June 2026. |
Use the table to weigh the differences. Ramp and Novo tend to differ most on account type and currency support, so match those to how your business moves money, then confirm the latest fees and eligibility with each provider.
Open a business account
Both providers accept business customers in their supported markets. Fees and eligibility shown as of 5 June 2026. Confirm current terms with the provider before applying.
Visit Ramp → Visit Novo →Questions about Ramp and Novo
Which is better for my business, Ramp or Novo?
It depends on your needs. The table on this page compares Ramp and Novo on account type, fees, currency support, eligibility and availability using each provider's published terms. Weigh those against how your business operates, then confirm current terms with each provider. This is information, not advice.
Can I open both Ramp and Novo?
Often yes, subject to each provider's eligibility rules. Some businesses keep more than one account, for example one for everyday banking and another for currency conversion. Check eligibility with each provider before applying.
Are the fees on this page current?
Each figure is shown with the date it was recorded. Ramp and Novo figures are shown as of 5 June 2026. Fees and eligibility change, so confirm current terms with each provider before you apply.
Fees, features, and eligibility change and vary by region. This page was last reviewed on 5 June 2026. Confirm current terms with each provider before applying.