Snapshot
Wise Business 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.
Wise Business figures as of 15 October 2025Novo figures as of 15 October 2025Last reviewed 15 October 2025
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.
Wise Business 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 15 October 2025.
Wise Business vs Novo at a glance
| Feature | Wise Business | Novo |
|---|---|---|
| Account type | Multi currency business account for sending, receiving, and holding money internationally. Wise is a financial technology company and not a bank, and holds customer funds with partner institutions. | 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 | Businesses that pay or get paid in several currencies and want mid market exchange rates and local account details abroad. | United States based sole proprietors, LLCs, partnerships and corporations, especially small businesses and freelancers that want a free online checking account. |
| Monthly fee | No ongoing monthly fee. A one time fee to open the account varies by country, for example about 31 United States dollars in the United States and about 50 British pounds in the United Kingdom. As of 15 October 2025. | No monthly fee and no minimum balance. As of 15 October 2025. |
| Transaction fees | It is free to receive money in most cases, and sending or converting currency generally starts around 0.33 to 0.43 percent of the amount depending on the currency route. As of 15 October 2025. | 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 15 October 2025. |
| FX fees | Currency conversion uses the mid market rate with a transparent percentage fee that varies by currency pair, typically from about 0.33 percent. As of 15 October 2025. | Primarily a United States dollar account with limited international features. Unclear at a single headline rate, so verify with Novo. As of 15 October 2025. |
| Minimum deposit | No minimum opening deposit beyond the one time account opening fee where it applies. As of 15 October 2025. | 50 United States dollars to open, then no minimum balance. As of 15 October 2025. |
| Multi currency | Yes. Hold 40 or more currencies and get local account details in several currencies such as United States dollars, euros, and British pounds. As of 15 October 2025. | No. It is a United States dollar checking account, not a multi currency account. As of 15 October 2025. |
| Integrations | Connects with accounting tools such as Xero and QuickBooks and offers a business API. Confirm current integrations with Wise. | Invoicing tools and integrations with common business and payment apps. Confirm current integrations with Novo. |
| Eligibility | Open to limited companies, sole traders, partnerships, and certain trusts. Whether you qualify depends on company type, country of registration, and industry. Note that the Wise Business debit card is not currently issued in the United States. As of 15 October 2025. Verify with Wise. | United States based sole proprietorships, partnerships, LLCs and corporations. Some industries, such as cryptocurrency and cannabis, are not accepted. As of 15 October 2025. Verify with Novo. |
| Broadly available in | Many countries across Europe, the United States, Canada, Asia and Oceania, with feature and balance availability varying by country. As of 15 October 2025. | The United States only. As of 15 October 2025. |
Use the table to weigh the differences. Wise Business 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 15 October 2025. Confirm current terms with the provider before applying.
Visit Wise Business → Visit Novo →Questions about Wise Business and Novo
Which is better for my business, Wise Business or Novo?
It depends on your needs. The table on this page compares Wise Business 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 Wise Business 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. Wise Business and Novo figures are shown as of 15 October 2025. 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 15 October 2025. Confirm current terms with each provider before applying.