Novo vs Airwallex: comparison of fees, features, and pros

Key Takeaways

1. Old cross-border systems raise costs. Only 35% of payments to retail and small-to-medium businesses reach beneficiaries within one hour.¹

2. While Novo provides domestic checking for US solopreneurs, Airwallex provides a complete financial operating system that automates local operations and eliminates barriers to international transfers.

3. Airwallex helps businesses with local receiving accounts worldwide, corporate cards with cash back, wholesale exchange rates, and high-yield returns on USD reserves. This helps companies scale without outgrowing their financial stack.

The Bottom Line About Airwallex vs Novo

Airwallex is a global financial platform designed for businesses scaling from solo operators to multinational enterprises. Multi-currency wallets, Corporate Cards, and low-cost international payouts consolidate into one dashboard to simplify global operations. Companies collect funds locally across dozens of regions and execute payouts over local clearing networks worldwide.

Novo provides a digital checking platform tailored for US freelancers, solopreneurs, and domestic service providers. Operating strictly within the United States, this platform offers a checking account with zero monthly maintenance fees. Transaction-based surcharges and third-party markup fees for cross-border wires generate its revenue.

Airwallex handles operations automatically, offers wholesale exchange rates, and scales as companies grow, with no bank switch needed.

Airwallex vs Novo Comparison: Features at a Glance

Airwallex vs Novo: Key features compared

Plans and costs

Airwallex provides a $0 Explore plan that includes up to 10 Spend users and unlimited domestic ACH transfers. For growing teams needing approval workflows and software integrations, the Grow plan costs $12 per active Spend user per month plus a platform fee. Custom Accelerate pricing serves enterprise businesses requiring multi-entity management.

Account maintenance with Novo carries no monthly fee, as monetization occurs through transaction surcharges instead. Express ACH transfers incur a 1.5% fee, while outgoing domestic wires cost up to $45.00 per transfer. Expedited mobile check deposits carry a 2.0% charge, and third-party ATM fee reimbursements cap at $7.00 monthly.

Business cards and spend controls

Airwallex issues virtual and physical corporate cards with 2% cash back. Cards debit directly from held currency balances, avoiding the 2.5%-3.0% foreign transaction fees charged by traditional commercial bank cards.² Spend controls let teams block merchant categories, cap card spending, set approval rules, and automatically capture receipts.

Novo provides basic business debit cards for domestic purchases. Networks convert overseas or non-USD purchases into USD at market exchange rates. In-app card freezing and push notifications constitute its only spend controls.

Bill pay and invoicing

Airwallex delivers automated accounts payable capabilities through an integrated Bill Pay platform. The system scans vendor invoices, drafts the payments, and sends them for approval and payout. The bill data synchronizes directly with accounting platforms for seamless reconciliation.

Novo features a digital invoice generator that allows small business owners to bill domestic clients. However, Novo lacks automated accounts payable workflows, bill scanning, and batch payment tools for managing vendor expenses.

User roles and team access

Airwallex provides role-based permission controls designed for growing teams. Administrators invite employees with specific access rights. Controlled access protects company funds and simplifies payment delegation.

Novo centers its platform architecture on single-owner solopreneurs and small operations. Owners can share account access, but Novo offers limited customized role delegation for multi-user financial management.

Revenue and accounting integrations

Airwallex functions as an integrated payment and bookkeeping platform. Online sales settle directly into multi-currency balances without forced conversion. Two-way accounting integrations automatically sync transaction data, card receipts, and payouts with NetSuite, Xero, and QuickBooks.

Novo links with external merchant processors to pull payout data into the Novo dashboard. Accounting connections provide one-way data feeds to QuickBooks, Xero, and Wave.

Where Airwallex goes further than Novo

Multi-currency holding and local collection

Airwallex enables companies to issue local bank details across multiple global markets. International clients pay businesses via domestic networks without wire fees. Companies use held foreign funds directly for overseas expenses without incurring exchange rate markups.

Novo issues US account details only, restricting holding balances to US Dollars. Foreign client payments route through the SWIFT network in USD, subjecting transactions to wire surcharges and forced bank conversions.

International payouts and foreign exchange

Airwallex dispatches payouts through local clearing networks in over 100 countries, bypassing traditional intermediary bank deductions. Airwallex delivers 93% of payouts same-day or within hours at a transparent margin above interbank rates.¹

Novo routes international transfers through an embedded third-party application. Cross-border payouts incur transfer fees alongside retail currency conversion markups.

High-yield cash management

Corporate liquidity benchmarks show that managers increasingly move operating cash into high-liquidity government money market instruments.³ Airwallex Yield allows US companies to earn competitive returns on idle USD reserves. Funds remain liquid, settling back into primary operating balances within hours without lock-up periods.*

Novo checking balances earn 0.00% APY and do not include treasury sweep features.

Why Businesses Choose Airwallex

Businesses choose Airwallex because it consolidates banking, spending, bill pay, and international payments into one platform. Companies receive funds locally in markets around the world. They exchange currencies at wholesale rates and send payments abroad from one location. Cards with cash back, returns on idle USD, and built-in accounting sync support business growth. Cards with cash back, returns on idle USD, and accounting sync come built in, so the platform keeps working as the business grows.

Frequently Asked Questions About Airwallex vs Novo

Is Novo a bank or a fintech platform?

Novo is a financial technology company. Partner institution Middlesex Federal Savings, F.A. (Member FDIC) handles banking services and provides pass-through deposit insurance up to $250,000.

Does Novo charge transfer fees?

Yes. Novo charges 1.5% for Express same-day ACH, up to $45.00 for outgoing domestic wires, up to 2.0% for express check deposits, and flat fees plus conversion markups for international transfers.

How does Airwallex protect customer funds in the US?

Evolve Bank & Trust (Member FDIC) holds US customer deposits for up to $250,000 in pass-through coverage. Community Federal Savings Bank (Member FDIC) issues commercial cards. Airwallex US, LLC holds Money Transmitter Licenses across 43 states, DC, and Puerto Rico, and funds in Airwallex Yield carry protection up to $500,000 via SIPC/FINRA through Airwallex Capital US LLC.*

Can domestic US-only businesses benefit from using Airwallex?

Yes. Domestic businesses receive free unlimited ACH transfers, corporate cards with cash back, automated bill pay, and treasury returns on USD cash. Global infrastructure remains ready for future expansion.

[1] Financial Stability Board (FSB). (2026). G20 Roadmap for Enhancing Cross-Border Payments: Priority Actions and Progress Report. Bank for International Settlements.

[2] Edgar, Dunn & Company. (2025). Global B2B Payments & Commercial Card FX Friction Benchmark Study.

[3] Association for Financial Professionals (AFP). (2026). 2026 AFP Liquidity Survey Report: Corporate Treasury Cash and Liquidity Trends. Financial Professionals Research.