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

Choosing the right business account shapes your company's growth potential, especially when you're expanding internationally. We're comparing Novo, a US-focused digital banking platform for small businesses, with Airwallex, a global financial operating system built for cross-border operations.

The bottom line about Novo vs Airwallex

Novo is a digital banking platform built for US-based small businesses. It's designed for freelancers, solopreneurs, and companies that only work within the United States. You get a free business current account with no monthly fees, making it affordable when you're just starting out.

Airwallex is a global financial operating system built for businesses with international operations. You can manage money across multiple countries and currencies from one platform. You can open accounts in 20+ currencies, accept payments from customers worldwide, and pay suppliers in their local currency.

Here's the simple truth: if you only handle US dollar transactions with US-based customers and suppliers, Novo works well. But if you're paying overseas suppliers, accepting international payments, or planning to expand beyond the US, Airwallex will save you money and time.

The wrong choice costs you. If you start working internationally with Novo, you'll face expensive wire transfer fees and poor exchange rates. If you only operate domestically with Airwallex, you might find features you don't need, though the platform still works perfectly for US-only operations.

Novo vs Airwallex comparison: Features at a glance

How to evaluate Novo vs Airwallex

Evaluating between Novo and Airwallex depends on whether you prioritize domestic simplicity or global expansion. While both offer fee-free basic accounts, they serve fundamentally different operational needs. We provide a comprehensive review below: 

Novo vs Airwallex: Cards

Novo offers a business debit card for everyday business expenses like office supplies and software subscriptions. The platform has card features for small businesses and freelancers managing their spending.

Airwallex gives you Corporate Cards with cash rebates on eligible spend and zero international transaction fees. You can issue unlimited virtual and physical cards to team members with customizable spending limits. You can create single-use virtual cards for specific vendors or set monthly limits for employee expenses.

Here's how their card controls compare:

• Novo: Basic spending limits, transaction alerts, and card freezing through the mobile app

• Airwallex: Merchant category restrictions, spending limits by card, approval workflows, and real-time expense tracking

Airwallex's card controls and spend management work better if you have multiple team members or complex spending policies. Novo's simpler approach works if you're a solopreneur or have a small team that needs basic controls.

Novo vs Airwallex: Revenue and integrations

Novo integrates with popular business tools including Stripe, Shopify, and Square. Transactions sync automatically, reducing manual data entry for bookkeeping. Novo also connects with invoicing tools and payment processors for domestic transactions.

Airwallex has deeper integrations with accounting software including Xero, QuickBooks, and NetSuite, plus eCommerce platforms like Shopify, WooCommerce, and Magento. Online retailers can accept international payments through Airwallex's payment plugins and automatically sync transactions to their accounting system.

Here's what you can connect with each platform:

• Novo: Business tools, invoicing tools, domestic payment processors

• Airwallex: Accounting software, eCommerce platforms, payment gateways, ERPs, and extensive partner integrations

If you sell online internationally, you'll benefit from Airwallex's eCommerce integrations. Novo's integrations serve domestic service businesses and freelancers well.

Novo vs Airwallex: International capability and Foreign Exchange (FX)

Multi-currency support

Novo operates exclusively in US dollars. You can receive domestic ACH transfers and wire transfers in USD, but cannot hold or transact in foreign currencies. Your international payments require currency conversion at your bank's exchange rate.

Airwallex lets you open accounts in 20+ currencies with local bank details. You can hold balances in multiple currencies simultaneously and convert between them at interbank rates. You can maintain EUR, GBP, and AUD balances alongside USD without forced conversions.

International transfer fees

Novo charges fees for outgoing international wire transfers through the SWIFT network. You may face fees from intermediary banks for incoming international wires. Novo uses standard banking FX rates, which typically include mark-ups above the mid-market rate.

Airwallex charges $0 for most international transfers using local payment rails to 120+ countries. You access interbank FX rates with transparent margins, which saves you money compared to traditional banks.

Local bank details

Novo gives you US bank account details only – a routing number and account number. International clients paying you must send international wire transfers, which incur higher fees and take longer to process.

Airwallex gives you local bank details in multiple countries. Your international customers can then pay you using domestic payment methods in their country, which are faster and cheaper. European customers can pay via SEPA transfer instead of expensive SWIFT wires.

Novo vs Airwallex: Fees and hidden costs

Monthly maintenance or minimum balance fees

Novo and Airwallex both charge $0 monthly maintenance fees for their standard business accounts. Novo may offer additional paid tiers with enhanced features.

Neither platform has minimum balance requirements. This makes them accessible for you at any stage, unlike traditional banks that often require $1,500–$5,000 minimum balances.

Express fees

Novo doesn't offer expedited transfer options beyond standard ACH (1–3 business days) and wire transfers (same day to one business day). You'll pay wire transfer fees for outgoing wires and may face receiving fees.

Airwallex processes most transactions quickly using local payment rails. There are no additional express fees for faster transfers – speed is built into the platform's infrastructure.

Outgoing domestic wires

Novo charges standard wire transfer fees for domestic wires, though the exact amount varies. Most US banks charge $15–$30 for outgoing domestic wires.

Airwallex charges $0 for domestic ACH transfers within the US. For urgent same-day transfers, you can use domestic wires at competitive rates through the platform.

Novo vs Airwallex: Reliability and support

FDIC insured

Novo partners with FDIC-insured banking institutions to provide FDIC insurance up to $250,000 per depositor. Your funds are protected by the same federal insurance that covers traditional bank accounts.

Airwallex partners with FDIC-insured institutions for US customers. We hold your funds with leading global financial institutions and safeguard them according to local regulations in each operating market.

Human support

Novo has customer support through digital channels. The platform has a help centre with articles for common questions.

Airwallex has customer support across time zones through multiple channels. You get dedicated account managers if you have higher transaction volumes. Airwallex maintains support teams globally.

Should I get Novo or Airwallex?

Which works better for freelancers: Novo or Airwallex?

Novo works well if you're a US-based freelancer who invoices domestic clients and doesn't need international capabilities. The free business current account, simple interface, and integrations make it easy to separate personal and business finances. You can receive client payments via ACH transfer and pay expenses with the Novo debit card.

Airwallex works if you're a freelancer who works with international clients or contractors. You can invoice clients in their local currency, receive payments without expensive wire transfer fees, and pay overseas contractors efficiently. If you're a freelance designer working with European clients, you can receive EUR payments directly and avoid conversion fees.

Which works better for eCommerce businesses: Novo or Airwallex?

Novo has basic banking for eCommerce businesses selling exclusively in the US market. You can connect your Novo account to US-based payment processors and manage domestic supplier payments. Novo works if you're using Shopify or WooCommerce for US-only sales.

Airwallex is purpose-built for global eCommerce. The platform offers payment acceptance across multiple countries with various payment methods, including local options like Alipay, iDEAL, and Klarna. If you're a Shopify merchant, you can install Airwallex's payment plugin to accept international payments, settle in the same currency customers pay in, and avoid forced conversions.

Airwallex also has multi-currency pricing. You can display prices in customers' local currencies to boost conversion rates. You can also pay international suppliers in their local currency, avoiding expensive wire transfers.

Which works better for software and technology businesses: Novo or Airwallex?

Novo works for software businesses with US-only operations. If you're a SaaS company billing US customers in USD, you can use Novo for basic business banking and integrate with business tools for financial tracking.

Airwallex works for software businesses with global customer bases. You can accept recurring subscription payments in multiple currencies, pay international contractors and vendors, and manage multi-currency cash flow. If you're a technology company expanding internationally, you'll benefit from Airwallex's API-first infrastructure, which lets you embed financial services into your product.

If you're running a SaaS platform, you can use Airwallex's Connected Accounts to offer payment processing to your customers. You'll create new revenue streams whilst keeping users on your platform for all financial needs.

Which works better for professional service businesses: Novo or Airwallex?

Novo works if you're a professional service firm like a consultant, agency, or law firm operating within the US. You can receive client payments via ACH, pay domestic contractors, and manage business expenses with the Novo card.

Airwallex works for professional service businesses with international clients or operations. If you're a marketing agency working with overseas clients, you can invoice in local currencies and receive payments faster through local payment rails. If you're a consulting firm with international team members, you can pay contractors in their local currency, avoiding expensive wire transfer fees.

If you're a US-based agency paying a UK contractor, you can transfer GBP directly to their UK bank account instead of sending USD and forcing currency conversion. You'll save money and your contractor will receive the full amount you intended to pay.

Strategies for using Novo or Airwallex

For domestic-only businesses using Novo:

Connect Novo to your business tools immediately to automate transaction syncing. You'll save time on manual bookkeeping and reduce errors. Set up recurring ACH transfers for regular vendor payments to save time each month.

Use the Novo card for business expenses to simplify expense tracking. All card transactions appear in your Novo account automatically. Look into Novo's latest features to see what works best for your needs.

For businesses with international operations using Airwallex:

Open currency accounts in the markets where you operate to receive local payments. Your customers can then pay you using their local payment methods, which are faster and cheaper than international wire transfers.

Use Airwallex's FX tools to convert currencies when rates are favourable. You can lock in rates for up to 72 hours to protect against currency fluctuations. Issue Corporate Cards to team members with spending limits to control expenses whilst giving them flexibility.

Integrate Airwallex with your eCommerce platform to accept international payments. You can then collect payments in customers' local currencies and settle in the same currency, avoiding forced conversions. Set up automated approval workflows for international vendor payments to maintain control whilst speeding up the payment process.

For businesses transitioning from domestic to international:

Start with Novo for domestic operations whilst building your US customer base. The free account and simple interface make it easy to manage basic business banking needs.

Add Airwallex when you begin working with international clients or suppliers. You don't need to close your Novo account – you can use both platforms simultaneously. Use Novo for US transactions and Airwallex for international operations.

Gradually consolidate onto Airwallex as international operations grow. Airwallex handles both domestic and international transactions, so you can eventually manage everything from one place. You'll reduce complexity and get better visibility into your global cash position.

Additional options beyond Novo and Airwallex

Mercury: A US-focused digital bank for startups and technology companies. Has venture debt and treasury management features with some international capabilities including international wire transfers. Works well if you're a venture-backed startup that needs banking relationships with investors.

Wise Business: Has multi-currency accounts in 40+ currencies and international transfers at mid-market rates. It's less comprehensive than Airwallex for payment acceptance and spend management. It's good for simple international transfers but lacks advanced features.

Revolut Business: Has multi-currency accounts and international transfers with a focus on European markets. It has a more limited US presence compared to Airwallex. It's better suited for European businesses expanding to the US than US businesses going global.

Brex: Has corporate cards and spend management for US businesses. Strong expense management features with international capabilities including local card issuance in 50+ countries and multi-entity support. Works well if you need sophisticated spend controls both domestically and internationally.

Traditional banks like Chase, Bank of America, and Wells Fargo: Have comprehensive banking services with physical branches. Higher fees for international transactions and less modern digital infrastructure. Better if you value in-person service and established banking relationships.

Each alternative works for specific needs. If you're a venture-backed startup, Mercury might work for you. If you need simple international transfers, Wise could be a fit. And if you want in-person service, traditional banks are there. Airwallex has the most comprehensive global infrastructure for businesses operating across borders.

Frequently asked questions about Novo vs Airwallex

Is Novo actually a bank or a fintech platform?

Novo is a fintech platform that partners with FDIC-insured banking institutions. Novo itself isn't a bank but gives you banking services through its partner institutions, ensuring your deposits are protected up to $250,000.

Does Novo offer true business bank accounts or just payment services?

Novo gives you true business bank accounts designed specifically for small businesses, freelancers, and entrepreneurs. The accounts include features like invoicing tools, integrations, and business debit cards that aren't available with personal bank accounts.

Can small businesses rely on Novo for all their banking needs?

Novo works well if you're a US-based small business that operates domestically and wants a simple, free business current account. It works particularly well for freelancers, solopreneurs, and service businesses without international operations or complex financial needs.

Is Airwallex publicly traded or still a private company?

Airwallex is a private company backed by leading investors including Sequoia, DST Global, Salesforce Ventures, Visa, and Mastercard. The company isn't publicly traded on any stock exchange.

Can US businesses without international operations benefit from using Airwallex?

Yes, you can use Airwallex for domestic operations even if you're US-based. The platform has free ACH transfers, corporate cards with cash rebates, and expense management tools that work well for US-only businesses. You also have the infrastructure ready when you decide to expand internationally.

How does Novo's pricing compare to Airwallex for purely domestic US transactions?

Both Novo and Airwallex charge $0 monthly fees and offer free domestic ACH transfers. Novo may be simpler for purely domestic operations, but Airwallex has more advanced features like spend management and corporate cards at no additional cost.