Novo provides a digital banking platform for small businesses, but certain limitations like the inability to deposit cash or the lack of physical branches have led some users to explore other solutions. This article will cover what Novo is, detail the reasons you might consider an alternative, and highlight other banking options based on your specific business requirements.
What is Novo?
Novo is a financial technology company offering a mobile-first banking platform for small business owners, freelancers, and entrepreneurs. It is best known for its business checking account, which has no monthly fees or minimum balance requirements.
The account also includes a free tool for creating and sending unlimited invoices and provides refunds for all ATM fees worldwide. Additionally, users gain access to exclusive partner perks and discounts on various business services.
What to Consider When Selecting a Novo Alternative?
When searching for a banking platform to replace Novo, it's helpful to evaluate your options based on a few key characteristics:
- Cash Deposits: Determine if your business requires the ability to deposit physical currency, a feature not directly supported by Novo.
- Global and Digital Asset Transactions: Consider whether you need support for international payments, multi-currency accounts, or fiat-to-crypto conversions for your operations.
- Fee Structure: Look beyond the monthly account fee to understand costs for transactions, wire transfers, and foreign exchange.
- Physical Branch Access: Decide if you value the option of in-person banking services for support or complex transactions.
- Software Integrations: Check if the platform connects with your existing accounting, payroll, or e-commerce software to streamline financial management.
If these points resonate with your business needs, explore the alternatives detailed in the next section.
10 Best Alternatives to Novo
1. OneSafe
OneSafe is a finance platform that modernizes banking processes for businesses, with a special focus on the Web3 and crypto industries. Our service provides the essential tools for simple fund management, quick payments, and access to both fiat and digital currencies.
Our platform facilitates a direct 1:1 conversion from USD to USDC on Polygon, simplifying global payroll and expense management. We also provide end-to-end expense and payroll solutions, combined with responsive customer support and reliable security for organizations handling crypto-based payments.
Pricing
Here's a look at our straightforward pricing at a glance:
- Free Account Basics: We offer free account opening and maintenance, no monthly subscriptions, no minimum balance requirements, and free virtual and physical card issuance.
- 0.1% Domestic & Crypto Fees: Take advantage of a low 0.1% fee for US domestic ACH and wires, as well as for USDT transactions.
- 0.2% International Fees: Manage global payments with a 0.2% fee on SEPA (EUR) transactions and international wires, which also have a $50 SWIFT charge.
- Included Fiat ↔ Crypto Conversion: Swap between fiat and crypto at market rates with no hidden conversion fees.
- Flat-Fee & FX Charges: We provide a simple $25 flat fee for Fedwire transfers and a 3% foreign exchange fee for corporate card spending in non-USD currencies.
Reviews
Users consistently praise our platform for its exceptional customer support and its ability to simplify complex financial operations, particularly for Web3 companies. Our clients often describe OneSafe as an indispensable, game-changing tool that effectively addresses their banking and payroll challenges.
- Amit Chu, Investments @ Celo Foundation: “OneSafe has the best customer support I've ever experienced from a bank.”
- Marco, CEO of Ensuro: “OneSafe is a game-changer. They solve so many headaches for our company. Finally a banking solution that gets it.”
Want to solve your banking headaches? Check us out here.
2. Wallester
Wallester is a financial technology company specializing in corporate expense management solutions through the issuance of virtual and physical Visa cards. Their services are designed to help businesses of all sizes manage their financial operations.
The platform provides real-time expense control, detailed financial reporting, and integrations with accounting software. It also supports instant virtual card issuance, multiple currencies, and advanced API integration.
Pricing
Wallester provides a free plan that includes up to 300 virtual cards, unlimited physical card issuance, and no account or minimum balance fees. Additional virtual cards can be added for €0.20 per card per month, and premium plans are available for businesses requiring more cards.
Reviews
User feedback for Wallester often centers on the platform's interface and customer support, while some reviews note difficulties with integration and delays in technical assistance. Check out more Wallester reviews here.
3. Tide Bank
Tide is a UK-based financial technology company established in 2015, offering mobile-first banking services for small and medium-sized enterprises. The platform provides current accounts, automated bookkeeping, integrated invoicing, and connects with accounting software like Sage, QuickBooks, and Xero.
Businesses can open an account in minutes through the app and deposit cash at UK Post Office or PayPoint locations. Tide also provides expense cards for team spending, built-in accounting tools, and facilitates international payments.
Pricing
Here's their pricing at a glance:
- No monthly fee Free Plan: Charges include 20p per UK transfer, £1 per ATM withdrawal, and a 0.99% fee (minimum £2.50) for cash deposits at the Post Office.
- £12.49 + VAT per month Smart Plan: Includes 25 free UK transfers, one free expense card, and priority in-app support. A 2.75% FX fee applies to foreign currency card transactions.
- £24.99 + VAT per month Pro Plan: Offers unlimited free UK transfers, two free expense cards, and 24/7 phone and legal support. Foreign currency card transactions are fee-free.
- £69.99 + VAT per month Max Plan: Provides unlimited free UK transfers, three free expense cards, and a dedicated account manager. Foreign currency card transactions are fee-free.
- 3-Month Free Trial: Paid plans come with a three-month free trial to test features before committing.
Reviews
User feedback frequently points to challenges with customer support responsiveness and occasional issues with account access or onboarding. Check out more Tide Bank reviews here.
4. Kontist
Kontist is a German financial service provider that offers business banking solutions for freelancers and self-employed individuals. The company provides a free business account that includes a German IBAN and a physical Visa debit card.
The platform provides automatic tax estimation and real-time tax calculation, allowing users to set aside funds for tax purposes. Paid plans expand on these services with features like subaccounts, additional SEPA transfers, VAT return assistance, and business evaluations.
Pricing
Here's their pricing at a glance:
- Free Business Account: Includes a German IBAN, a physical Visa debit card, and real-time tax estimation.
- €11 per month + VAT Start Plan: Adds subaccounts and 30 SEPA transfers.
- €25 per month + VAT Plus Plan: Includes VAT return and business evaluation.
Reviews
User reviews mention issues with high fees, particularly for tax services, and concerns about the responsiveness of customer support. Check out more Kontist reviews here.
5. Wise
Wise is a UK-based financial technology company that specializes in international money transfers using the mid-market exchange rate. The company serves both individual and business clients, with a customer base of over 15.5 million.
Its platform provides a multi-currency account for holding and managing funds in over 40 currencies, along with a debit card for global spending. Wise operates on a pay-as-you-go model, with fees for sending money that vary by currency.
Pricing
Wise operates on a pay-as-you-go model with no monthly fees. Costs are associated with specific services, including fees for sending money that start from 0.57%, a one-time $9 fee for the multi-currency card, and a one-time $31 setup fee for business accounts.
Reviews
User feedback indicates the platform is frequently used for international transfers, though some customers have reported issues with account freezes and unresponsive support. Check out more Wise reviews here.
6. Axos Bank
Axos Bank, established in 2000 as Bank of Internet USA, is a digital financial institution headquartered in San Diego, California. The bank offers a suite of services that includes personal and business banking, lending, and investment solutions.
It provides accounts with competitive interest rates, such as the Business Interest Checking and Business Premium Savings, alongside options with low or no monthly fees. Clients can also make cash deposits and access their funds through an extensive network of ATMs.
Pricing
Here's their pricing at a glance:
- No Monthly Fee Basic Business Checking: This account has no monthly maintenance fees, unlimited fee-free transactions, and free incoming wires. Cash deposits can be made via Allpoint and MoneyPass ATMs.
- $10/month Business Interest Checking: The monthly fee is waived with an average daily balance of at least $5,000. It offers 1.01% APY on balances up to $49,999.99.
- No Monthly Fee Business Premium Savings: This account has no monthly maintenance fees and a 3.80% APY.
Reviews
User reviews mention issues with app functionality, including glitches and slow performance, as well as frustrations with the payment system. Check out more Axos Bank reviews here.
7. Brex
Brex is a financial technology company that offers a suite of services including corporate credit cards, expense management, and business accounts on a unified platform. This structure allows businesses to manage various financial operations from a central hub.
The platform provides AI-powered custom rules, real-time reporting, and accounting integrations to assist with financial control. It is built to serve startups, mid-sized companies, and global enterprises with scalable solutions for different business needs.
Pricing
Here's their pricing at a glance:
- Free Essentials: This plan includes global card acceptance, custom rules, accounting integrations, local currency wires, travel booking, real-time reporting, API access, bill pay, and reimbursements.
- $12 per user per month Premium: This tier includes all Essentials features plus multiple expense policies, dynamic expense review chains, compliance audit detection, advanced approvals, multi-entity support, customizable ERP and HRIS integrations, VAT documentation, group travel, advanced travel rules, and live budgets.
- Custom Enterprise: Designed for global enterprises, this plan offers all Premium features plus unlimited US or global entities, local card issuance, collections, reimbursements, policies, a named account manager, and customizable implementation services.
Reviews
User feedback often points to issues with customer service, such as unresponsiveness and difficulty resolving complex queries, alongside challenges with receipt syncing and expense categorization. Check out more Brex reviews here.
8. Anna Money
ANNA Money is a UK-based financial service provider with business accounts tailored for small to medium-sized enterprises, freelancers, and creative professionals. The platform is designed to handle a range of financial operations for these users.
The service includes integrated invoicing, receipt scanning, and tax calculations, with account setup possible in under 10 minutes. It also offers 24/7 customer support, automatic expense matching from receipts, and the ability to process bulk payments for payroll.
Pricing
ANNA Money's pricing is usage-based and starts at £0 per month. Users are charged for the services they utilize, and no monthly fee is applied if the account is inactive for a month.
Reviews
User feedback often mentions the app's functionality for invoicing and the availability of customer support. Some users have reported issues with account freezes and difficulties accessing their funds. Check out more Anna Money reviews here.
9. Reap
Reap Technologies Limited is a financial technology company founded in 2018 that provides products for business financial operations. Its offerings include the Reap Card, Reap Pay, and API solutions for card issuing and global payouts.
The company's main product is the Reap Card, a corporate credit card that allows for bill repayments in both fiat and digital currencies. The platform also facilitates payments in various currencies and offers spend controls and global coverage.
Pricing
Here's their pricing at a glance:
- No Annual Fee Reap Card: The card has no annual or hidden service fees.
- 1.2% Fee Stablecoin Repayments: A handling fee is applied to repayments made with stablecoins.
- 2% Fee ATM & FX Transactions: A fee is charged for ATM withdrawals and foreign exchange transactions.
- Custom Pricing API & Card Issuing: Packages for card issuing and APIs are priced based on product usage.
Reviews
User reviews for Reap are mixed, with some customers reporting limitations in setting categories, issues with credit limit resets without notice, and concerns regarding customer service and financial standards. Check out more Reap reviews here.
10. Credem
Credem, or Credito Emiliano S.p.A., is an Italian banking institution founded in 1910 and based in Reggio Emilia. The bank provides a range of financial products, including retail and corporate banking, insurance, and investment solutions through its various divisions.
A distinctive aspect of its operations is the acceptance of Parmigiano Reggiano cheese wheels as collateral for loans. This practice illustrates its approach to banking within its regional context.
Pricing
Credem's pricing varies depending on the specific product, with account maintenance fees starting from €4 per month and free card issuance. Investment services have custom pricing, and it is advisable to contact the company directly for detailed information.
Reviews
User feedback indicates issues with delays in receiving debit and credit cards and a lack of digital card options. Some customers have also raised concerns about the responsiveness of the bank's customer service. Check out more Credem reviews here.
Which One Should You Go With?
Choosing the right banking platform depends entirely on your business's unique demands, and any of the alternatives listed can be a great fit. If you're looking for a modern solution that bridges the gap between traditional finance and the world of digital assets, we believe OneSafe stands out. Ready to simplify your financial operations? Sign up for OneSafe today and see the difference for yourself.
