Head-to-Head
Novo Business Checking
No monthly fee + invoicing/integrations; online-only; no cash deposits; 0% APY
Airwallex Business Account
Multi-currency SME wallet — $0 Explore, local rails + FX, cards/spend; not cash or branch banking
Monthly Fee
$0 unconditional
Explore: $0/month per entity (US fee schedule — no published balance waiver). Grow: $12 per Spend User per month + additional Airwallex Platform fee (dollar amount Not disclosed). Accelerate/Custom: custom.
Checking APY
0% — non-interest-bearing (fee schedule Annual Percentage Yield 0%)
None — wallet / Global Account balances have no advertised deposit APY. Do not label as checking APY.
Rating
8.0/10
8.4/10
Costs & Fees
| Metric | Novo Business Checking | Airwallex Business Account |
|---|---|---|
| Monthly maintenance | $0 unconditional | Explore: $0/month per entity (US fee schedule — no published balance waiver). Grow: $12 per Spend User per month + additional Airwallex Platform fee (dollar amount Not disclosed). Accelerate/Custom: custom. |
| Fee waiver | N/A — already $0 | N/A on Explore (already $0). Grow has no published balance waiver. Do not apply UK/EU/AU Explore waiver rules to U.S. |
| Transaction fees | No excess-item fees on schedule. Operational limits on ACH, RDC, mailed checks, ATM, POS (raisable in-app). | No classic item-count checking fees. Cost drivers: FX, SWIFT/Fedwire, incoming Fedwire, exotic inbound %, Explore local-intl fees from 12 Oct 2026, optional acquiring, Grow seats. |
| Overdraft/NSF | $0 Insufficient Funds; $0 Uncollected Funds Returned. No overdraft protection product. | Not disclosed / not a published overdraft product |
| ATM fees | Novo ATM fee $0. Third-party operator surcharge rebate max $7/customer/month. No branded free network disclosed. | Not disclosed. No ATM network marketed. CFSB card terms may allow ATM cash subject to limits/fees — product not designed as cash account. |
| Wire/ACH | Incoming domestic: $0. Outgoing domestic: up to $45 (online only, eligibility-gated). Incoming intl: $0 Novo-side. Outgoing intl: via Wise (Wise fees apply). Standard ACH in/out: $0. | Incoming US Fedwire into Global Accounts: $15. USA/Canada local networks in/out: $0. Outgoing FedWire/SWIFT SHA: $15; SWIFT OUR: $25. Incoming most currencies 0%; KRW/VND/BRL/MYR 0.60%. ACH/local USA-Canada $0 on SMB table. |
Interest & Yields
| Metric | Novo Business Checking | Airwallex Business Account |
|---|---|---|
| Checking APY | 0% — non-interest-bearing (fee schedule Annual Percentage Yield 0%) | None — wallet / Global Account balances have no advertised deposit APY. Do not label as checking APY. |
| Savings APY | N/A — Reserves earn 0%; same deposit account | N/A — no separate FDIC savings product |
| FDIC coverage | FDIC pass-through at Middlesex Federal Savings, F.A. — $250,000 per depositor per ownership category | Eligible USD at U.S. partner banks: FDIC pass-through up to $250,000 per qualified customer per institution in customer beneficial interest (omnibus FBO). Not Airwallex’s own operating cash. |
Features & Access
| Metric | Novo Business Checking | Airwallex Business Account |
|---|---|---|
| Branch/ATM network | No branches. Any ATM for withdrawal only — $7/month rebate cap. No ATM cash deposit. | None. No marketed ATM network. Cash access unreliable / not a design goal. |
| Mobile app | iOS ~4.8; Android ~4.5–4.6 (secondary 2026 aggregators) | App Store US ~4.8/5 (~426 ratings, Aug 2025 scrape); AppBrain ~4.84 (~478); older Google Play ~4.2 — recheck live stores. |
| Virtual cards | Virtual debit included. Fine-grained merchant locks not documented. | Included — unlimited virtual on marketing; merchant/limit controls Explore; richer rules Grow+ |
| Opening deposit | $0 ($1,000 recommended) | $0 |
| Eligibility | U.S. sole prop (incl. DBA), LLC, corp, partnership, 501(c)(3). Trusts not offered. One checking login per EIN. | Legal business entity or sole proprietor; principal place of business in the United States (Airwallex US / Evolve). Corporation, unincorporated association, partnership, LLC, incorporated nonprofit, sole prop. Not for consumers/personal/household use. |
Pros & Cons
Novo Business Checking
Pros
- $0 monthly, $0 minimum, $0 NSF/stop-pay/statement/card replace (Feb 2026 schedule)
- Free standard ACH both ways; $0 inbound domestic and foreign wires
- Invoices + up to 20 Reserves in one account
- Stripe/Shopify/Square/QuickBooks/Xero connectors (40+ integrations)
- Virtual + physical debit; $7/month ATM rebate; fast U.S. online open including nonprofits
Cons
- No cash deposits at all
- 0% APY; Reserves earn nothing
- Advertised FDIC $250,000 only — no marketed multi-million sweep
- Outbound wires up to $45 and eligibility-gated; FX via Wise only
- Weekday support; added users get full owner access; freeze/hold complaints recur
Airwallex Business Account
Pros
- US Explore $0/month with no published minimum balance (US Fee Schedule, 18 Sep 2026)
- Transparent FX 0.50% majors / 1.00% others vs typical 2–4%+ bank markups
- Local-rail payouts and USA/Canada transfers $0; Grow/Accelerate exempt from Explore local-intl fees from 12 Oct 2026
- Local receiving in 20+ currencies reduces incoming international wire friction
- Cards + expense + bill pay + QBO/Xero on one wallet; Grow adds NetSuite-class controls; optional Yield ~3.3–3.6% net MMF
Cons
- Not a bank; FDIC pass-through $250k at partner banks (omnibus FBO); no advertised multi-bank sweep
- Yield is SIPC MMF — not FDIC and not checking APY
- No cash or check deposit rail
- Grow is $12 × Spend users + unpublished platform fee — hard to model from public docs
- Trustpilot 2.9/5 and freeze/hold complaint pattern; Explore has no dedicated RM; incoming Fedwire $15
Verdict
Novo Business Checking
Novo Business Checking is a single-tier online account from fintech Novo Platform Inc. with deposits at Middlesex Federal Savings, F.A. (FDIC Cert. 28368). Feb 26, 2026 fee schedule: $0 monthly, $0 NSF, $0 standard ACH, $0 inbound wires, 0% APY. Costs appear on Express ACH (1.5%), Express Check Deposit (up to 2%), outbound wires (up to $45 when enabled), and ATM surcharges above $7/month rebate. Up to 20 Reserves inside same 0% account. Strong ecommerce integrations. No cash, no branches, $250k FDIC advertised. Fits indie digital businesses; weak for cash, treasury, international founders, and teams needing permission controls.
Airwallex Business Account
Airwallex US is a money transmitter with USD at partner banks (Evolve named for certain customers) — FDIC pass-through $250k, no advertised ICS sweep. Explore $0; Grow $12/Spend user + undisclosed platform fee. Wallet FX 0.50%/1.00%; USA/Canada local $0; SWIFT $15/$25; incoming Fedwire $15. No cash/checks. Optional Yield MMF ~3.33–3.60% net (22 Sep 2026) is SIPC not FDIC. Strong for FX-heavy digital firms; weak for cash, branch, and freeze-averse buyers given Trustpilot 2.9.