Novo charges $0 for incoming wire transfers. For outgoing transfers, Novo does not offer traditional domestic wire transfers but provides an Express ACH option for a 1.5% fee (maximum $20), and international wires are facilitated through Wise.
Novo's fee structure for transfers is designed with clarity, distinguishing between incoming and outgoing transactions, as well as domestic and international options. While direct traditional domestic wire transfers are not a service offered, Novo provides an efficient alternative through Express ACH, catering to various business needs.
Incoming Wire Transfers
Receiving money into your Novo account via wire transfer is completely free. Novo ensures that businesses can receive funds without incurring any charges from their end.
- Novo charges $0 for all incoming wire transfers.
Outgoing Domestic Transfers (ACH Alternative)
Novo does not offer traditional outgoing domestic wire transfers. Instead, for businesses requiring fast domestic payments, they provide an Express ACH service as a convenient alternative.
- Express ACH payments can be initiated for same-business-day or next-business-day delivery.
- The fee for Express ACH is 1.5% per transaction, with a maximum charge of $20.
Example: If you send $500 via Express ACH, the fee would be $7.50 (1.5% of $500). If you need to send a larger amount, such as $2,000, the fee would be capped at $20, even though 1.5% of $2,000 is $30.
International Transfers
For sending money internationally, Novo facilitates these transactions through an integration with Wise (formerly TransferWise).
- International wires are available exclusively through this Wise integration.
- The fees for international transfers are determined by Wise, as Novo leverages their platform for these transactions. Therefore, Wise's fee structure will apply to international payments initiated through Novo.
Summary of Novo Transfer Fees
Understanding Novo's approach to transfers is crucial for businesses managing their finances effectively. While direct domestic wire transfers are not an option, the Express ACH and Wise integration provide versatile and cost-effective solutions for various payment needs.
| Transfer Type | Novo Charge | Details |
|---|---|---|
| Incoming Wire Transfers | $0 | Receive money into your account without any fees from Novo. |
| Outgoing Domestic Wires | Not Available | Novo does not offer traditional outgoing domestic wire transfers. |
| Express ACH | 1.5% | Max $20 per transaction for expedited domestic payments. |
| International Wires | Via Wise | Fees are determined by Wise; transactions processed through their integration. |
