Bank Novo Integrates with TransferWise: Send International Payments With Ease

Bank Novo is the first U.S. digital banking platform to integrate with TransferWise, the leading international payments platform. Send payments to dozens of countries from your Novo account in a fast and affordable manner.
by
Novo News
December 03 | 5 Minutes

Today, the US gig economy is thriving as more than half of small business owners have international customers, while 17% of freelancers export their services to clients abroad. We also have a large number of customers who do business outside the U.S., and they were looking to find a better alternative to send money abroad. 

In an effort to provide small business owners with a simple, secure, and flexible way to send money abroad, we turned to the leading international payments platform TransferWise. We believe banking empowerment offers you the freedom to pursue your dreams, and all entrepreneurs have the right to powerfully simple tools and transparent fees.

After all, small business owners don’t have a lot of options for sending money abroad. International wire transfers are pricey, setting you back $15 to $45 per transfer. These fees add up, cutting into your profit over time. Meanwhile, other payment services businesses can charge more than 10x as much as TransferWise to send money abroad.

Large banks and other payment services often have disadvantageous foreign exchange (FX) rates for customers. TransferWise bucks this trend by offering FX “at the actual mid-market rate with no markups or other hidden fees.”

It is also faster to send money abroad with TransferWise. International wires and transfers through other services take about 3 to 7 days to reach the other side. Meanwhile, TransferWise transactions are usually completed within the same day of sending them.

Read on to learn more about why we teamed up with the international payment platform, TransferWise.

The story behind the TransferWise integration

We’re proud to announce that Novo is the first U.S. digital banking platform to integrate with TransferWise. Both of us have similar values as we want to modernize an outdated financial system to help you bank in a better way. 

TransferWise makes international bank transfers easier, more convenient and more transparent for you, eliminating pesky hidden fees. They’re also used used and trusted by more than 6 million individuals and businesses.

When you think of sending a payment, the transaction should go through no matter where you’re sending money to. Instead of building our own solution, we teamed up with the fastest and lowest cost provider in the world for sending money abroad. We are working together to bring you the banking tools you need to run your small business as effectively as possible.

 With TransferWise, we’re able to deliver a world-class product for modern SMBs who are becoming mobile-first and borderless, allowing them to access talent and resources anywhere in the world. -Novo CEO and Co-Founder Michael Rangel

What are the benefits of TransferWise?

If you’re a US small business looking to send money abroad to your business partners, this integration eliminates a lot of the pain that often comes with sending money abroad. Here’s what you can expect:

  • Send international payments in multiple currencies, including the U.S. Dollar (USD), Euro (EUR), British Pound (GBP), Japanese Yen (JPY), and many more.
  • It’s easy to send, and funds arrive quickly.
  • No maintenance fees.
  • You’ll always get the mid-market exchange rate when sending money abroad.
  • Low fees on payments, no hidden fees, and no surprises.
  • Once you add a payee, they will be saved there for future transactions.
  • TransferWise transaction practices are consistent with Novo’s practices.

By plugging into our API, Novo and Stanford Federal Credit Union just became the fastest and cheapest to use in the U.S. for international payments, said TransferWise CEO and Co-Founder Kristo Käärmann, in a statement.

International Payments
TransferWise launch party in NYC (left to right): Novo CTO and Co-Founder Tyler McIntyre, Stanford Federal Credit Union Senior VP/Interim CFO Paul Jockisch, TransferWise CTO Harsh Sinha, Cheddar Business Reporter/Contributing Anchor Tanaya Macheel.
How does Novo work with TransferWise?

If you’re a Novo customer who doesn’t have a TransferWise account, one will be automatically created for you if you choose. You can connect you Novo account to TransferWise in a quick and seamless manner. There’s no need to add your information again because this is done automatically for you.

How do I connect with TransferWise?

To access the TransferWise integration, follow these simple steps:

  • Log in to your Novo iOS app.
  • Go to the bottom banner and click on Account.
  • Go to Integrations.
  • Click on TransferWise and follow the instructions.

Alternately, you can:

  • Go to the bottom banner and click on Move Money.
  • Click Make a Payment.
  • Hit the International tab on the top.

And that’s all you have to do! You can now log into TransferWise from your Novo account, making it easy for you to send money/funds abroad. 

Want to know more about our integration? Head over to our FAQs section for more information and a breakdown of the currencies we support.

What a Novo customer had to say:

We transact business overseas. TransferWise with Novo doesn’t just make it possible, it makes it easy. -Mark Tsigounis, Founder of Hibear 

Low fee

The Takeaway

TransferWise is one of the smartest and cheapest ways to send international payments, and they’re also passionate about making small business banking as quick and seamless as possible. With this integration, we take another step towards providing a transparent and affordable banking experience for you and other small business owners.

If you’re a freelancer or small business owner looking for the smoothest banking experience out there, apply for a Novo account today.

Full Press Coverage on Bank Novo and TransferWise Integration

  • Bank InnovationWith TransferWise, Novo extends its marketplace banking approach 
  • Telegraph UKBritish fintech start-up TransferWise signs US partners for trans-Atlantic expansion
  • Business InsiderCross-border payments startup TransferWise just inked its first US bank partnerships, including one with digital bank Novo. We chatted with its CEO about the launch, and why an IPO is still far off.
  • American BankerU.K.’s TransferWise, once a rival to banks, launches with U.S. FIs
  • CheddarEuropean Payments Unicorn TransferWise Launches for U.S. Banks
  • FinExtra: TransferWise for Banks lands in U.S.
  • PaymentsSourceU.K.’s TransferWise, once a rival to banks, launches with U.S. FIs 
  • Tearsheet TransferWise launches TransferWise for Banks in the U.S. with Novo
  • Crowdfund InsiderTransferWise for Banks Makes Debut in the U.S.
  • Banking DiveFormer ‘Robin Hood’ payments company TransferWise dips toe in U.S. banking market
  • Mobile Payments TodayTransferwise launches international money transfer from U.S. banking apps 
  • LendIt Fintech NewsTransferwise Working with U.S. Financial Institutions
  • Fintech FuturesTransferWise delivers cheaper international payment service to U.S. 
  • FinTech InShortsTransferWise: Delivers cheaper international payment service
  • Fintech GlobalUK-founded TransferWise expands into the U.S. with Novo and Stanford Credit Union Partnerships
 

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