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? We are working together to bring you the financial tools you need to run your small business as effectively as possible. Instead of building our own solution, we teamed up with the fastest and lowest cost provider in the world for sending money abroad. When you think of sending a payment, the transaction should go through no matter where you’re sending money to. They’re also used used and trusted by more than 6 million individuals and businesses. TransferWise makes international bank transfers easier, more convenient and more transparent for you, eliminating pesky hidden fees. Both of us have similar values as we want to modernize an outdated financial system to help you bank in a better way. Banking services provided by Middlesex Federal Savings, F.A. digital banking platform to integrate with TransferWise (Novo is a fintech, not a bank. We’re proud to announce that Novo is the first U.S. The story behind the TransferWise integration Read on to learn more about why we teamed up with the international payment platform, TransferWise. ![]() Meanwhile, TransferWise transactions are usually completed within the same day of sending them. International wires and transfers through other services take about 3 to 7 days to reach the other side. 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. Large banks and other payment services often have disadvantageous foreign exchange (FX) rates for customers. ![]() ![]() Meanwhile, other payment services businesses can charge more than 10x as much as TransferWise to send money abroad. These fees add up, cutting into your profit over time. International wire transfers are pricey, setting you back $15 to $45 per transfer. After all, small business owners don’t have a lot of options for sending money abroad. We believe simplifying how you manage your business’s financial operations offers you the freedom to pursue your dreams, and all entrepreneurs have the right to powerfully simple tools and transparent fees. 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 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. Oday, 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.
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