You can send money to an external bank account or to your payees through electronic transfers, your debit card and peer to peer (P2P) services, and through mailed checks.
Electronic Transfers
Novo offers free ACH transfers from your account. An ACH transaction is an electronic money transfer between banks and credit unions, facilitated by the Automated Clearing House (ACH) network.
A wire is another type of electronic money transfer directly between accounts, bypassing the Automated Clearing House, without many of the safeguards associated with an ACH. Whereas ACH transfers are free, the cost of a wire transfer typically depends on the amount of the transfer. Novo does not support outgoing wire transfers, though you may use our integration with Wise or another third party to facilitate sending a wire.
For faster ACH transfers, Novo offers ACH Express to deliver your ACH transfers sooner with a small fee.
Debit Card Transactions
You may use your Novo card with a number of P2P services such as CashApp and Venmo. Link your Novo account to your preferred platform to use your card to send funds to another party.
Checks
Novo will send a check to your payee on your behalf straight from the app. Once you log in, you can add your payee details to have a check mailed directly to them. Though we do not offer physical checkbooks, a record of all of your mailed checks is easily accessible in your account.
Timing
The various delivery times associated with these payment methods are as follows:
ACH Transfer: 1 - 4 business days
Wire Transfer: within 1 business day (up to 2 business days for international wires)
Debit/P2P: 1 - 3 business days
Checks: 7 - 10 business days