Updated October 17, 2026 · VaultCue Editorial Team
Novo vs Qonto Portugal Business Account
Novo
Higher score in this comparison
Qonto Portugal Business Account
What sets them apart
| Compare | NovoReviewVisitVisit | Qonto Portugal Business AccountReviewVisitVisit |
|---|---|---|
| Monthly fee | $0 | €9 |
| Deposit protection | FDIC up to USD 250,000 | EU DGS up to EUR 100,000 |
| Local account details | Us ACH | IBAN |
| Transfer fee | Standard ACH $0; Express ACH and outgoing wire provider fees shown before sending | 30 SEPA transfers/month included, then EUR 0.20 per extra transaction (Basic plan) |
| Licence type | Not confirmed | Payment institution |
| Currency conversion fee | Not confirmed | 0.8% to 1.8% |
| Currencies | Not confirmed | from 30 |
| Free ATM withdrawals | $7 | Not confirmed |
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Key differences
- Novo scores higher overall: 9.2 vs 8.7.
- Qonto Portugal Business Account is available in 7 more countries.
- Local account details: only Novo offers Us ACH.
- Local account details: only Qonto Portugal Business Account offers IBAN.
- Support channels: only Qonto Portugal Business Account offers Phone.
- Features: only Novo offers Free ATM.
- Features: only Qonto Portugal Business Account offers Digital only.
Our verdict on each
Novo
Novo is a US business-banking fintech. It sends a physical debit card to the primary owner when the account is opened, and a virtual card can be activated after approval.
Qonto Portugal Business Account
Qonto Portugal Business Account suits small businesses and freelancers who want a euro account with reach into many currencies and EU deposit protection. The trade-off is the €9 monthly fee, against €0 at XTB and €0 at AXI Card every month.
Score breakdown
| Area | Novo | Qonto Portugal Business Account |
|---|---|---|
| Cost | 9.3HigherMonthly fee $0, minimum deposit $0 and transfer fee $0 on the business checking account. | 8.5It charges a monthly fee of €9 where €0 is the norm on the site, offset by conversion fees of 0.8% to 1.8%. |
| Offer | 9.1 | 9.5Higher |
| Trust | Not confirmed | 8.3 |
Choosing between them
Pick Novo if cost matter most.
Pick Qonto Portugal Business Account if offer matter most.
Where these facts come from
Novo
- novo.co: 11 facts, checked September 26, 2026
Qonto Portugal Business Account
- qonto.com: 10 facts, checked September 26, 2026
- euclid.eba.europa.eu: 3 facts, checked September 26, 2026
How they place
| Ranking | Novo | Qonto Portugal Business Account |
|---|---|---|
| Business bank accounts | 10 of 563 | 6 of 563 |
| Accounts for freelancers | 4 of 130 | 3 of 130 |
Every fact side by side
| Fact | Novo | Qonto Portugal Business Account |
|---|---|---|
| Audience | Business, Freelancer | Business, Freelancer |
| Pricing model | No monthly fee | Not confirmed |
| Features | Free ATM | Digital only |
| Legal entity | Novo Platform Inc. | QONTO |
| Headquarters | United States | France |
| Founded | Not confirmed | 2017 |
| Support channels | Chat, Email, Help centre | Chat, Phone, Email, Help centreCovers more |
Money transfer
| Fact | Novo | Qonto Portugal Business Account |
|---|---|---|
| Delivery time | Same-day with Express ACH; FedNow transfers in seconds | Not confirmed |
| Payout methods | Bank | Not confirmed |
| Fee to send 1,000 | $0 | Not confirmed |
Where each stands against the rest
| Fact | Novo | Qonto Portugal Business Account | Median |
|---|---|---|---|
| Currency conversion fee | Not confirmed | 0.8% to 1.8%above the median | 0.5 |
| Currencies | Not confirmed | from 30highest quarter | 5 |
| Free ATM withdrawals | $7highest quarter | Not confirmed | $0 |
Median across 536 listed accounts.
Pros and cons
Novo
Pros
- Both physical and virtual card access are described.
Cons
- Virtual-card activation follows account approval.
Qonto Portugal Business Account
Pros
- The account covers from 30 currencies, well above the 5 seen across the site.
- Deposits sit under EU DGS up to EUR 100,000, so the working balance stays inside the EU guarantee.
- Support runs on chat, phone and email, including a phone line for urgent payment problems.
Cons
- The €9 monthly fee is the cost rivals skip, with XTB at €0 and AXI Card at €0.
- Currency conversion costs of 0.8% to 1.8% apply to any payment made outside the euro zone.
- The account is digital only, so there is no branch counter and no paper trail outside the app.
Who each suits
Novo
Who it suits
- US business owners who want physical and virtual debit-card access through Novo.
Who should look elsewhere
- Applicants expecting virtual-card activation before account approval.
Qonto Portugal Business Account
Who it suits
- Businesses and freelancers, the audiences the account is built for, billing in euros.
- Companies with customers in several markets, since the account covers from 30 currencies.
- Finance teams that want deposit cover in the same account they pay suppliers from, under EU DGS up to EUR 100,000.
Who should look elsewhere
- XTB, when the monthly fee decides it: XTB lists €0 and this account charges €9.
- AXI Card, for the same reason, with a monthly fee of €0 against €9 here.
- Skrill, if a wallet balance fits the money flow better than a business account carrying €9 a month and 0.8% to 1.8% on conversion.
Current offers
Novo
Current offer
Bonus
Novo cashback on eligible purchases: 1% cashback with a Novo checking account balance under $5,000; 2% with a balance of $5,000 or more
Requires a Novo checking account; rate depends on account balance; eligibility subject to final Novo determination
Source, checked September 26, 2026
Qonto Portugal Business Account
Current offer
Free trial
1-month free trial: 1 month free
Offered on the self-employed Basic, Smart and Premium plans; prices shown are monthly equivalents on an annual plan
Source, checked September 26, 2026
Bonus
Account remuneration: boosted rate for 2 months: 5% AER for 2 months, then 1.5% AER
Smart and Premium plans; requires at least 5 eligible transactions per month; balance cap EUR 50,000 (Smart) or EUR 100,000 (Premium)
Source, checked September 26, 2026
Country by country
| Country | Novo | Qonto Portugal Business Account |
|---|---|---|
| Austria | No | Yes |
| Belgium | No | Yes |
| France | No | Yes |
| Germany | No | Yes |
| Italy | No | Yes |
| Netherlands | No | Yes |
| Portugal | No | Yes |
| Spain | No | Yes |
8 of 9 countries where either is available.
Questions about each
Novo
Which tools can connect with the banking setup?+
Accounting, payments and payroll tools can be connected so that information stays in step across the business. A change made in one place carries through to the others without retyping. Owners who already use established bookkeeping routines can keep those habits in place while adding more reach.
Can a business grow without changing banks?+
The platform is designed to handle more volume as a company grows, so owners can plan ahead without adding extra busywork. Its features are meant to scale with the operation rather than forcing a move to a larger bank. Keeping the same banking setup while the business expands can make transitions smoother for owners and the people they work with.
Qonto Portugal Business Account
What does the account cost each month?+
The account carries a monthly fee of €9 on the Basic plan. Payment activity adds to it: transfers beyond the included bundle each carry a flat charge. Budget for the fee as the baseline cost of keeping the account open.
What do extra SEPA transfers cost?+
On the Basic plan a bundle of SEPA transfers is included each month, and every transfer after that is charged at a flat rate per transaction. The monthly fee of €9 does not cover extra payment volume, so busy months cost more than the headline price.
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