The Canadian details that change the maths
Most Canadian businesses do not live inside one currency. A Toronto web studio invoices a client in Chicago, a Vancouver import shop pays a supplier in Shenzhen, and a Halifax consultant gets paid by Interac e-Transfer from a local client on the same Tuesday. That mix is why an online business bank account in Canada has to be judged on payment rails, not just on the headline price.
Two features of the local market shape the bill. Interac e-Transfer is the default way small clients pay, and several banks meter it after a handful of transactions. The second is the balance waiver. Traditional packages advertise a monthly fee and then remove it if you park a large daily balance in the chequing account. That looks generous. It is a loan you make to the bank at zero interest.
There is also a regional wrinkle. Digital providers frequently limit Quebec-incorporated businesses, and some products are simply not offered there, so owners in Montreal and Quebec City usually confirm provincial eligibility before filling in an application. Cash-heavy operations in smaller Prairie or Atlantic centres run into a different issue: online accounts have no branch, which makes depositing floats, bank drafts and rolled coin awkward.
Business type matters more than bank brand. A sole proprietor with six invoices a month and a scaling e-commerce seller with US sales tax exposure need almost opposite things from the same product category.
Side by side, sorted by what you actually pay
| Account | Monthly fee | Balance waiver | Interac e-Transfer | FX markup | Best for |
|---|
| EQ Bank Business Account | C$0 | None required | 50 outgoing included, then C$0.50 | Card-network rates | Owners who want interest on idle cash, no branch needed |
| Venn Essentials | C$0 | None required | Unlimited within plan thresholds | 0.45% on Essentials | CAD and USD balances earning yield, no platform fee |
| Float Essentials | C$0 | None required | Unlimited | 0.25% on CAD-USD conversions, otherwise about 2.5% | Teams holding separate CAD and USD cards |
| Wealthsimple Business Chequing | C$0 | None required | Unlimited | Limited multi-currency support | Incorporated businesses already holding Wealthsimple assets and remitting CRA payments |
| BMO Essential Plan | C$5 | None | 6 included, then C$1.50 | Roughly 2.5% to 3% | Owners who want a branch and a low entry fee |
| RBC Digital Choice | C$6 | None | 10 included, then standard fees | Roughly 2.8% to 3.2% | Businesses that want a national branch network |
| TD Unlimited Business Plan | C$125 | C$65,000 daily | Included | Roughly 2.8% to 3.5% | High-volume accounts with cash deposits |
| National Bank Premium Business | C$100 | C$80,000 daily | Included | Roughly 2.8% to 3.2% | Quebec and Ontario firms with heavy transaction counts |
| Airwallex Business Account | C$0 on the entry plan | None required | Local transfers instead of e-Transfer | 0.5% on major currencies | Exporters and e-commerce sellers paid in other currencies |
One note on the last row and on the digital names above it: several of these are fintech platforms rather than chartered banks. Client money sits in segregated trust accounts at deposit-taking institutions, and eligibility for deposit insurance depends on how the funds are held. That is not a reason to avoid them. It is a reason to read the protection page before you move a five-figure balance.
Four cost lines owners miss
The balance waiver is usually the most expensive item on the page. A comparison published this fall worked through the arithmetic: keeping C$80,000 parked to dodge a C$1,200 annual fee forgoes roughly C$2,200 in interest at prevailing savings rates. The waiver costs more than the fee it removes. If you can hold a healthy balance, an account that pays interest on it will generally beat an account that hides the fee behind a minimum.
Foreign exchange is where cross-border businesses bleed. The big-bank markup over the mid-market rate commonly lands between 2.5% and 3.5%. Digital alternatives publish 0.25% to 0.5%. On C$40,000 of US-dollar revenue a year, the gap is the difference between a modest software subscription and a used delivery van. If your customers pay in USD, price the FX line before you price the monthly fee.
Overage charges quietly rebuild the fee you thought you avoided. Six included e-Transfers at a C$5 plan becomes fourteen dollars in a busy month. Unlimited transfers on a no-monthly-fee business account is unglamorous and consistently undervalued.
Cash and paper still cost something. Depositing cash, ordering a bank draft, or writing cheques is either included, metered, or impossible depending on the provider. A retailer taking cash at a farmers' market should not pick an app-only account and then discover the workaround involves a friend's personal account.
Matching the account to the way you earn
For a consultant or contractor billing in Canadian dollars, the calculation is short. Count e-Transfers per month, add the CRA remittance habit, and pick the account with unlimited transfers and no balance condition. Wealthsimple suits incorporated owners who already keep investments there, since CRA business tax payments run from the same dashboard. EQ Bank suits those who want the operating balance earning interest while the tax money waits.
For exporters and e-commerce sellers, a multi-currency account is the starting point rather than an upgrade. Being able to receive USD, EUR or GBP into local details, and pay a supplier from the matching balance, removes a conversion you would otherwise pay twice. Float's separate CAD and USD cards help a small team keep receipts straight, though the 2.5% markup outside CAD-USD conversions is worth knowing before you spend in euros.
For a two-person design studio in Hamilton, the pattern I see most often is a cheap traditional chequing account for deposits plus a fintech account for client payments. It works, but it doubles the reconciliation work at year end. One account with unlimited transfers and a modest FX markup usually ends up cheaper once bookkeeping hours are counted.
Cash-based businesses should stay with a bank that accepts deposits, at least for the operating account. The C$5 to C$6 entry plans at BMO and RBC are reasonable if your transaction count stays low; the moment it climbs past the included allowance, the unlimited packages start to make sense.
Opening one without losing a week
- Confirm your business registration is complete, whether federal incorporation, provincial incorporation, or a sole proprietorship registered in your province. Registries differ, and the bank will ask for the certificate.
- Gather the standard file: government photo ID, the registration certificate, ownership or director details, and an address the bank can verify. Sole proprietors usually need less.
- Decide on signing authority before the application, not during it. Adding a second signer later means another verification cycle.
- Compare total annual cost using the federal Account Comparison Tool on Canada.ca, which lists features and fees in a consistent format across institutions.
- Ask two questions of any digital provider: where client funds are held, and whether Quebec-incorporated businesses are eligible.
- Link your accounting file on day one. QuickBooks and Xero connections are standard at most online providers and save the March scramble.
Your accountant or CPA is a useful second opinion on the multi-currency question, particularly if you carry US-dollar receivables. Local chambers of commerce also run sessions on business banking for new incorporations, which is a low-stakes way to hear how other owners in your city structured their accounts.
Start with your last three statements. Add up every fee line, convert the FX you paid, and compare that annual total to the interest you could have earned on the balance the bank required. That number, not the advertised monthly fee, tells you whether your current online business bank account in Canada is doing its job. If it is not, moving takes an afternoon and the paperwork above.
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