Why the branch habit is expensive now
Most Canadian businesses still open their first account at a Big Five branch, and that choice is rarely wrong on day one. The trouble shows up around month eight, when the fee waiver starts dictating how much cash sits idle. RBC's Ultimate Business account runs $100 a month unless a $75,000 daily balance stays put. TD Unlimited charges $125 and waives it at $65,000. Even the cheaper tiers ask for balances in the five-figure range: TD Business Essential costs $35 monthly and drops to zero only with $45,000 on deposit.
Run the arithmetic and the waiver becomes a cost, not a perk. Locking $65,000 into a chequing account to dodge $1,500 in annual fees means that money earns nothing. At the 2.25% that EQ Bank pays business deposits, the foregone interest is roughly $1,460 before tax. You have paid the fee anyway, just in a less visible way.
Then come the per-item charges that rarely make it into the sales conversation. Interac e-Transfer is the backbone of Canadian small business payments, and most branch accounts include a modest allowance, then charge about $1.50 per send. Cash deposits are free up to $25,000 in the month, then $2.50 per $1,000 at the counter. Outbound international wires land between $30 and $80 depending on the amount, and incoming wires often carry a $15 deduction before the money reaches you.
Foreign exchange is the line item that quietly decides whether a product is profitable. A 2.5% to 3.5% markup on $500,000 of US revenue is $12,500 to $17,500 a year. Since the large majority of Canadian small and mid-sized exporters sell into the US market, that markup hits the same businesses already paying for branch access they may not use.
Regional quirks sharpen the picture. Quebec-incorporated companies cannot open EQ Bank or Venn business accounts at all, which pushes them toward National Bank at $100 monthly, waived at an $80,000 balance, or back to the Big Five. Prairie and Atlantic businesses that still handle customer cash need a deposit path that fintechs simply do not offer. Freelancers and sole proprietors in Toronto or Vancouver, meanwhile, are paying branch fees for services they never touch.
What a realistic setup looks like
The practical answer is usually two accounts, not one. A digital account handles day-to-day inflows, e-Transfers, bill payments and tax set-asides. A branch-linked account, or a credit union, absorbs cash and the occasional certified cheque. Splitting the two costs less than most people expect because the digital half is usually free.
Start with the operating layer. EQ Bank's business account charges $0 monthly, pays 2.25% on CAD balances, includes 50 outgoing and 100 incoming e-Transfers with no minimum balance. Wealthsimple Business Chequing is free with interest that scales up to 2.25%. Float pays 2.5% on CAD and 2.75% on USD with free transfers between the two currencies. A Vancouver design studio that moved its invoicing to a free digital account kept its $125 monthly fee in the business and redirected it into a tax reserve, which is a small move with an outsized effect on cash discipline at year-end.
For anyone billing overseas, a multi-currency layer earns its place. Airwallex, a fintech rather than a bank, holds client funds in segregated trust accounts under the Retail Payment Activities Act and offers local receiving details in more than 20 currencies, with conversion at interbank rates plus 0.5% on major currencies and 1% on others. A Montreal importer paying European suppliers in euros and US customers in dollars can hold each currency until it actually needs converting, which removes the forced conversion that branch accounts apply on arrival.
Cash-heavy operations in Saskatchewan or rural Manitoba should look at a credit union before a national bank. Credit union business e-Transfer limits are often higher than people assume, with per-transfer caps around $10,000 and 30-day caps near $300,000, and the relationship model still includes a person who knows the account. That combination is hard to replicate online.
Quebec owners have a narrower menu but a clearer decision. National Bank's bilingual service and $80,000 waiver threshold compete with RBC and BMO rather than with free fintech accounts, so the comparison should be strictly among branch options. Chasing a feature that is unavailable in the province wastes time.
Plan comparison at a glance
| Provider | Monthly fee | Standout feature | What you give up |
|---|
| EQ Bank Business | $0, no minimum | 2.25% interest, 50 free outgoing e-Transfers | No cash deposits, not open to Quebec or partnerships |
| Wealthsimple Business Chequing | $0 | Interest up to 2.25%, free electronic transfers | No branch or cash handling |
| Float | $0 | 2.5% CAD, 2.75% USD, separate currency cards | Limited cheque support |
| Venn | $0 | Interest on both CAD and USD balances | Not available in Quebec |
| Airwallex | $0 on entry plan | Local details in 20+ currencies, cards with cashback | No branch, no paper cheques, no lending |
| BMO Essential Business | $5 | Cheapest Big Five entry, unlimited electronic transactions | $0.25 per cheque deposit, $1.50 per e-Transfer past six |
| TD Business Essential | $35, waived at $45,000 | Branch and cash access | Balance requirement, per-item fees |
| RBC Ultimate Business | $100, waived at $75,000 | $25,000 free monthly cash deposits | Largest waiver balance of the group |
Fees and rates above reflect published pricing on provider sites in 2026. Confirm current terms before you apply, since entry plans and allowances change.
How to choose without guessing
Pull three months of statements and count what you actually do: number of e-Transfers sent, cheques deposited, cash handed over the counter, wires out, and foreign currency received. Under 30 electronic transactions a month, an entry tier is almost always enough and a premium bundle is a donation. Above a few hundred, unlimited packages start to make sense, provided you can meet the balance without starving the operating float.
Check CDIC protection next. EQ Bank, Float, Wealthsimple and the branch banks all offer coverage up to $100,000 per insured category, directly or through partner institutions. Fintech platforms structured as payment companies hold funds in trust instead, which is a different promise and worth understanding before you park a large balance.
Match the account to your incorporation type. Sole proprietorships can generally apply online in minutes with business registration and personal ID. Corporations usually need articles of incorporation, a corporate profile report and a branch visit to verify identity, and any owner holding 25% or more must be disclosed during onboarding.
Finally, set up the plumbing on day one: link the account to your accounting software, route GST/HST collections into a separate sub-account, and keep a small buffer for the e-Transfer overage charges that appear the moment you have a busy month.
Open one free digital account and run your normal invoicing through it for a full billing cycle. Compare the statement against what your current bank charged, and the decision usually makes itself.
研究の知恵