Where the friction actually shows up
Published fee schedules from the big institutions tell a consistent story. Entry-level business packages sit around $5 to $6 a month, and higher-volume packages run from roughly $20 to $125. Most of the expensive tiers can be avoided by keeping a minimum daily balance, but those thresholds are steep: $45,000 at TD, $75,000 at RBC, and $20,000 for Scotiabank's Plan A. For a two-person company, parking five figures in a chequing account to dodge a $35 fee is a cash-flow decision, not a saving.
Currency is the second pressure point. Innovation, Science and Economic Development Canada reported that 85.3% of Canadian SME exporters sold into the US market in 2023. If a good share of your invoices are in US dollars, the markup your bank applies on conversion matters more than the monthly fee. Traditional accounts commonly apply 2.5% to 3.5% above the mid-market rate, which is real money on a $30,000 invoice.
Then there is the paperwork side. Online sign-up is fast when your details match the provincial business registry, and painful when they do not. A mismatched address or director record can stall an application for weeks. Some digital accounts also carry eligibility limits worth reading before you fall in love with the fee structure. EQ Bank's business account, for example, is not available to Quebec residents or businesses, trusts, partnerships, charities, or companies owned by another company.
Interac e-Transfer counts and cash deposit allowances round out the picture. A business paying six contractors a month can burn through an included bundle of 10 transfers quickly, and cash-heavy operations in smaller towns often find that online-only accounts handle deposits differently than a branch does.
Comparing the realistic options
| Account | Monthly fee | Included activity | Best fit | Watch out for |
|---|
| Wealthsimple Business Chequing | $0 | Unlimited transactions, e-Transfers at no extra charge | Sole proprietors, consultants, startups | Virtual card only, limited cash handling |
| EQ Bank Business Account | $0 | No monthly fee, no minimum balance | Registered sole proprietors, small corps | Not for Quebec, trusts, partnerships |
| BMO Essential Business Account | $5 | Unlimited electronic and ATM transactions, 6 e-Transfers | Small retail and service businesses | Cheque and cash items add up |
| RBC Digital Choice / TD Business Digital | $6 | Unlimited electronic transactions, 10 e-Transfers | Owners who mostly bank online | Branch help costs extra on some packages |
| Scotiabank Right Size / CIBC Basic | $6 | Pay-per-use, $1 to $1.25 per item | Very low-volume accounts | Costs climb fast with volume |
| CIBC Unlimited Business | $65 | Unlimited domestic transactions | Established firms with payroll | Fee waiver needs a large balance |
| Multi-currency platforms (Airwallex, Loop) | $0 on entry plans | Local receiving details in many currencies | Exporters, e-commerce sellers | Not a full replacement for a domestic operating account |
The pattern is clear enough. If almost everything you do is electronic, a $5 or $6 digital package from a Big Five bank is competitive and keeps branch access in reserve. If your transaction count is low and irregular, the pay-per-use accounts cost less on paper than they do in practice, so run your own numbers on a typical month.
Matching the account to how you get paid
Sole proprietors and one-person operations
Wealthsimple's business chequing account became available to sole proprietors at the end of October 2026, including owners who are not registered with a provincial registry. No monthly fee, unlimited e-Transfers, and a virtual prepaid business Visa card with 1% cash back. That combination suits a freelance consultant in Kelowna or a contract photographer in St. John's who needs separation between business and personal spending for tax time.
EQ Bank takes a different route. Digital sign-up, no monthly fee, no minimum balance, and a Canadian mobile number is required. Registered sole proprietors apply with personal ID and business registration, while corporations need director information and a CRA program account number. Deposits fall under CDIC protection through Equitable Bank, up to $100,000 per insured category per depositor, and note that sole proprietorship deposits are combined with the owner's personal deposits rather than insured separately.
Incorporated companies with US or overseas clients
Picture a Mississauga software consultancy invoicing two American clients monthly. It keeps a domestic operating account for payroll and rent, then routes US receipts through a multi-currency account. On the Airwallex Explore plan, the monthly fee is $0 and the conversion markup is 0.5% on major currencies and 1% on others, with local account details available in more than 20 currencies. Loop's Basic plan charges nothing monthly and quotes 0.25% on CAD-to-USD conversions, with separate cards for each currency.
A USD business bank account in Canada does not have to be a full bank. Many owners now keep two layers: a Canadian chequing account for CRA remittances and domestic bills, plus a currency platform for collection. The trade-off is administrative, since you are reconciling two statements instead of one.
Businesses that still deal in cash
A bakery in Timmins or a landscaping outfit in Red Deer will care about deposit limits and night-drop access more than about app design. BMO's $5 Essential package includes unlimited electronic and ATM transactions but only six e-Transfers, so a payroll run through Interac means watching that count. Higher tiers at RBC, TD and CIBC raise deposit allowances but attach a balance requirement to waive the fee.
What to sort out before you apply
Getting the details right upfront saves weeks. Confirm that your business name, address and director records at the provincial registry match the documents you plan to upload. Have your CRA program account number on hand if you are incorporating. Decide who the signing officer will be, since some digital accounts allow only one individual per business to open and manage it.
Count three things from last month's statements: electronic transactions, Interac e-Transfers, and cash or cheque deposits. Those numbers, not the headline fee, determine which tier is cheaper for you. Then check where your deposits sit for protection, and confirm the institution's coverage limit rather than assuming it.
One last practical check: application windows and promotional offers change quickly in this segment, and several current bonuses are tied to specific opening dates. Read the terms on the day you apply rather than relying on a comparison you saved in the summer.
Run your own transaction count, pick the tier that matches it, and revisit the decision once your volume changes. That single habit tends to save more than any promotional offer attached to an online business bank account in Canada.
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