The monthly fee is rarely the expensive part
Most founders compare the headline number first. That habit costs money. A BMO Essential Business Account runs $5 a month, while a TD Business Essential Account sits at $35, waived when you keep a $45,000 balance. Neither number tells you much on its own, because the charges that hurt usually appear later: $1.50 for each Interac e-Transfer past the included six, $2.50 per $1,000 of cash deposited, $5 for a paper statement.
Then there is currency. Traditional Canadian banks commonly mark up foreign exchange by roughly 2.5% to 3.5%, according to recent industry comparisons. For a Toronto studio billing US clients $40,000 a year, that spread quietly removes four figures before anyone reviews a budget. An online business bank account built for multi-currency work handles that differently, which is why the choice matters more for exporters and e-commerce sellers than for a consultant paid entirely in Canadian dollars.
Cash is the second hidden variable. Online-only platforms generally do not accept physical deposits. If you run a bakery in Mississauga or a weekend market stall in Calgary, you still need somewhere to put folded bills, and that usually means keeping a branch-based account alongside a digital one.
What the main accounts look like side by side
| Account | Monthly cost | Standout feature | Good fit for | Watch out for |
|---|
| BMO Essential Business Account | $5 | Unlimited electronic and ATM transactions; 6 e-Transfers | Online-heavy sole proprietors | No in-branch transactions included; cash deposits charged |
| TD Business Essential Account | $35 | Full branch access with a broad transaction package | Businesses that deposit cash and coin regularly | Fee only waived at a $45,000 balance |
| RBC Business Essentials Savings | $0 | Tiered interest up to 2% | Holding cash for tax installments | Savings account, not a daily operating account |
| RBC Digital Choice Business | Flat monthly fee | Unlimited electronic transactions, mobile cheque deposit | Owners who want a Big Five name without branch trips | Fewer in-person services |
| EQ Bank Business Account | No monthly fee | 2.25% interest on CAD balances | Keeping working capital earning something | Functions closer to savings than chequing; not offered in Quebec |
| Wealthsimple Business Chequing | No monthly fee | Up to 2.25% interest; CRA tax and GST/HST payments | Canadian-controlled private corporations | Limited to CCPCs, registered charities and associations |
| Venn | No monthly fee | Up to 3.5% interest on USD balances | Corporations outside Quebec holding reserves | Not available to Quebec-incorporated companies |
| Loop | No monthly fee on the Basic plan | Multi-currency card | Early-stage teams testing tools | Fewer integrated lending options |
| Airwallex Business Account | No monthly fee on the Explore plan | Local receiving details in 20+ countries; collection in 75+ | Exporters, marketplaces, SaaS sellers | No branches for cash; no commercial mortgages or lines of credit |
Fees and rates shift, so confirm current pricing with each provider before you commit. Treat the table as a starting filter rather than a final answer.
Eligibility catches people off guard
Canada's online business bank account market is not uniform from coast to coast. EQ Bank does not serve Quebec clients. Venn excludes Quebec-incorporated corporations. Wealthsimple Business Chequing is restricted to Canadian-controlled private corporations along with registered charities and associations, which leaves sole proprietors looking elsewhere.
Structure matters too. BMO lets a sole proprietorship open an account online with a trade name registration or master business licence, while corporations and partnerships typically face a longer document list. Newcomers who incorporated in BC but live in Ontario sometimes discover the paperwork expected by one province's registry is not what the other bank asks for.
One more point worth knowing: fintech platforms are not banks. Airwallex, for example, states that customer funds sit in segregated trust accounts under the Retail Payment Activities Act rather than under a bank charter. Deposit insurance coverage therefore depends on where the underlying money is held, and it is reasonable to ask a provider directly.
Three owners, three different answers
Priya runs a two-person design studio in Mississauga as a sole proprietorship. Her clients pay by e-Transfer, her software bills in USD, and she files GST/HST quarterly. A no-fee account with CRA payment support cleared most of her friction, and she keeps a $5-per-month branch account purely for the occasional cash cheque from a local client. Her total banking cost stays under $10 a month, and her bookkeeping exports straight into her tax software.
Marc is a Montreal consultant invoicing US clients in USD. Because Quebec-incorporated businesses are shut out of a few of the newer platforms, he ended up pairing a domestic chequing account with a multi-currency tool for receiving funds. His foreign exchange cost dropped noticeably once dollars stopped being converted automatically on arrival.
Dana sells outdoor gear from a Calgary warehouse. She needs both worlds: a branch account for cash deposits and coin float, plus a digital account where she can hold USD from US marketplace sales and pay overseas suppliers without a conversion hit on every transaction.
What to gather before you click open account
- Register for a business number through the CRA, including GST/HST and payroll program accounts where they apply.
- Collect your incorporation certificate, articles, or master business licence, plus trade name registration if you operate under one.
- Have government photo ID, date of birth and address ready for every signer, along with the ownership structure details the bank requests.
- Decide who can authorize payments and set that signer authority before your first deposit, not after.
- Fund the account with an opening deposit so payroll and vendor payments do not bounce in week one.
- Connect the account to your accounting file and set up CRA bill payments early, since GST/HST deadlines arrive faster than most new owners expect.
Sorting the shortlist
Start with how money actually arrives. Cash-heavy retail generally needs one branch-based account, whatever else you add. Cross-border invoicing usually justifies a multi-currency account on its own merits, because currency markup on a traditional account adds up quietly across a year.
Then check the boring details: transaction limits, e-Transfer allowances, cash deposit charges, and whether your province or business structure qualifies at all. A quick call to each shortlisted provider, with your incorporation province and structure stated up front, saves weeks of rejected applications later.
Compare two or three on a single spreadsheet using your real monthly volumes rather than the tiers advertised on the landing page. Most owners find the cheapest option for their pattern is not the one with the lowest headline fee, and the difference often comes down to a handful of charges they never noticed until the first statement arrived.
研究の知恵