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Business banking
We compare monthly fees, transfer costs, interest, multi-currency features and how your money is protected, across challenger banks, fintech accounts and the big banks.
11 accounts in Canada
Fintech account · Multi-currency
Multi-currency accounts, payments and cards together
Venn combines CAD, USD, GBP and EUR accounts, business payments and cards. Essentials has no monthly subscription; payment fees and cashback limits depend on your plan.
Monthly subscription
C$0
Essentials; Plus C$40, Pro C$100
Account currencies
4
CAD, USD, GBP and EUR
Conversion fee
0.45%
Essentials; Plus 0.35%, Pro 0.25%
Fintech account · Multi-currency
Four currencies, unlimited local transfers
A free Basic account holding CAD, USD, GBP and EUR, with unlimited local transfers by EFT, ACH and SEPA and up to 20 virtual cards.
Monthly fee
C$0
Basic plan
Currencies
4
CAD, USD, GBP and EUR
Virtual cards
20
Included
Licensed bank · High interest
Earn interest on your operating cash
A digital business account from Equitable Bank with no monthly fee and 2.25% interest on CAD balances.
Monthly fee
C$0
No monthly fee
Interest
2.25%
On CAD balances
Bank
Equitable
Licensed Canadian bank
Fintech account · Multi-currency
A global account for businesses
Hold 20+ currencies and convert at 0.5% above interbank for major currencies, with cards and expense tools on the free Explore plan.
Monthly fee
CA$0
Explore plan
Currencies
20+
Held as balances
FX
0.5%
Above interbank, major currencies
Fintech account · Multi-currency
Mid-market rates in 40+ currencies
No monthly account fee, balances in 40+ currencies and conversions at the mid-market rate from 0.48% for CAD.
Monthly fee
C$0
No monthly fee
Currencies
40+
Hold and send
FX
From 0.48%
Mid-market rate
Fintech account · Chequing & investing
Free business chequing that earns interest
No monthly fee or minimums, interest up to 2.25% on balances, unlimited free transactions and e-Transfers up to $50,000 daily — plus business investing and group savings.
Monthly fee
C$0
No monthly fee or minimums
Interest
Up to 2.25%
Based on total assets held
e-Transfers
$50,000/day
Free to send and receive
Licensed bank · Big Five
A big bank, priced for online banking
Unlimited online transactions and Interac e-Transfers for a flat $6 a month, with RBC’s branch network behind it.
Monthly fee
C$6
Flat
Transactions
Unlimited
Online
e-Transfers
Included
Interac
Licensed bank · Big Five
TD’s lowest-cost business account
A flat C$6 a month for unlimited electronic transactions and deposit items, with 10 Interac e-Transfers included and TD’s branch network behind it.
Monthly fee
C$6
Flat
Electronic transactions
Unlimited
Plus deposit items
e-Transfers
10 included
Interac, per month
Licensed bank · Big Five
BMO’s low-fee digital business account
BMO’s Essential Plan (formerly the eBusiness Plan) costs C$5 a month and is designed for businesses that bank mostly online. Sole proprietors and single-owner corporations can open it online.
Monthly fee
C$5
Essential Plan
Open online
Yes
Eligible businesses
Higher plans
From C$25
Everyday Plan
Licensed bank · Big Five
A big-bank account that rewards your balance
The monthly fee is waived when you keep C$8,000 or more, and you earn one free transaction for every C$1,500 of minimum monthly balance. Available in Canadian and US dollars.
Monthly fee
C$10.95
Waived at C$8,000
Free transactions
1 per C$1,500
Of minimum balance
Currencies
CAD and USD
Separate accounts
Licensed bank · Big Five
Pay only for the transactions you make
A low monthly fee with transactions charged as you use them, which suits businesses with only a handful of transactions each month.
Monthly fee
C$6
Basic plan
Self-service
C$1
Per transaction
Full-service
C$1.25
Per transaction
Best for Canadian businesses managing multi-currency payments and team spending
Compare Venn’s account plans, payment fees and bank alternatives
Best for local USD, GBP and EUR accounts
Free account with CAD, USD, GBP and EUR
Best for interest on CAD balances
No monthly fee and 2.25% interest on CAD
Who holds your money affects fees, features and how your deposits are protected.
Branches, cash services and lending under one roof, usually with higher monthly fees and FX costs.
Fully licensed banks that operate online, often with free plans and modern apps, and protected deposits.
Accounts that hold your money through partner banks or as e-money, often with multi-currency features and lower FX costs.
Every rating comes from the provider’s published terms, checked against official sources and dated. Partners and non-partners are rated the same way.
