Key takeaways
- Big-bank basic plans: about C$5–11 a month.
- Fintech accounts: from C$0, often with USD, GBP and EUR built in.
- Banks offer branches, cash deposits and lending.
- Many businesses use both: a bank for CAD and lending, a fintech for currencies.
Big-bank basic business accounts
| Bank | Account | Monthly fee |
|---|---|---|
| BMO | Essential Plan | C$5 |
| TD | Business Digital Account | C$6 |
| RBC | Digital Choice Business | C$6 |
| CIBC | Basic Business Operating Account | C$6, plus C$1 per self-service transaction |
| Scotiabank | Basic Business Account | C$10.95, waived with an C$8,000 balance |
Fintech business accounts
| Provider | Monthly fee | Currencies |
|---|---|---|
| Venn | C$0 (Essentials) | CAD, USD, GBP, EUR |
| Loop | C$0 (Basic) | CAD, USD, GBP, EUR |
| Wise Business | C$0 | 40+ |
| Airwallex | CA$0 (Explore) | 20+ |
Which suits you
- Choose a big bank if you deposit cash, want branch support, or need a lending relationship for loans and credit lines.
- Choose a fintech if you pay or get paid in other currencies, want low fees, and bank online.
- Use both if you want a bank for CAD and lending plus a fintech for USD and international payments, a common set-up for growing businesses.
What to compare
- Monthly fee and what it includes (transactions, e-Transfers).
- Whether the fee can be waived with a balance.
- Foreign currency accounts and conversion costs.
- Integrations with QuickBooks or Xero.
A worked example
A Vancouver SaaS company sells to US customers and pays contractors in CAD.
- It keeps a big-bank account for CAD payroll, tax payments and a line of credit.
- It adds a fintech multi-currency account to receive US customer payments in USD and pay US software bills directly, converting to CAD only when it needs to.
This set-up avoids converting every US payment twice and keeps the bank relationship for lending.
Common mistakes
- Choosing on monthly fee alone and ignoring transaction and e-Transfer charges.
- Converting every USD payment to CAD instead of holding USD.
- Forgetting to check how deposits are held and protected.
Providers that can help
Free plan with CAD, USD, GBP and EUR
Free multi-currency account
Big-bank account from C$6 a month
FAQs
What is the cheapest business bank account in Canada?
Fintech accounts such as Venn, Loop, Wise and Airwallex have plans with no monthly fee. Among the big banks, basic plans start around C$5–6 a month.
Are fintech business accounts safe?
Fintechs hold customer money through partner institutions or under their own licences; protection varies by provider, so check how deposits are held and protected before you open an account.
Can I have a big-bank and a fintech account?
Yes. Many businesses keep a bank account for CAD, cash and lending, and a fintech account for foreign currencies.
Do I need a separate business bank account?
Incorporated businesses must keep company money separate from personal money, and a separate account also makes bookkeeping and taxes much simpler for sole proprietors.
Can I open a business account online?
Yes. Fintech accounts open online, and several big banks, including BMO’s Essential Plan for eligible businesses, can also be opened online.
Sources: Published account fees from BMO, TD, RBC, CIBC, Scotiabank, Venn, Loop, Wise and Airwallex.