Are you looking to open a business bank account in Canada?
If so, you’ve come to the right place!
We’ve compiled a list of the 10 best business bank accounts in Canada to help make your decision easier.
No matter your business type, we’re sure to have an account that will meet all your needs.
From big banks to online-only options, there is something for everyone on our list.
What documents are needed to open a business bank account?
Before you can open a business bank account, you need some files.
The documents required to open a business bank account may vary depending on the institution.
The range of paperwork needed could also depend on the structure of your business.
Generally, though, it is likely that you will need the following documents:
- Trade name registration certificate or master business license. You get this when you register a business with your province
For instance, to open a business account for a partnership, you’ll also generally need:
- Registered declaration of partnership
- Trade name registration certificate or master business license (if applicable)
- ID for your partner
Related: How To Incorporate A Business In Canada
1). Pillar
- Basic Plan: Free
- Feature: 3 free transactions/month
- Additional fees: $1.50 per additional transfer
Pillar is an online neobank tailored to small businesses.
Their mission is to provide stress-free business banking with straightforward fees.
You get 3 free monthly transfers and pay one flat fee for additional transfers.
The Basic Plan is free and offers the best value for infrequent transactions. Upgrading to a paid plan allows more transfers each month.
Accessible online and through the app, your account comes with a free prepaid Mastercard and the ability to create and send invoices.
2). National Bank of Canada Package 20
Fees:
- Monthly fee: $15.99 for 20 transactions and 15 cheques
- Assisted in-branch transactions: $2.50
- Branch services including telephone or advisors: $1.30
- Around-the-Clock Depository Service Deposit: $1.30
- Withdrawal or payment by cheque: $1.25
- Inter-account transfer: $1.30
The National Bank of Canada offers six business bank account packages to fit your needs and business size.
Every package comes with a free subscription to their Internet Banking Solutions.
You can receive overdraft protection for cash advances if you have an eligible National Bank business credit card.
The only thing to consider is the number of transactions you make each month.
With Package 20, you get 20 free debit or credit transactions plus 15 cheques.
You can also deposit up to $500 in coins and $1,000 in banknotes.
If you need to make more cash deposits or have more transactions, it may be worth opting for a higher monthly fee in order to get more free perks.
3). ICICI Business Chequing Premium
- Monthly fee: $5
- Direct deposit, transfer money to Canadian bank account: free
- Bill payments, Interac point of sale (POS) transactions, in-branch credit or debit transactions: free
- Cash deposits: $2 per $1,000
- ATM fee: $1.50
- Outgoing wire transfer fee (no currency exchange): $25 if sending up to $20,000, $50 if sending between $20,000.01-50,000, $75 if sending over $50,000
- Outgoing wire transfer fee (with currency exchange): $10
- Incoming wire transfer fee: $10
ICICI’s Business Chequing Premium account stands out with its low fees and CDIC insurance, offering an ideal choice for small to medium-sized businesses that need more than free options.
CAD and USD options are available, while the bank’s name recognition may not be as prominent as traditional brick-and-mortar institutions.
All in all, the account is a strong choice for businesses that have outgrown free options.
4). Wise Business Account (Formerly Transferwise)
- Monthly Fees: No banking fees | Small fees charged when sending and receiving money
- Transactions: Unlimited
- Monthly Deposits: Unlimited
For businesses that operate across the world, Wise Business is the best choice.
It offers low-fee transfers, so you can save money, and you can receive and hold up to 55 different currencies.
This is incredibly beneficial if you’re involved in the international market.
As a digital nomad with work and travel around the globe, I’ve found Wise Business to be invaluable.
I can use it to pay people in five countries and to send money to my foreign bank accounts.
The Wise account also provides access to more than 80 countries, so you can make international payments and connect various currencies to your business debit Mastercard.
It’s 6x cheaper than a conventional bank and 19x cheaper than Paypal.
The invoicing system is also simple and flexible, making it easy to do one-time, recurring or batch payments.
You can also link it up to accounting software like Quickbooks and FreeAgent to keep your financials up to date.
Wise is an ideal choice for those needing to make or receive international payments, due to its competitive exchange rates.
However, it does not come with a chequing account, so it may need to be used in combination with another business bank account.
I personally use my Wise account to send and receive funds in foreign currencies, then convert the funds and transfer them to my other business account.
5). Alterna Business Account
- Monthly Fees: $5 per month | Free with a minimum $3,000 balance
- Transactions: Unlimited
- Monthly Deposits: Unlimited | $2 for $1,000 in-branch deposit
At Alterna, Small Business eChequing Account requires no monthly fee so long as you maintain a balance of $3,000 or more.
You can have unlimited debit and credit transactions and unlimited incoming Interac e-Transfers.
Through Canada’s EXCHANGE Network, you have access to 3,300 ATMs.
Furthermore, deposits are insured to the maximum the Canada Deposit Insurance Corporation (CDIC) allows.
In addition to our business chequing account, they provide small business loans and payment processing services.
If you already have a business chequing account, you can easily get our additional services through the bank you are already comfortable with.
6). BMO Business Builder 1
Monthly fee: $22.50
Monthly limits:
- 35 transactions
- 25 deposits
- $2,500 in cash deposits
- Unlimited Moneris transactions
Additional fees (if over monthly limits):
- Electronic transactions: $0.60
- In-branch transactions: $1.25
- Cash deposits (notes and coins): $2.25 per $1,000
- Cheque or money order deposit: $0.20
For businesses whose financial habits would benefit from paying a flat rate each month for a set number of transactions, BMO’s Business Builder accounts may be the right choice.
Business Builder 1 includes 35 transactions and allows up to $2,500 in cash deposits with higher tiers available in case the limits feel restrictive.
Investing in a flat-rate account, such as the Business Builder plans from BMO, could be an effective way to save money.
7). Scotiabank Unlimited Account
Monthly fee: $120 (free with balance of $75,000)
Monthly limits:
- Unlimited transactions and deposits
- $30,000 in cash deposits
Additional fees:
- Cash deposit: $2.50 per $1,000
Managing numerous payments, such as those from an online store, can be difficult.
Scotiabank’s Unlimited Account might be the ideal solution for this.
Not only does it have unlimited transactions and deposits, but deposits of over $30k per month incur only a small surcharge.
Additionally, the account comes with software to help with company finance, paystubs, and taxes, potentially reducing other costs.
8). Motusbank chequing account
Monthly fee: free
Additional fees:
- ATM fee: $2 in Canada, $3 in USA, $5 in other countries
- POS transactions: $0
- Interac eTransfer: $1.25
- Cheque image with statement: free for e-statement, $1.50 for paper statement
As a sole proprietor, you can open a Motusbank chequing account and use it solely for business to divide finances.
Not only will you have unrestricted deposits and withdrawals, you’ll also get free, unlimited access to the Price Drop program.
All you have to do is send your receipts to the bank and they’ll look for discounts on the items you’ve bought – giving you the opportunity to get money back!
This can be a great way to cut costs when starting a business.
9). Manulife Business Savings Account
Monthly fee: Free
Additional fees:
- Deposits and certain transfers: free
- Bill payment: $1
- Sending an Interac eTransfer: $1
- Cheques: $1.50
- Pre-authorized withdrawal: free
Manulife’s Business Savings Account is an excellent addition to your business’s financial portfolio – offering a competitive 2.25% interest rate.
Though the website doesn’t specify the time taken for transfers, you can eTransfer funds for a small fee of $1.
With no fees attached, this is a great way to make some money off of any extra liquid funds your business may have!
10). TD Basic Business Plan
- Monthly Fees: $5 per month
- Transactions: 5 free transactions | $1.25 for each additional transaction
- Monthly Deposits: 5 free deposits | $0.22 for each additional deposit
For just $5 a month, you can get a business banking account with five free transactions and deposits.
After the initial five, each transaction costs $1.25 and each deposit is $0.22.
This type of account is ideal for those just starting out with few monthly transactions.
Plus, you’ll have access to TD’s convenient mobile banking app, which makes it simple to keep track of your account from anywhere.
Factors To Pick A Suitable Business Bank Account
When picking the right business bank account, it is important to consider all factors that can affect the success of your business. The following are some of the key factors to keep in mind when choosing a suitable business bank account:
First, you should think about what type of services and features you need.
Certain banking services may be more important for your business depending on your industry and individual needs.
For example, if you’re an entrepreneur who frequently travels abroad, an international banking service such as international ATM access might benefit you.
Second, consider any potential fees associated with the account.
Different banks offer different fees so it’s important to read up on them before committing to an account.
Look out for monthly maintenance or transaction fees that could add up over time and affect your budget.
Third, factor in the convenience of the account.
Look for features such as online banking, mobile banking, and customer support that can provide you with easy access to your funds.
Additionally, consider the proximity of the bank branches to your business’ location and the ease of making deposits and withdrawals.
Finally, look for any potential bonuses or incentives for the account.
Some banks offer special rewards programs or cash back offers that can provide a great return on your business’ banking activities.
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