Where the branch stops being the default
For a long time, a Canadian business owner opened a chequing account where they could walk in and talk to someone. That is still a reasonable choice if you deposit cash weekly or need a line of credit. But the pricing gap has widened enough that it deserves a second look.
Traditional Canadian banks generally charge somewhere between $5 and $35 a month for a small business account, and they add a foreign exchange markup in the 2.5% to 3.5% range when money crosses currencies. Most of them pay little or no interest on the balance sitting in that account. A digital-only account, by contrast, often shows a $0 monthly fee and pays interest on every dollar parked there.
The trade-off is simple and slightly uncomfortable: you give up the branch, the teller, and the coin-counting machine. In exchange you get lower fixed costs, better savings rates, and an app that does most of the work.
Three friction points that keep coming up
Paying the CRA from your phone
GST/HST remittances, payroll source deductions, and corporate tax instalments all have to leave your account on a schedule. Some big-bank packages charge around $2 per CRA payment unless it is bundled into a monthly plan. Several online accounts include CRA bill payments at no extra charge, which matters if you file and remit monthly rather than quarterly.
The Interac e-Transfer ceiling
This is the quiet dealbreaker. Many Canadian suppliers, contractors, and independent landlords expect an e-Transfer, not a cheque. On a $6 big-bank digital plan you often get ten outgoing transfers per month and then pay about $1.50 each. A busy trades business can burn through that allowance in a week. Online accounts typically advertise either unlimited transfers or a generous monthly count, but check whether incoming transfers are counted separately.
Cash still shows up
A landscaping crew in Lacombe, Alberta taking cheque deposits. A market vendor in Surrey handling cash every Saturday. A café in Moncton with a float to reconcile. Pure digital accounts generally do not accept cash or coin at all, and a few do not accept paper cheques either. Some, like EQ Bank's business account, let you deposit cheques through the app. Others point you to Canada Post for cash deposits with per-deposit minimums and caps.
There is also a Quebec wrinkle worth knowing before you sign up. Certain card products attached to online accounts are not issued in Quebec, and platforms that move money between countries may operate under a Revenu Québec money-services licence rather than a standard bank charter. If your business is registered in Quebec, confirm availability before you build your workflow around a provider.
Side by side: what the main options look like
| Account | Monthly fee | Interest on balance | e-Transfer | CRA payments | Cash deposits | Typical fit |
|---|
| EQ Bank Business Account | $0 | 2.25% on CAD | 50 outgoing, 100 incoming per month, then $0.50 | Included | Not accepted; ATM access via prepaid card | Solo owners and small teams holding a cash buffer |
| Wealthsimple Business Chequing | $0 | Up to 2.25% | Unlimited | Included | Via Canada Post, $10 minimum, $3,000 cap per deposit | Digital-first businesses that rarely touch cash |
| Venn | $0 | 2% CAD, up to 3.5% USD | Unlimited | Not listed | Not accepted | Incorporated companies outside Quebec with idle reserves |
| Airwallex Business Account | $0 on Explore plan | None | Up to $25,000 per transfer | Yes | Not accepted | Exporters and e-commerce sellers billing in several currencies |
| Wise Business | $0 plus one-time $55 setup | 2.22% CAD, 3.40% USD, opt-in | Receive only | No bill payments | Not accepted | Businesses paying overseas suppliers regularly |
| TD Business Digital Account | $6 | None | 10 included, then $1.50 | $2 per payment | At branch, $5 per $1,000 | Owners who want a branch down the street |
| RBC Digital Choice Business | $6 | None | 10 included, then $1.50 | Available | $5 per $1,000 at branch | Mixed digital and in-person banking |
| BMO Essential Business Account | $5 | None | 6 included, then $1.50 | $2.50 per $1,000 handled | $2.50 per $1,000 | Digital-first businesses needing occasional cash |
Fees and rates shift often, so treat the table as a starting map rather than a quote. Verify current terms on each provider's site before you move anything.
What the difference looks like in practice
Sarah runs a two-person design studio in Toronto and invoices about a dozen clients a month. Her old account cost her a flat monthly fee plus per-transfer charges, and she was paying a conversion markup whenever a US client paid in dollars. She moved her operating account to a no-monthly-fee platform, kept her original account open with a small balance for the occasional certified cheque, and now routes US invoices through a multi-currency account. Her banking cost line got simpler and smaller, and she stopped guessing what a month would cost her.
Out west, the pattern is different. A Red Deer–area welding contractor I spoke with deposits cheques almost daily and pays three or four suppliers by e-Transfer each week. He tried a branchless account and lasted two months. The mobile cheque deposit worked fine, but a customer who wanted to pay cash left him driving to town to deposit it. He now runs a $5 big-bank digital plan for deposits and keeps a savings account elsewhere for the interest.
Then there is the importer case. A Vancouver business buying inventory from a US wholesaler was losing roughly 2.5% on every conversion at a big bank. Moving those payments to a platform with transparent FX pricing, even one charging $20 to $35 per SWIFT transfer, saved more than the transfer fees cost once monthly volume passed a few thousand dollars.
Opening one in an afternoon
Sole proprietors usually need the least paperwork: government photo ID, proof of your business address such as a utility bill, and your business number from the CRA. Corporations add articles of incorporation, a certificate of business registration, trade name registration if one applies, plus director and ownership details. Partnerships add the partnership agreement. Most online providers let you upload these and verify identity through a mobile app, though approval can take a day or two if your name and address records do not match cleanly.
Four things to settle before you apply:
- Count your monthly outgoing e-Transfers, not your total transactions. This single number eliminates half the options.
- Decide whether you can live without cash and coin deposits. If not, keep a branch account and use the online one for savings and bill payments.
- Add up your foreign currency volume. If you convert more than a few thousand dollars a month, the FX spread matters more than the monthly fee.
- Check how many users you need. Additional cardholders and bookkeeper access are priced differently, and some plans cap seats.
One more practical note: opening a second account does not damage your credit, and most providers have no minimum balance requirement. Many owners keep a no-fee digital account as their operating hub and a traditional account for cash, certified cheques, and lending relationships. That combination tends to cost less than either option alone.
If you are unsure where to start, pull up last month's statement and circle every fee you paid. That list is the fastest way to see whether an online business bank account in Canada would leave you ahead.
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