Finding the best business bank account in Canada isn’t as straightforward as it used to be. With traditional banks, fintechs, and non-bank alternatives now offering a range of business account features, it’s not just about picking the biggest name, it’s about finding a solution that actually fits how you run your business.
Whether you’re a startup owner looking for low fees, or a growing business needing more control over your finances, the right account can help save you time, cut costs, and simplify operations.
In this guide, we’ll explore the different types of business bank accounts available in Canada, what to look for, which providers stand out while hopefully giving you some food for thought on how modern, non-bank solutions like OFX could give you more flexibility and value than you might expect.
Summary:
• What is a business bank account?
• Am I required to open a separate bank account?
• Benefits to opening a business bank account
• How does a business bank account differ from a personal bank account?
• Types of business bank accounts
• What are the alternatives to business bank accounts?
• Top 6 best business bank accounts and alternatives
• How are businesses leveraging multiple business accounts
• Compare the best business bank accounts in Canada
• What to consider when choosing a business bank account
• Why are Canadian businesses opening business accounts with OFX?
• What documents are needed to open a business bank account in Canada?
• Best business banks accounts FAQs
What is a business bank account?
A business bank account is a dedicated account used for business transactions. It keeps your business’s funds separate from your personal finances. This makes it easier to manage business expenses, monitor cash flow, and prepare for tax filing.
Am I required to open a separate business bank account?
Business bank accounts are important for partnerships, corporations, and registered entities. This is because Canadian business regulations require these businesses to have separate accounts solely for business use. Even sole traders benefit from the simplicity of having a clear divide between their personal and business finances.
Benefits to opening a business bank account
Opening a separate business bank account is more than just best practice. It’s a foundational move that supports your business’s financial health and credibility. Here are six strong reasons to make it a priority:
- Simplifies Tax Reporting
- Boosts Credibility
- Supports Regulatory Compliance
- Enhances Financial Visibility
- Unlocks Business-Specific Banking Features
- Boosts Your Credit Profile
How does a business bank account differ from a personal bank account?
While a personal account is designed for handling your individual expenses, a business bank account helps you manage the financial complexities of running a business.
A business account is registered under your business name and used for receiving customer payments, sending supplier payments, and performing internal payroll.
A business account package often includes tools and features that help with daily business banking needs. These include business savings accounts, corporate cards, accounting software integrations, and the ability to make bulk payments.
Types of business bank accounts
Most banks typically offer the following types of business bank accounts:
| Business transaction / chequing account | – For daily banking needs, like receiving and making payments. – Some business transaction accounts are just for online use, while others also allow in-person banking and cash deposits. – These accounts usually offer little to no interest on your balance. |
| Business savings account | – These accounts enable you to earn interest on your balance. – May have certain requirements, like depositing a minimum amount each month or having a linked product. – Some accounts may have high introductory rates and then drop to a much lower rate after six or nine months. |
| U.S. dollar and foreign currency account | – Ideal for businesses with international transactions. – Use for saving or sending/receiving payments in foreign currencies like USD – Helps avoid foreign exchange fees. |
Are there alternatives to business bank accounts?
Yes, alternatives include non-bank business transaction account providers such as OFX, who offer an all-in-one global business account. They can help give you control over your finances and operate globally with features such as instant virtual corporate cards, multi-currency accounts, spend management software and batch and payroll payments.
OFX Multi-Currency Corporate Card
Access to 30+ currencies directly linked to your business account, reducing unnecessary exchange conversions when you spend in those currencies.
Top 6 best business bank accounts and alternatives
Here’s a snapshot of some popular business bank accounts in Canada:
BMO Business Builder Account3: This account is designed for steady activity. The monthly fee is $22.50, with 35 monthly transactions included. Extra transactions are $1.25 each. Interac e-Transfers cost $1.50 each.
TD Basic Business Plan4: This account is great for low-volume businesses. For $5 per month, you get 5 transactions and 5 Interac e-Transfers. Extra transactions are $1.25, and additional Interac e-Transfers are $1.50 each.
RBC Digital Choice Business Account5: This account is a good option for digital-first businesses. A $6 monthly fee includes unlimited electronic cheque deposits. The RBC platform is designed to integrate easily with accounting tools. Transaction fees of $1.50 apply to each Interac e-Transfer.
CIBC Unlimited Business Operating Account6: This account is good for high volume transactions banking. The $65 monthly fee includes unlimited transactions which covers Interac e-Transfers transactions too.
Scotiabank Right Size Account for Business8: Scotiabank offers flexible packages. These start at fees of $6 per month, which are waived with an $8,000 daily balance. Sending Interac e-Transfers costs $1.00, but receiving is free.
OFX Global Business Account: Different from other business transaction accounts, with the OFX Global Business Account you can control your finances with advanced spend management features. Open domestic and foreign currency accounts within minutes and spend like a local in major currencies with a multi-currency corporate card. Set budgets for teams or projects, automate approvals and save time on tracking your card expenses with our in-app receipt capture. The monthly fees start from $15 per user.
OFX isn’t a bank. OFX offer a financial platform for businesses to transact. A business transaction account with spend management, accounts payable automation, batch and payroll payments and corporate multi-currency cards.
How are businesses leveraging multiple business accounts
- Easier accounting
Using multiple accounts helps simplify financial tracking, especially at tax time. Set up separate “buckets” for expenses, income, payroll, and savings to get a clearer view of your cash flow. - Savings interest and rewards
Earn interest on surplus funds with a business savings account, or benefit from reward programs such as cashback on card purchases. - Manage spend with virtual corporate cards
Easily track specific expenses like travel or subscriptions by using a business account that supports multiple virtual or employee-issued cards. - Better budgeting
Separate accounts or having a finance platform that can segment spend by team or project with automatic spend rule settings make it easier to monitor budgets and stay on top of monthly expenses. - Enhanced security
Spreading funds across multiple accounts may help limit potential losses if your business is targeted by a scam or fraud attempt.
Can you open a business transaction account (from a FinTech) alongside a business bank account?
Yes, many of our clients have bank accounts for legal or borrowing purposes while leveraging an OFX Global Business Account to help save them time and money on their financial operations and currency transfers.
I was recommended to use OFX, but honestly I wish I knew about it sooner. By far OFX is the most competitively priced and easiest platform we’ve ever used. The user experience and customer service have been a lot better for our finance teams to manage,” said Jonathon, co-founder of BikesOnline.
Compare the best business bank accounts in Canada
| BMO Business Builder3 | TD Basic Business Plan4 | RBC Digital Choice5 | CIBC Basic Unlimited Operating6 | |
| Monthly fees | $22.50 | $5 | $6 | $65 |
| Included Transactions | 35 transactions | 35 transactions | Unlimited electronic cheque deposits | Unlimited transactions |
| International transfer fees | 3% international transfer fee | 3.5% international transfer fee | 3.5% international transaction fee | 3% international transaction fee |
| Interac e-Transfer Fee | $1.50 each | $1.50 each after limit | $1.50 each | Unlimited Interac e-Transfer transactions |
| Additional fees | $1.25 per extra transaction | $1.25 per extra transaction | Extra fees may apply | $1.25 per extra transaction |
| International FX fees | BMO sets its own exchange rates – the bank may add a markup10 | TD charges an additional 3.5% over the mid-market rate as currency conversion fees11 | RBC uses a retail exchange rate and it may include a currency conversion markup12 | CIBC sets its own exchange rates – the provider makes a profit from an exchange rate spread13 |
| Payment acceptance |  | | | |
| Multi currency account | X | X | X | X |
| Expense management | X | X | X | X |
| Interest savings | X | X | X | X |
Compare business savings accounts
| RBC Business Essentials Savings Account7 | Scotiabank Right Size Savings for Business8 | Tangerine Business Savings Account9 | |
| Interest rates | 1.75% to 2.19% | 1.50% to 2.15% | 1.95% to 2.55% |
| Details | – Free transfers between RBC accounts – 2 free cheques / debits – 999 credits and deposits | – Free transfers between Scotia accounts – Unlimited free transactions via online or mobile banking (CAD) | – No transactions fees |
The alternative business transaction account
| OFX Global Business Account – Business Prime | OFX Global Business Account – Business Pro | |
| Monthly fees | $15 per user | $25 per user |
| Included Transactions | 20 transactions | 50 transactions |
| Additional fees | $0.50 per extra transaction | $0.50 per extra transaction |
| International FX fees | 0.6% – 1.5% above interbank Custom pricing available for clients with large and ongoing FX transfers. No international transaction or conversion fees when paying in or receiving CAD, USD, GBP, EUR using local account details, | 0.6% – 1.5% above interbank Custom pricing available for clients with large and ongoing FX transfers. No international transaction or conversion fees when paying in or receiving CAD, USD, GBP, EUR using local account details, |
| Payment acceptance | | |
| Multi currency accounts | | |
| Spend management | X | |
| Interest savings | X | X |
| Other features | – Batch payments – FX Solutions – Multi-currency cards – Accounting software integrations | – Batch payments – FX Solutions – Multi-currency cards – Accounting software integrations – Spend management – Accounts payable automation software |
What to consider when choosing a Canadian business bank account
When comparing business bank accounts, it is important to prioritize features based on your company’s setup and long-term goals.
Here are some key considerations to keep in mind:
- Monthly Fees: Many accounts come with base fees, but some providers waive fees when you hold a minimum monthly balance or only perform a limited number of transactions.
- Interac e-Transfer Transactions: If your business often makes digital payments domestically, choose an account with high limits or unlimited transactions on e-transfers. This ensures smoother payment workflows and avoids extra charges that can add up quickly.
- Online Banking & Mobile Apps: Look for digital banking features such as remote digital cheque deposits, receipt expense capture and integrations with your accounting software.
- Account Accessibility: Decide whether you actually need branch access or can you operate your business using an online banking platform and benefit from the potential savings they provide.
- 24/7 support: If you’re planning to expand into in-person or online sales, consider a bank that supports these options as your business grows
- Cash Flow Management Tools: If you need clearer budgeting or spend visibility, sub-accounts by employee or team can help track financial performance, allocate funds, and control spending more easily.
- Scalability: As your business grows, so do your financial needs. Consider scalable accounts with features like multi-user access, multi-currency support, and time-saving tools like expense management to avoid switching providers later.
Why multi-currency accounts matter for modern businesses
These days, more Canadian businesses are working with international suppliers, clients, and contractors. If you’re importing or exporting goods, offering services abroad, managing remote teams or simply having to pay for Google ads in USD, foreign transactions can quickly become part of your daily operations.
A multi currency account lets you hold and move money in different currencies, like USD, EUR, GBP, alongside Canadian dollars. This can reduce exchange rate conversion fees and give you better control over when and how you make payments in different currencies.
Why are Canadian businesses choosing to open an OFX Global Business Account?
The big banks like RBC, TD Canada Trust, BMO, and CIBC offer trusted services, but they often come with higher FX fees1 and fewer features.
On the flip side, fintech companies like OFX offer an all-in-one global business account that’s built to help businesses expand and operate globally without the hassle. With one platform for greater visibility and control, you can track every expense in one place, control your spending before it happens and have 24/7 support without high monthly fees. Manage your business efficiently with technology that helps drive growth.
Achieve more with the OFX Global Business Account:
- Open domestic and multi-currency business accounts within minutes
- Spend like a local with a multi-currency corporate card that saves on currency conversions and earns cashback rewards
- Track all your expenses in one place & control spend before it happens
- Gain more budget control with employee and company, physical and virtual cards
- Save time with built in accounts payable invoice automation
- Pay invoices and employees in bulk with batch payments
- Get 24/7 support from real people who understand your needs
Don’t let traditional banking slow you down. Open a Global business account with OFX and see how our all-in-one platform can transform your business
What documents are needed to open a business bank account in Canada
Opening a business bank account in Canada is fairly simple but requires a few essential documents. Most banks and financial institutions let you start the process online, though some might ask for an in-person visit to verify details.
Here’s what you’ll usually need:
- Government-issued ID (such as a driver’s licence or passport)
- Business registration documents or articles of incorporation
- Canada Revenue Agency (CRA) business number
- Partnership or shareholder agreements (if applicable)
- A minimum deposit (some banks require this to open the account)
Remember, if you’re planning to open more than one account, like a savings account alongside your operating account, double-check if there are any linked account conditions.
It’s also worth checking if the provider offers promotional discounts for new customers, which can help offset your initial monthly account fees.
Best business bank accounts FAQs
Which bank account is best for businesses in Canada?
The right account depends on your business’s size, transaction needs, and whether you operate locally or globally. If you’re a small to mid-sized business managing cross-border payments or remote teams, OFX could be a great alternative to a traditional bank.
Traditional banks normally offer in-person service and wider branch access, while fintech providers like OFX tend to offer flexible features and lower FX fees.
How can a business avoid bank charges and transaction fees?
To cut down on fees, look for accounts with low or no monthly charges. You should also carefully monitor how many transactions you make each month to avoid incurring any other fees.
Meeting the account’s minimum balance requirement is another simple way to reduce or waive charges.
How long does it take to open a business account?
Opening a business bank account is usually a quick process. Depending on the provider’s processes, it can take just a few hours or up to a few business days.
Can I open a business account online?
Yes, many banks and fintech providers, including OFX, now let you open a business account online. This makes it fast and convenient to get started.
How do business transaction accounts and business bank accounts differ?
Non Bank Business Transaction Account: Provided by a financial institution that isn’t a bank, but holds other regulated licenses.
Business Bank Account: Provided by a bank or a financial institution that holds a banking license.
Is the OFX business account like a bank account?
The OFX Global Business Account is not a bank account2. It’s a virtual Global business transaction account and a non-cash payment facility. The account enables clients to hold funds in different currencies and make and receive payments. All our services are serviced through our worldwide network and our partners.
What are the top business accounts in Canada in 2025?
Here are some of the top business accounts in Canada:
- OFX business account
- Wise business account
- BMO Business Builder Bank Account
- RBC Digital Choice Business Account
- TD Canada Trust Basic Business Plan
- Scotiabank Right Size Right Account for Business
- CIBC Basic Business Operating Account
Can I earn interest with a business savings account?
Some business bank accounts in Canada offer a linked savings account where you can earn interest on your surplus funds. These are great for businesses looking to save money while keeping their operating account separate for daily use.
What are the disadvantages of a business bank account?
- Higher fees compared to personal accounts
- May require a minimum balance to avoid fees
- May require in-person branch visit
Looking for an alternative to your bank?
Try OFX Global Business Account for free
Sources:
1. Compared to these banks, OFX could save you money on FX transfer fees https://www.ofx.com/en-ca/bank-beating/
2. Disclaimer: In Canada, OFX is registered with the Financial Transactions and Reports Analysis Centre FINTRAC under registration number M08560392. OFX is registered as a money services business with Revenu Québec under registration number 10713. OFX is not a bank so you are not protected by the Canada Deposit Insurance Corporation (CDIC) when you send money with OFX.
3. https://www.bmo.com/main/business/accounts/business-builder-1/
4. https://www.td.com/content/dam/tdct/document/pdf/business-banking/521998-en.pdf
5. https://www.rbcroyalbank.com/business/accounts/digital-choice-business-account.html
6. https://www.cibc.com/content/dam/small_business/bus-acct-service-fees-en.pdf
7. https://www.rbcroyalbank.com/business/accounts/business-essentials-savings-account.html
8. https://www.scotiabank.com/ca/en/small-business/business-banking/savings-gics/right-size-savings-for-business.html
9. https://www.tangerine.ca/en/business/save/business-savings-account
10. https://www.bmo.com/pdf/Agreements_Bank_Plans_and_Fees_for_Everyday_Banking.pdf
11. https://www.td.com/content/dam/tdct/document/pdf/business-banking/521998-en.pdf
12. https://apps.royalbank.com/apps/foreign-exchange-calculator/#faq
13. https://www.payments.cibc.com/fxc/fx/assets/documents/tnc/IR_Registration/personal/v4/TermAndCondition_en.pdf
IMPORTANT: This article was written in May 2025. The information is based on our online research at time of publication. This publication is provided for general information purposes and a reader should consider the specific requirements of their business when evaluating providers. This information does not constitute legal, tax or other professional advice from CanadianForex Limited trading as OFX or its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. If you would like to request updated information, please contact us at business@ofx.com. Please see our pricing pages for the most up to date OFX pricing and fee information.
