Best free business bank accounts in Canada: fees compared

Key takeaways

Several digital banks and fintech providers in Canada, including OFX, offer business accounts with no monthly fee.
The lowest big-bank entry plan we compared is BMO Essential at C$5¹ a month.
Paying or getting paid in other currencies? Look past the monthly fee to conversion costs, and consider pairing a free domestic account with a free global account such as OFX.

Plenty of Canadian business accounts advertise no monthly fee, but e-Transfer caps, balance rules and currency conversion costs can still raise what you pay. This guide compares free and low-fee options side by side, so you can match an account to how your business gets paid and pays others.

• Best free business bank accounts and fintech providers in Canada at a glance
• Top free and low-fee business accounts in Canada, compared
• What “free” really means for a business account in Canada
• How to choose the right free business account
• Why consider OFX (on its own or alongside your bank)
• How to open a business account in Canada
• FAQs about the best no fee business bank accounts

Best free business bank accounts and fintech providers in Canada at a glance

The best free business bank accounts in Canada include EQ Bank, Wealthsimple and Alterna Bank for CAD banking. Fintech providers such as OFX, Venn, Wise and Airwallex add free plans for global payments.

Provider	Type	Monthly fee	Included e-Transfers	Other key costs	Corporate card	Best for
EQ Bank	Digital bank	C$0², no minimum balance	50 outgoing / 100 incoming² per month; then C$0.50 each²⁸	EFTs and bill payments free²⁸; mobile cheque deposit free²; e-Transfers up to C$10,000 sent per transfer and C$25,000 received per transaction²⁸; USD account available²⁹; wire fees Not published	Prepaid reloadable Mastercard, digital and physical; no annual or monthly fee³⁰; 2.00% foreign exchange fee³⁰; cashback with C$10,000+ monthly spend³⁰; no EQ Bank ATM fee³⁰	Interest on CAD balances
Wealthsimple	Digital account provider	C$0³, no account minimums	Unlimited³; send up to C$50,000 daily³	Outgoing wire C$15³; incoming wires free³	Prepaid business Visa, physical and virtual³²; no annual fee³¹; 0% foreign purchase fee³²; cashback³; ATM withdrawals C$0³²	Several chequing accounts in one place
Alterna Bank	Digital bank	C$0 with a C$3,000 minimum daily balance, otherwise C$5⁴	64 Send/Request per month, then C$1.50 each³³; receiving free³³	Monthly fee applies below the balance threshold; wires C$10 incoming / C$30 outgoing³³; cheque writing C$0.80 per item³³	Visa Debit card³³; 2.5% foreign transaction fee³³; free ATM use on THE EXCHANGE Network³³; Interac ATM withdrawal C$2.25³³	Businesses that keep a steady CAD balance
OFX	Fintech provider	Standard C$0 / Full Suite C$75 including 5 users, plus C$10/month per additional user / Custom⁵, no account minimums	Not offered (EFT payments instead)	Pay suppliers in 180+ countries⁶; no minimum deposit, no minimum or maximum transfer amount, outgoing SWIFT/wire C$20; other local rails available, receiving EFT C$0⁵;	Corporate Visa cards, physical and virtual⁴³; spend from 30+ currency balances⁶ with no foreign transaction fees⁵; no annual fee, spend controls; Apple Pay and Google Pay; cashback on everyday business spend (terms apply)⁵	Businesses that pay or get paid internationally
Venn	Fintech provider	Essentials C$0 / Plus C$40 / Pro C$100 / Custom⁸	Send and receive free8	FX fee 0.45% / 0.35% / 0.25% by tier⁸; local EFT C$2 on Essentials, free on paid tiers⁸; international wire C$10 / C$8 / C$6⁸	Mastercard charge card, physical and virtual; no annual fee³⁴; FX fee 0.45% / 0.35% / 0.25% by tier8; Apple Pay and Google Pay⁸; cashback⁸	Tiered plans that grow with you
Wise	Fintech provider	C$0⁹ (no tiers)	Send up to C$25,000 by Interac³⁵; receive via Interac Autodeposit³⁶; per-transfer fee C$2.38⁹	One-off setup fee C$55⁹; conversion fee varies by currency	Debit-style card, physical and digital; no annual card fee³⁸; spends at the mid-market rate³⁸; ATM withdrawals free up to C$100 a month, then C$2.69 + 2.69% of the amount over C$100³⁷	Simple pay-as-you-go transfers
Airwallex	Fintech provider	Explore C$0 / Grow C$12 per Spend User plus a platform fee / Accelerate custom¹⁰	Receive via Interac e-Transfer Autodeposit, up to C$25,000³⁹	FX margin 0.50% major / 1.00% other currencies¹⁰; SWIFT C$20 (SHA) / C$35 (OUR)¹⁰	Visa cards, virtual and physical; Apple Pay and Google Pay⁴⁰; no foreign transaction fees on held balanaces⁴⁰; cashback⁴⁰; no ATM cash access⁴¹	Per-user pricing for spend teams
BMO Essential	Bank	Essential C$5 / Everyday C$25 / Enhanced C$50 (C$0 at C$35,000) / Elite C$75 (C$0 at C$75,000)¹	61 per month on Essential, then C$1.50¹¹ each	Incoming wire C$16.75¹¹; outgoing wire C$40 + C$10¹¹ communication charge	BMO Debit Card for Business included11; non-BMO ATM in Canada C$2.00¹¹; CashBack Business Mastercard available separately, C$0 annual fee⁴²	Branch access and cash deposits

Fees are taken from each provider’s official pricing pages, listed in the References. Promotions aren’t included.

Whether a no fee business bank account Canada providers offer suits you also depends on province and business structure.

Top free and low-fee business accounts in Canada, compared.

The best business bank account Canada offers for you depends on the features you’ll use.

Digital banks with no monthly fee (EQ Bank, Wealthsimple, Alterna).

EQ Bank pays 2.25%² interest with no minimum balance. Wealthsimple pays up to 2.25%³, based on total assets, and lets you open up to 8³ chequing accounts.

Alterna Bank adds access to 3,300+⁴ surcharge-free ATMs. For online CAD banking, one of these may be the best business chequing account Canada offers for your setup.

Fintech business accounts for global payments (OFX, Venn, Wise).

OFX offers a global business account for businesses that move money across borders. Standard costs C$0 a month and includes Corporate Cards and unlimited users (fair use)⁵.

Full Suite is C$75/month including 5 users, plus C$10/month per additional user, and Custom plans are available⁵. Receive international payments with local bank details in CAD, USD, EUR and GBP.¹²

It’s a free business account Canada’s importers and exporters can use globally, with cashback on everyday business spend (all transactions linked to the OFX Card are subject to the cashback reward program terms and conditions.)⁶.

Venn’s FX fee is 0.45% / 0.35% / 0.25% by tier⁸, and Venn offers cashback on card spend.⁸ Wise volume discounts start above C$35,000⁹ a month.

Low-fee plans from the Big Five banks (BMO, TD, RBC, Scotiabank, CIBC).

Big banks offer branches, cash deposits and lending relationships. Lowest entry plans:

BMO Essential costs C$5¹ a month, with 6¹ e-Transfers
TD Business Digital costs C$6¹³ a month, with 10¹⁴ e-Transfers
RBC Digital Choice costs C$6¹⁵ a month, with 10 free outgoing e-Transfers, then C$1.50¹⁵
Scotiabank Right Size costs a C$6¹⁶ minimum, or per-transaction fees if higher
CIBC Basic costs C$6¹⁷ a month, with per-transaction fees

BMO’s C$5¹ Essential fee applies to Essential plans opened on or after March 9, 2026¹¹. Some higher tiers reach C$0 with a large balance, such as BMO Enhanced (C$0 at C$35,000¹).

For cash-heavy businesses, one of these may be the best bank for small business Canada has, paired with a free global account.

Free business savings accounts for surplus cash (Tangerine).

Tangerine offers a business savings account with no monthly fee that pays interest on your balance.¹⁸ New applicants currently join a waitlist, so check availability before you plan around it.¹⁸ Pair it with a chequing account for daily payments.

What “free” really means for a business account in Canada.

‘Free’ usually means no monthly maintenance fee. Read the fee schedule before you open a free business bank account Canada providers advertise.

The Financial Consumer Agency of Canada (FCAC) low-cost commitment covers personal chequing accounts at C$4.00 a month or less, effective December 1, 2025¹⁹. It was signed by 13 institutions, including the 6 largest banks²⁰. It’s a personal banking commitment, so check business account fees separately.

Fees to check beyond the monthly fee.

A no fee business bank account Canada providers offer can still carry per-item charges:

Extra e-Transfers, such as C$1.50¹¹ each at BMO
Per-transaction fees, such as Scotiabank’s C$1.25 / C$1.15 / C$1.00¹⁶
Wires, such as C$40 + C$10¹¹ communication charge at BMO or C$15³ at Wealthsimple

Tip: count three months of e-Transfers before you choose.

Currency conversion and international payment costs.

Payments Canada research found that 33% of Canadian businesses sent money internationally in 2025.²¹ For them, FX costs have two parts: the margin over the mid-market rate and any transfer fee.

Banks typically build the margin into their quoted rate, while fintechs usually publish a percentage. Wise publishes its conversion fee by currency, and Airwallex charges 0.50% major / 1.00% other currencies¹⁰.

Statistics Canada reports that Canada’s merchandise trade surplus with the United States was C$81.6 billion in 2025.²² A USD account with local details lets US clients pay you in USD, so you convert when you choose.

How to choose the right free business account.

The best business bank account Canada offers matches how you move money. Many businesses use two: a free business bank account Canada’s digital banks offer and a global account.

Payments Canada research found that 37% of SMEs say payment delays, meaning the time it takes to process a payment, matter greatly to them.²³

Match the account to how you get paid and pay others.

Global Affairs Canada reports that 15.1% of SMEs exported in 2023.²⁴ If you’re one of them, plan for foreign-currency revenue early.

For CAD-only online banking, try a digital bank such as EQ Bank or Alterna
For cash or cheque deposits, try a branch-based plan from the best bank for small business Canada has in your area
For USD, EUR or GBP revenue or overseas suppliers, try a global business account such as OFX
For a growing team, check users, cards, approvals and spend management on the free tier

OFX Global Business Account

Receive, hold, convert and send funds across a wide range of currencies, reduce costs and gain greater control over your international payments.

Open an account

Check eligibility by province and business structure.

Eligibility can vary by province and business structure. Confirm eligibility with each provider before you apply.

Understand how your money is protected.

The Canada Deposit Insurance Corporation (CDIC) insures eligible deposits at member institutions up to C$100,000 per category²⁵. Fintechs and money services businesses protect funds differently, so ask each provider how it holds client money.

How to open a business account in Canada.

Confirm your structure, such as sole proprietorship or corporation
Gather photo ID and business name registration (sole proprietors), or Articles of Incorporation, a Business Number and owner details (corporations)
Apply online and verify your identity
Fund the account and connect your accounting software

For Business Number registration, see the Canada Revenue Agency (CRA). OFX registration typically takes under 10 minutes online.⁷ Verification typically takes 2–3 business days, with platform access meanwhile.⁷

Why consider OFX (on its own or alongside your bank).

OFX offers two plans designed for different needs.

Standard is C$0 a month with no minimum deposit, and includes a Global Business Account and Corporate Cards. Send payments to 180+ countries in 30+ currencies, with local account details in CAD, USD, EUR and GBP¹².
Full Suite is C$75 a month including 5 users, plus C$10 a month per additional user. It adds approval workflows, spend management and AP automation for finance teams, and a 30-day free trial is available.

Both plans offer competitive exchange rates and local payment rails, with 24/7 human support.

OFX works on its own for digital-first businesses that don’t need branch access. It also works alongside a bank account: keep the bank for cash handling or credit, and use OFX for payments, Corporate Cards and foreign exchange.

See our business pricing page for more details.

Frequently asked questions about the best no fee business bank accounts:

Which business accounts in Canada have no monthly fee?

EQ Bank, Wealthsimple, Wise, OFX Standard, Venn Essentials and Airwallex Explore charge no monthly fee. Alterna is free with a C$3,000⁴ minimum daily balance.

Are there any truly fee-free business accounts in Canada?

Several have no monthly fee, but most charge for services such as wires or currency conversion.

Do any of the Big Five banks offer a free business chequing account?

Entry plans start at C$5¹ a month with BMO Essential. For branch-based businesses, one may still be the best business chequing account Canada has.

Can I open a business account online in Canada?

Yes. Providers such as EQ Bank, Wealthsimple, Wise and OFX accept online applications.

What documents do I need to open a business account in Canada?

You’ll usually need photo ID and business name registration as a sole proprietor, or Articles of Incorporation and a Business Number as a corporation.

Are deposits in online or fintech business accounts protected by CDIC?

CDIC covers eligible deposits at member institutions only. Fintechs protect funds differently, so check each provider’s safety page.

Can I use a personal bank account for my business?

Depending on your structure, you may be able to. A separate account keeps bookkeeping simpler. For tax questions, check the CRA.

Can I get a USD business account in Canada without paying a monthly fee?

Yes. OFX Standard costs C$0 a month⁵ and includes local USD account details, plus CAD, EUR and GBP¹².

References

https://www.bmo.com/en-ca/main/business/accounts/overview/
https://www.eqbank.ca/business/business-account
https://www.wealthsimple.com/en-ca/business/chequing
https://www.alternabank.ca/en/small-business/business-services/account-small-business-echequing
https://www.ofx.com/en-ca/business/pricing/
https://www.ofx.com/en-ca/business/global-business-account/
https://www.ofx.com/en-ca/blog/best-business-bank-accounts-canada/
https://www.venn.ca/pricing
https://wise.com/ca/pricing/business
https://www.airwallex.com/ca/terms/fee-schedule
https://www.bmo.com/pdf/better-business-banking-guide.pdf
https://www.ofx.com/en-ca/business/multi-currency-account/
https://www.td.com/content/dam/tdct/document/pdf/business-banking/521998.pdf
https://www.td.com/ca/en/business-banking/small-business/bank-accounts
https://www.rbcroyalbank.com/business/pdf/services_fees.pdf
https://www.scotiabank.com/content/dam/scotiabank/refresh/documents/bank-accounts/english/fees_interest_schedules.pdf
https://www.cibc.com/content/dam/small_business/bus-acct-service-fees-en.pdf
https://www.tangerine.ca/en/business/save/business-savings-account
https://www.canada.ca/en/financial-consumer-agency/services/industry/laws-regulations/low-cost-no-cost-accounts.html
https://www.canada.ca/en/financial-consumer-agency/news/2025/03/canadians-to-benefit-from-enhanced-free-and-low-cost-bank-accounts-this-year-march-13-2025.html
https://www.payments.ca/sites/default/files/PaymentsCanada_Canadian_Payment_Methods_and_Trends_Report_2026_EN.pdf
https://www150.statcan.gc.ca/n1/daily-quotidien/260219/dq260219a-eng.htm
https://www.payments.ca/canadian-payment-transactions-total-more-12-trillion-2025-real-time-payments-appeal-over-half
https://international.canada.ca/en/global-affairs/corporate/reports/chief-economist/state-trade/2025
https://www.cdic.ca/depositors/whats-covered
https://www.ofx.com/en-ca/faqs/is-it-safe-to-wire-money/
https://www.ofx.com/en-ca/legal/user-agreement/
https://www.eqbank.ca/business/business-account/fees-and-features
https://www.eqbank.ca/business/usd
https://www.eqbank.ca/business/card
https://www.wealthsimple.com/en-ca/learn/prepaid-business-visa
https://compliance-documents.cdn.wealthsimple.com/20260527162130_Wealthsimple_Business_Prepaid_Cardholder_Agreement_May_2026.pdf
https://www.alternabank.ca/media/fxndemak/business_service_fee.pdf
https://www.venn.ca/legal/cardholder-agreement
https://www.wise.com/help/articles/2932153/cad-transfers
https://www.wise.com/help/articles/2978083/how-do-i-receive-money-with-my-cad-account-details
https://wise.com/ca/pricing/business/card-fees
https://wise.com/ca/business/card
https://help.airwallex.com/hc/en-gb/articles/9070569827727-Canada-Interac-e-Transfer-Guide
https://www.airwallex.com/en-ca/spend-management/cards
https://www.airwallex.com/en-ca/terms/cardholder-commercial
https://www.bmo.com/main/business/credit-cards/bmo-cashback-no-fee-business-mastercard/
https://www.ofx.com/en-ca/business/corporate-cards/

*If you book a Forward Contract, it may mean losing out if the market rate improves because you’re contracted to settle at the agreed rate. This means you benefit if the market rate worsens, but you lose out if the market rate improves.

^If you book a Limit Order, it may mean losing out if the market rate continues to move above your target rate. There is no guarantee that your desired rate will be reached. Once the order is triggered, the transfer is binding and cannot be voided.

In Canada, OFX is registered with the Financial Transactions and Reports Analysis Centre (FINTRAC) under registration number M08560392²⁶. OFX is registered as a money services business with Revenu Québec under registration number 10713²⁶. OFX is not a bank so you are not protected by the Canada Deposit Insurance Corporation (CDIC) when you send money with OFX.²⁷ Learn more about how OFX keeps your money and information secure.