Best Bank Account for Ecommerce Businesses in Canada (2025)

Running a Canadian ecommerce business means watching profits disappear to unnecessary banking fees. Between FX markups on US sales, payment platform conversion charges, and outdated banking infrastructure, online retailers lose thousands annually to financial friction that shouldn't exist.

Ecommerce banking requires specific capabilities that traditional accounts weren't designed to handle. You need multi-currency accounts to receive Shopify and Stripe payouts without conversion penalties. You need seamless integration with payment platforms processing hundreds of monthly transactions. You need competitive FX rates when 60-70% of your revenue comes from US customers.

This guide compares Canada's top business banking options through an ecommerce lens. We'll examine traditional banks, fintech alternatives, and specialized platforms built for online retail. You'll see exactly which accounts support multi-currency operations, offer payment gateway integration, provide competitive FX rates, and reward the high monthly spend typical of growing ecommerce businesses.

Why Ecommerce Businesses Need Specialized Banking Solutions

Most Canadian online retailers generate significant revenue from US customers, use USD-based payment platforms, and pay for inventory, software, and advertising in multiple currencies. Traditional business banking ignores these realities, forcing expensive workarounds that erode already-thin margins.

The hidden costs compound quickly. When Shopify or Stripe sends USD payouts to your CAD-only account, you lose 2.5-3% to bank FX markups. Add Stripe's 1.5% cross-border fee for international card payments, and you're sacrificing 4%+ of gross revenue before accounting for any operational costs. For businesses processing $50,000 monthly, that's $2,000 disappearing to preventable fees.

Ecommerce-optimized banking eliminates these friction points. Real USD, EUR, and GBP accounts let you receive international payouts without conversion. Native integration with Shopify, Stripe, and PayPal automates reconciliation for high transaction volumes. Cashback on corporate cards returns money on the $10,000-$100,000+ you spend monthly on Facebook Ads, inventory, and software subscriptions.

Top Bank Accounts for Canadian Ecommerce Businesses in 2025

The following comparison evaluates accounts based on criteria that directly impact ecommerce profitability: multi-currency support, payment platform integration, FX rates, transaction limits, and accounting automation.

Quick Comparison: Best Ecommerce Business Accounts

Provider	Monthly Fee	Multi-Currency Accounts	FX Rate Markup	Shopify/Stripe Integration	Cashback/Rewards	Best For
Venn	$0-$99	CAD, USD, EUR, GBP (included)	0.25%-0.45%	Native integration	1% unlimited	Scaling ecommerce with international sales
Wise Business	$0	40+ currencies (hold only)	0.4%-0.6%	Manual only	None	International payments, no domestic operations
RBC Digital Choice	$6	CAD only (separate USD account required)	2.5%-3%	None	None	Domestic-only sellers with low volume
TD Basic Business	$5	CAD only (separate USD account required)	2.5%-3.5%	None	None	Very low transaction volume only
BMO eBusiness Plan	$0	CAD only (separate USD account required)	~2.9%	None	None	Domestic online-only operations
Scotiabank Unlimited	$120 (waivable with $75K balance)	CAD (separate USD account available)	2.5%-3%	None	None	High-volume traditional businesses

1. Venn Multi-Currency Business Account

Purpose-built financial platform for modern Canadian ecommerce businesses

Best For: Ecommerce businesses selling internationally, Shopify/Stripe users, and online retailers with significant US customer base

Venn stands alone as the only platform built specifically to solve ecommerce banking challenges. The platform provides real local USD accounts that can send and receive ACH transfers, not virtual accounts that still trigger cross-border fees. This capability lets you receive Shopify and Stripe payouts as true domestic US transfers, eliminating the 1.5% Stripe cross-border fee and 2.5-3% bank FX markup that costs Canadian ecommerce businesses thousands monthly.

Beyond multi-currency accounts, Venn integrates your entire financial workflow. Native Shopify, Stripe, and PayPal integration means payouts deposit automatically and reconcile in your accounting software. Multi-currency corporate cards automatically pay in the currency you're being charged, saving FX fees on Facebook Ads, Google Ads, and international software subscriptions. You earn 1% unlimited cashback on all spend, returning significant value on the $5,000-$50,000+ monthly expenses typical for growing ecommerce businesses.

Features:

• Real local CAD, USD, GBP, and EUR accounts

• Receive Shopify/Stripe/PayPal payouts without FX conversion

• 0.25%-0.45% FX rates (lowest in Canada)*

• 1% unlimited cashback on all card spend

• Free unlimited Interac e-Transfers®

• Native integration with QuickBooks and Xero

• Multi-currency cards that auto-select payment currency

• 2% interest on CAD and USD balances

• $0 monthly fee option available

Ecommerce businesses using Venn save an average of $8,000-$15,000 annually by eliminating unnecessary FX fees and earning cashback on high monthly ad spend.

2. Wise Business Account

Multi-currency platform for international payments

Best For: Ecommerce businesses focused primarily on international supplier payments with minimal domestic Canadian operations

Wise excels at holding and converting between 40+ currencies with transparent, mid-market FX rates. For ecommerce businesses paying international suppliers or manufacturers, Wise offers a cost-effective way to manage multi-currency inventory purchases.

However, Wise has significant limitations for Canadian ecommerce operations. No Interac e-Transfer® support means you can't easily move money to Canadian suppliers or pay yourself. No native Shopify or Stripe integration requires manual transfers. No cashback means you're missing rewards on substantial monthly software and advertising spend. It works as a supplementary tool but not as your primary business account.

Features:

• Hold 40+ currencies in one account

• Mid-market FX rates (~0.4%-0.6% fee)

• Local account details for USD, EUR, GBP

• Accounting software integration available

• No monthly account fees

• No Interac e-Transfer® support

• No cashback or card rewards

• Manual Shopify/Stripe payout transfers required

3. RBC Digital Choice Business Account

Traditional bank option for domestic-focused sellers

Best For: Ecommerce businesses selling exclusively in Canada with low international transaction needs

RBC's digital account offers unlimited electronic transactions for $6 monthly, which works for high-volume domestic operations. If you're running a Canada-only Shopify store and receiving CAD payouts, this provides basic functionality.

The limitations become costly for any international operations. No included USD account means opening a separate product with additional fees. FX markups of 2.5-3% make receiving USD payouts expensive. No Shopify or accounting integrations mean manual reconciliation for potentially hundreds of monthly transactions. No cashback means missing significant returns on the $5,000-$50,000+ monthly spend typical for growing ecommerce businesses.

Features:

• $6 monthly fee

• Unlimited electronic transactions

• 10 free Interac e-Transfers® monthly

• CAD account only (separate USD account required)

• 2.5%-3% FX markup on conversions

• No payment platform integrations

• No accounting automation

• No cashback or rewards

4. TD Basic Business Plan

Minimal option for very low-volume sellers

Best For: Side-hustle ecommerce or very early-stage sellers processing fewer than 5 transactions monthly

This account only makes sense for the smallest operations. At $5 monthly with just 5 included transactions, costs escalate quickly for any meaningful ecommerce activity. When you're processing daily Shopify payouts, paying suppliers, running payroll, and managing software subscriptions, you'll exceed the transaction limit immediately. Add 2.5-3.5% FX fees, no USD account, no integrations, and no cashback, and this becomes one of the most expensive options for active ecommerce businesses.

Features:

• $5 monthly fee

• Only 5 included transactions ($1.25 each additional)

• No free Interac e-Transfers®

• CAD only (no USD account option)

• 2.5%-3.5% FX markup

• No platform integrations

• No rewards program

5. BMO eBusiness Plan

No-fee option with limited ecommerce functionality

Best For: Domestic ecommerce businesses with all-electronic operations and no international sales

BMO's $0 monthly fee and unlimited electronic transactions initially appear attractive for ecommerce operations. If you're running a domestic-only online store with CAD-only transactions, this covers basic account functionality without monthly costs.

The value proposition breaks down for any international ecommerce activity. Each Interac e-Transfer® costs $1.50, which adds up when paying Canadian suppliers or contractors. The ~2.9% FX markup makes USD Shopify payouts expensive. No multi-currency accounts, no Shopify integration, and no cashback mean you're paying more and earning less compared to ecommerce-optimized alternatives.

Features:

• $0 monthly fee

• Unlimited electronic transactions

• $1.50 per Interac e-Transfer®

• CAD only (separate USD account required)

• ~2.9% FX markup

• No payment platform integration

• No accounting automation

• No cashback rewards

6. Scotiabank Select Account for Business (Unlimited Plan)

Premium pricing without modern ecommerce features

Best For: Large traditional businesses willing to maintain $75K+ daily balance

At $120 monthly (waivable with $75K average balance), this account targets established businesses with substantial capital. While unlimited transactions work for high-volume operations, the lack of ecommerce-specific features makes this a poor fit for online retailers. No multi-currency accounts, no Shopify or Stripe integration, no accounting automation, 2.5-3% FX fees, and no cashback mean you're paying premium prices for outdated infrastructure. Most growing ecommerce businesses can't maintain $75K in a non-interest-bearing account, making the effective cost prohibitive.

Features:

• $120 monthly fee (waivable with $75K balance)

• Unlimited transactions and Interac e-Transfers®

• CAD account (separate USD account available)

• 2.5%-3% FX markup

• No payment platform integrations

• No accounting automation

• No cashback program

• In-branch support available

What Ecommerce Businesses Should Look For in a Bank Account

Not all business accounts are created equal, and generic banking features rarely align with ecommerce operational needs. The right account should reduce your costs, automate your workflows, and scale with your sales volume.

Focus on features that directly impact your bottom line. Multi-currency accounts eliminate conversion fees on international sales. Native payment platform integration automates reconciliation. Low FX rates save thousands on cross-border transactions. Cashback returns money on your largest expense categories.

Consider your current and projected sales channels. If you're selling to US customers (or planning to), USD account capability is non-negotiable. If you're running paid advertising, cashback on high monthly card spend matters significantly. If you're processing 100+ transactions monthly, accounting automation saves hours of manual work.

Key Features to Prioritize:

• Multi-currency accounts: Real local CAD, USD, and ideally EUR/GBP accounts to receive payouts without conversion fees

• Payment platform integration: Native Shopify, Stripe, and PayPal connectivity to automate payout deposits and reconciliation

• FX rates: Look for 0.25%-0.6% markup, not the 2.5%-3% charged by traditional banks

• Cashback or rewards: 1% unlimited cashback can return $500-$5,000+ monthly on typical ecommerce spend

• Accounting automation: Two-way sync with QuickBooks or Xero to eliminate manual transaction categorization

• Transaction limits: Unlimited or high-volume transaction allowances for daily payouts and supplier payments

• Card features: Multi-currency cards that auto-select payment currency to avoid unnecessary FX fees on international subscriptions

How Venn Solves the Biggest Ecommerce Banking Challenges

Venn was built specifically to address the pain points that cost Canadian ecommerce businesses thousands monthly. The platform provides real local USD accounts (not virtual accounts) that can send and receive ACH, meaning you receive Shopify and Stripe payouts as true domestic US transfers. This eliminates Stripe's 1.5% cross-border fee and your bank's 2.5-3% FX markup, saving $3,000-$10,000+ annually for businesses processing $20,000-$50,000+ monthly in USD revenue.

Beyond multi-currency accounts, Venn integrates your entire financial workflow. Native Shopify, Stripe, and PayPal integration means payouts deposit automatically and reconcile in your accounting software. Multi-currency corporate cards automatically pay in the currency you're being charged, eliminating FX fees on Facebook Ads, Google Ads, Klaviyo, and other USD-based software. You earn 1% unlimited cashback on all spend, returning $500-$2,000+ monthly for businesses spending $50,000-$200,000 on inventory, advertising, and operations.

The platform also handles the operational complexity of scaling ecommerce. Use Venn to pay Canadian suppliers via free unlimited Interac e-Transfers®, send international wire transfers for $6-$10 (vs. $30-$50 at banks), run payroll, pay taxes, and manage team expenses. Everything syncs automatically with QuickBooks or Xero, eliminating hours of monthly reconciliation work. You get complete financial operations in one platform, not fragmented services across multiple providers.

Learn more about Venn's pricing, Global Accounts, and Corporate Cards.

Real-World Scenario: How Much Venn Saves Ecommerce Businesses

Here's the concrete math for a typical Canadian ecommerce business to illustrate cumulative savings.

Scenario: Canadian DTC brand processing $50,000 monthly revenue (60% USD, 40% CAD), spending $20,000 monthly on ads and software, paying 5 suppliers monthly.

Cost Category	Traditional Bank	Venn	Monthly Savings
FX fees on USD revenue ($30K)	$750-$900 (2.5%-3%)	$75-$135 (0.25%-0.45%)	$675
Stripe cross-border fees	$450 (1.5% on $30K)	$0 (local USD account)	$450
Cashback on $20K spend	$0	$200 (1% unlimited)	$200
Interac e-Transfers® (5 monthly)	$7.50	$0 (unlimited free)	$7.50
Wire transfers (2 monthly)	$60-$100	$12-$20	$50
TOTAL MONTHLY SAVINGS	-	-	$1,382.50
ANNUAL SAVINGS	-	-	$16,590

How to Switch Your Ecommerce Business to Venn

Switching business accounts sounds complex, but Venn's onboarding process is designed for ecommerce businesses to transition smoothly without disrupting operations.

Step-by-step process:

•

Sign up online in minutes: Complete Venn's digital onboarding with your business information. No branch visits required. Most businesses are approved within 24 hours.

•

Receive your account details: Get your CAD and USD account information immediately. Link these to Shopify, Stripe, PayPal, and other payment platforms to start receiving payouts.

•

Connect your accounting software: Sync Venn with QuickBooks or Xero for automatic transaction categorization and reconciliation.

•

Issue corporate cards to your team: Set spending limits and controls for employees managing advertising, software subscriptions, and business purchases.

•

Transition gradually: Run both accounts in parallel initially. Once you've confirmed all payouts and integrations work smoothly, close your old account.

Sign up for Venn and start saving immediately.

Conclusion

Canadian ecommerce businesses face unique financial challenges that traditional banks weren't designed to solve. Between multi-currency sales, payment platform integrations, high transaction volumes, and substantial monthly spend on advertising and software, the right banking infrastructure directly impacts your profitability. Traditional banks charge 2.5-3% FX fees, offer no Shopify or Stripe integration, provide no cashback on spend, and require manual reconciliation of hundreds of monthly transactions.

Venn eliminates these friction points with real multi-currency accounts, native payment platform integration, the lowest FX rates in Canada, 1% unlimited cashback, and automated accounting sync. For growing ecommerce businesses, this translates to $10,000-$20,000+ in annual savings and dozens of hours reclaimed from manual financial operations. If you're serious about scaling your online retail business, your banking platform should work as hard as you do.

Get started with Venn today and see how much your ecommerce business can save.

Frequently Asked Questions

Q: What is the best bank account for a Shopify business in Canada? A: Venn offers the most comprehensive solution for Shopify businesses with real USD accounts that receive payouts without conversion fees, native Shopify integration for automated reconciliation, and 1% unlimited cashback on all business spending. This combination saves typical Shopify stores $10,000-$20,000 annually compared to traditional banking.

Q: Can I receive Shopify payouts directly in USD? A: Yes, with Venn's real local USD account, you can receive Shopify payouts as domestic US transfers. This eliminates both Stripe's 1.5% cross-border fee and your bank's 2.5-3% FX markup, saving 4%+ on all US revenue.

Q: How much do FX fees cost Canadian ecommerce businesses? A: Traditional banks charge 2.5-3% FX markup on currency conversions. For a business processing $30,000 monthly in USD sales, that's $750-$900 in fees. Add Stripe's 1.5% cross-border fee, and total costs exceed $1,350 monthly or $16,200 annually.

Q: Does Venn integrate with Shopify and Stripe? A: Yes, Venn offers native integration with Shopify, Stripe, and PayPal. Payouts deposit automatically into your multi-currency accounts and sync with your accounting software, eliminating manual reconciliation for hundreds of monthly transactions.

Q: Can I use Venn to pay international suppliers? A: Absolutely. Venn supports wire transfers to 180 countries in 36+ currencies for just $6-$10 per transfer. You can also hold funds in USD, EUR, and GBP to pay suppliers without conversion fees.

Q: What's the difference between a real USD account and a virtual USD account? A: A real USD account (like Venn provides) can send and receive ACH transfers as domestic US transactions. Virtual USD accounts offered by most Canadian banks still route through SWIFT, triggering cross-border fees and requiring expensive wire transfers for US payments.

Q: How does cashback work for ecommerce businesses using Venn? A: Venn provides 1% unlimited cashback on all corporate card spending. For ecommerce businesses spending $20,000-$100,000+ monthly on inventory, advertising, and software, this returns $200-$1,000+ monthly with no caps or category restrictions.

Q: Can I connect Venn to QuickBooks or Xero? A: Yes, Venn offers native two-way sync with both QuickBooks and Xero. Transactions categorize automatically, eliminating hours of manual bookkeeping work typical with high-volume ecommerce operations.

Q: How long does it take to open a Venn account? A: Most businesses complete Venn's digital onboarding in under 10 minutes and receive approval within 24 hours. You'll get your CAD and USD account details immediately upon approval to start receiving payments.

Q: Is Venn safe for holding business funds? A: Yes, Venn is a registered Payment Service Provider in Canada. Your funds are covered under CDIC insurance protection through Peoples Trust Company. Venn complies with all RPAA legislation and maintains the highest security standards for business banking.

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*Based on internal analysis of total markups and FX fees charged by major Canadian financial institutions in April 2025.

--- **Disclaimer:** This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Venn Software Inc or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.