Best Business Bank Accounts in Canada for Small Business (2025)

Whether you're a founder setting up your first company account or a seasoned finance lead looking to reduce operational friction, the right business account can simplify how you move money, pay vendors, and manage spend. But with so many options: traditional banks, digital-first platforms, and modern financial tools, it’s not always obvious which is best for your needs.

This guide breaks down the best business bank accounts in Canada by comparing account fees, card benefits, foreign exchange (FX) rates, and integrations across traditional banks (RBC, TD, BMO, CIBC, Scotiabank) and fintech options (Wise, Venn).

We’ll cover everything from the best small business bank accounts in Canada to international-ready platforms with built-in automation.

Top Business Account Options for Canadian Companies in 2025

What counts as the best bank account for business depends on your company’s priorities, whether that’s sending international payments, managing employee spend, reducing FX costs, or automating reconciliation with QuickBooks or Xero.

Here’s how the top providers compare across pricing, features, and flexibility, so you can choose the right fit for your growing team.

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Quick Overview: Best Business Bank Accounts in Canada (2025) (Table)

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1. Venn Multi-Currency Business Account

Not a bank—but an all-in-one finance platform specifically for modern Canadian businesses.

Best for: Startups and SMBs that need flexible, international-ready business accounts with automation and cost control.

Features:

• Options with no monthly account fees
• CAD, USD, GBP, and EUR accounts included and held by Tier-1 banks 
• Local account details for sending and receiving in 30+ currencies
• 1% unlimited cashback on all corporate card transactions, no spend minimums
• Real-time FX conversion at 0.25%, significantly lower than most bank rates
• Free unlimited Interac e-Transfers®, ACH, EFT, SEPA, and UK Faster Payments support
• Built-in invoicing, accounts payable, and expense management
• Seamless two-way sync with QuickBooks and Xero
• 24/7 online support, but no physical branches
  
  

Venn combines core account functionality with the ability to automate payments, control employee spending, and streamline cross-border operations all through a single interface. It’s ideal for Canadian companies looking to reduce operational overhead and improve payment speed both domestically and globally. They provide you with local accounts, corporate cards, and accounting sync so you can use Venn as both your banking platform and comprehensive financial management platform.  

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2. Wise Business Account

Technically not a bank, but a strong option for international transactions.

Best for: Businesses that send, receive, or hold funds in multiple currencies and want to minimize FX costs.

Features:

• No monthly account fees
• Hold and manage 40+ currencies
• Real exchange rate with low FX fees (~0.4–0.6%)
• Local account details in USD, GBP, EUR, AUD, and more
• Send and receive international payments with transparent pricing
• Integrates with accounting tools like QuickBooks and Xero
• No Canadian Interac e-Transfer support
• No rewards on spend (e.g., no cashback) 
• Onboarding does not require a Canadian address or in-person visit

Wise is ideal for international freelancers, agencies, or global teams dealing with multiple currencies. While it lacks domestic payment rails like Interac and doesn’t offer full business banking features, it excels at reducing conversion costs and simplifying cross-border money movement.

Want to see how Wise stacks up against Venn for Canadian businesses? Learn more in the Wise vs Venn comparison 

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3. RBC Digital Choice Business Account

A digital-first account that still feels like traditional banking.

Best for: Businesses that conduct most transactions electronically and don’t need in-branch services.

Features:

• $6 monthly fee
• Unlimited electronic debit and credit transactions
• Unlimited electronic cheque deposits (unlike Wise) 
• 10 free Interac e-Transfers® per month; $1.50 each after
• No minimum balance required
• Additional fees for in-branch activity and cash deposits
• FX markup: 2.5%–3% on international payments or card transactions
• No cashback rewards or card benefits included
  

While this is one of RBC’s more affordable business accounts, it’s still rooted in legacy systems. There are no automation features, no cashback, and no multi-currency accounts, meaning FX fees can stack up quickly if you're operating internationally. Businesses still need to manually reconcile payments and cannot hold funds in USD or other currencies, making it harder to manage cross-border operations cost-effectively.

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4. TD Basic Business Plan

A lean plan with the bare essentials, emphasis on “basic.”

Best for: Startups or sole proprietors with very low monthly transaction volumes.

Features:

• $5 monthly fee
• 5 free transactions per month; $1.25 per additional transaction
• No free Interac e-Transfers®
• No cashback or card-based rewards
• FX fees of 2.5%–3.5% depending on the transaction method
• No support for USD accounts unless you open an additional product
• No accounting integrations or automation

While affordable on paper, this plan becomes expensive quickly if you process more than a handful of payments. The lack of FX controls, no cashback, and limited digital features make it better suited for side hustles or ultra-lean early-stage businesses that don’t need modern tools or cross-border flexibility.

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5. BMO eBusiness Plan

A no-fee structure that comes with tradeoffs for growing businesses.

Best for: Online-first businesses with predictable domestic transaction volumes.

Features:

• $0 monthly fee
• Unlimited electronic transactions (online transfers, bill payments)
• No in-branch transactions included—fees apply for cash deposits
• Interac e-Transfers® cost $1.50 each
  
  
• No cashback on cards or card-related spend perks
• Standard BMO FX fees apply: ~2.9% markup on foreign transactions
• No USD or multi-currency accounts unless opened separately

This plan offers strong value on paper with unlimited electronic transactions and no monthly fees, making it suitable for businesses that operate entirely online. However, there are tradeoffs to consider, Interac e-Transfers® incur additional fees, and support for international payments or multi-currency accounts requires layering on other BMO products. For businesses with global ambitions or growing operational complexity, this account may lack the integrated features needed to scale efficiently.

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6. CIBC Unlimited Business Operating Account

Unlimited transactions, but at a premium cost and limited modern features.

Best for: Established businesses with heavy domestic transaction needs and cash-handling operations.

Features:

• $65 monthly fee, waivable with $45,000 average daily balance
• Unlimited transactions, including teller, ATM, and online
• Unlimited Interac e-Transfers®
• No cashback or card rewards; separate credit card product required
• FX markup on card spend and transfers: approx. 2.5%–3%
• No bundled support for USD or other currencies (separate account required)
• No automated bill pay or accounting sync tools

This account is geared toward traditional businesses that move large volumes but don’t require global capabilities. The high minimum balance requirement to waive fees is a hurdle for early-stage businesses, and the absence of automation or real-time FX tools means that operational efficiency still depends on manual workflows.

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7. Scotiabank Select Account for Business (Unlimited Plan)

Premium pricing, limited flexibility.

Best for: Businesses that want access to in-person service and are willing to pay for it.

Features:

• $120 monthly fee, waivable with $75,000 average daily balance
• Unlimited debit, credit, and Interac e-Transfer® transactions
• No cashback on card spend
• 2.5%–3% FX fee on international transactions or foreign purchases
• USD business accounts available, but require separate setup and fees
• Access to Scotiabank advisors and overdraft options
• No native integrations with cloud accounting platforms
  

This account is built for high-touch clients who prefer in-branch service and paper-heavy processes. While the unlimited transaction capacity may appeal to large organizations, the high fee (or equally high waiver threshold) makes it inaccessible to most SMBs. Without cashback, low FX, or automated tools, businesses end up paying more..both in fees and in time.

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Why Venn Is the Best Business Banking Alternative in Canada

While Venn isn’t a traditional bank, it was built to outperform them, offering what banks can’t, won’t, or make too difficult for growing businesses. Venn gives Canadian companies a radically more modern and cost-effective way to manage their money across currencies, platforms, and borders, without the complexity, delays, or inflated fees that come with legacy providers.

Here’s what sets Venn apart:

• You get real Canadian and U.S. account details held by tier 1 banking partners. That means you can send and receive money like a local in both countries, free local transfers, no inbound wire fees, no international headaches.
• You can hold and manage money in CAD, USD, GBP, and EUR all from the same interface. Venn supports over 30 currencies for global transfers and payments, allowing you to operate globally without paying global FX premiums.
• Your card works everywhere, and you get 1% cashback on everything you spend. No minimum spend, no tiered caps. Venn's corporate card also automatically pays from the currency you're spending in, avoiding unnecessary conversions.
• All your accounting is automated. Two-way sync with QuickBooks and Xero means your books stay clean without manual imports, and Venn’s smart categorization saves hours every month.
• Built-in invoicing, expense management, and approvals. Unlike traditional banks that require multiple logins and disconnected tools, Venn combines all your financial operations in one place, from paying bills to tracking receipts.

And then there's cost:
Venn doesn’t charge a monthly account fee. FX rates are 0.25% over market, not 2.5–3% like most banks. Wires are cheaper and faster ($6 vs $30+). Interac e-Transfers® are included. And there's no need to open separate products to access basic features like USD accounts or software integrations. You can learn more on Venn’s pricing page.

Whether you're a founder just starting out or a scaling CFO managing a multi-currency business, Venn offers a more powerful and more affordable foundation for modern financial operations, without requiring you to settle for outdated systems or padded fees.

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Conclusion: The Best Business Account Is the One That Works as Hard as You Do

In 2025, Canadian businesses no longer have to settle for outdated banking models with high fees, limited integrations, and slow international capabilities. While the Big 5 banks offer recognizable names and traditional support, their business account offerings often come with trade-offs: high FX markups, limited multi-currency options, and disconnected tools that create more work than they solve.

Fintech options like Wise excel at international transfers, but stop short when it comes to cashback, invoicing, or managing a Canadian business holistically.

Venn bridges that gap.

It’s not a bank, but that’s the point. Venn was purpose-built to replace the friction of traditional banking with a modern, feature-rich platform. With multi-currency accounts, low FX fees, powerful automations, and real Canadian account details backed by tier 1 banking infrastructure, Venn delivers the most complete business account experience available today.

If you’re a small Canadian business looking to scale globally, manage team expenses, or automate your financial operations from a single dashboard, Venn is the banking platform built for your next chapter.

Learn more about Venn

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Q&A: Final Considerations When Choosing a Business Account as an SMB in Canada

Q: Is Venn a bank?
No. Venn is a regulated financial platform that partners with tier 1 banking providers to offer CAD and USD account infrastructure. This allows businesses to access all the benefits of a business banking experience without being limited by the red tape and fees of traditional institutions.

Q. Do I need a separate business bank account if I’m self-employed in Canada?
While not legally required, a dedicated business account helps keep your personal and professional finances separate. This simplifies bookkeeping, improves cash flow management, and enhances your business's credibility with clients and vendors.

Q. What features should I look for in a business account for a Canadian startup?
Look for low fees, online onboarding, integrated accounting tools (like QuickBooks or Xero), and the ability to issue multiple corporate cards. Accounts like Venn are designed specifically for modern Canadian startups that want automation and scalability from day one.

Q. How do I switch to a better business account in Canada?
Switching business accounts involves updating your payment details with vendors, clients, and integrated platforms like accounting tools or payroll software. Platforms like Venn make it easy by offering personalized onboarding support and automated syncing with key systems.

Q. Can I integrate my business account with bookkeeping software?
Most modern business account platforms in Canada, such as Venn, offer direct integration with accounting tools like QuickBooks and Xero. This reduces manual work and helps keep your financial records accurate and up to date.

Q. Are fintech business accounts in Canada secure?
Yes. Fintech platforms like Venn safeguard business funds by partnering with regulated financial institutions and using secure account structures. Funds are held with tier 1 Canadian and U.S. banks and are never lent out.

Q. What is the difference between a traditional business bank account and a fintech platform like Venn?
Traditional banks typically offer fragmented services: separate products for cards, international transfers, and expense tools. Venn consolidates these into one streamlined platform, eliminating fees and simplifying financial management for Canadian SMBs.

Q: Is my money safe with Venn?
Yes. Venn uses safeguarding structures with its banking partners, meaning customer funds are held securely and are not lent out. In the unlikely event that a banking partner experiences issues, your funds remain accessible and intact.

Q: How quickly can I get started with Venn?
Most businesses are onboarded in minutes. There’s no need for branch visits or manual paperwork, and once your account is active, you can begin sending payments, issuing cards, and connecting your accounting software right away.

Q: What’s the biggest advantage of Venn over a traditional bank?
Flexibility and cost. Venn gives you modern tools, like integrated FX, automated bookkeeping, and global payments, without charging monthly fees or burying you in slow approvals. You spend less time managing admin, and more time building your business.

Q: Can I try Venn for free?
Yes. There’s no setup fee or minimum balance to get started with Venn, and no monthly cost on the Essentials plan. You can explore the full platform and upgrade if and when your business needs more advanced features.

Q. What is the best business bank account in Canada for small businesses?
The best small business bank account in Canada depends on your transaction volume, international needs, and digital tools. Options like Venn offer no monthly fees, multi-currency accounts, and built-in expense tracking, which is ideal for growing companies that need more than just a basic account.

Q. Can I open a business bank account online in Canada?
Yes. While many traditional banks still require in-person verification, some business account providers like Venn and Wise allow Canadian businesses to open an account entirely online without visiting a branch.

Q. Are there free business bank accounts in Canada?
Several providers offer $0 monthly fee options, such as the BMO eBusiness Plan and Venn’s Essentials tier. Be sure to check for hidden charges on transactions, FX, or additional users, as these can quickly add up.

Q. Which business account is best for international transactions?
If your business deals in multiple currencies or pays international vendors, choose a business account with low FX fees and multi-currency support. Wise and Venn both offer strong options, Venn stands out by including local CAD and USD accounts with the lowest FX rates and Interac e-Transfers®.