BMO Business Bank Account Alternatives: What is the best business bank account for Canadian SMBs?

Choosing the right business account is a key decision for any Canadian entrepreneur or finance manager. Whether you’re setting up your first account or upgrading to streamline operations, your business needs modern tools to send payments, manage expenses, and operate globally with ease.

The Bank of Montreal business account is one of the more commonly chosen traditional options. With BMO online banking for business, customers can access CAD accounts, manage payments digitally, and get in-branch service. BMO business banking also provides basic wire transfer and transaction support.

However, the reality is that the traditional BMO business account may not offer the speed, automation, and cost control that today’s growing businesses demand. This article explores top Bank of Montreal business account alternatives that provide lower fees, better FX, and smarter online tools.

What You Get with a BMO Business Bank Account

The BMO business account provides basic banking services tailored for Canadian businesses. Through BMO online business banking, you can manage transactions, access account history, and make bill payments.

Standard Features Include:

• Access to BMO online business banking and mobile tools
• CAD account with no monthly fee under the eBusiness Plan
• Unlimited electronic transactions with the eBusiness Plan
• Interac e-Transfers available at $1.50 each
• Outbound wire transfers starting at $30
• FX markup of approximately 2.9 percent on international transactions
• No included USD or multi-currency support unless additional accounts are opened
• No integrated tools for bookkeeping or accounting

While BMO online banking for business offers domestic transaction capabilities and a familiar banking interface, it lacks support for advanced digital finance operations, especially for companies managing international payments or multiple currencies.

Common Limitations of Bank of Montreal for Small Business Owners

Many Canadian businesses outgrow their Bank of Montreal business account because of a few key limitations:

1. No real multi-currency accounts: BMO banking for business requires separate product enrollment for USD accounts and does not support local details for receiving funds in USD, GBP, or EUR. That makes it harder to get paid from international clients without delays or fees.

2. High FX fees: Foreign exchange markups sit around 2.9 percent. On a $10,000 USD payment, you could lose nearly $300 in hidden conversion costs compared to alternatives with transparent FX rates.

3. Interac e-Transfer costs: BMO online business banking charges $1.50 per Interac e-Transfer. For businesses that rely on frequent Interac transactions to pay vendors or contractors, this cost adds up quickly.

4. No built-in accounting integrations: BMO business online banking does not offer built-in connections to QuickBooks or Xero. SMBs must download and manually reconcile transactions.

5. Limited automation and spend control: Unlike more modern business banking platforms, BMO does not provide corporate cards with cashback, team spend limits, or approval workflows for business expenses.

6. Outbound wire transfer costs and delays: Wires start at $30 and settlement times may be 2 to 5 days depending on destination and currency. There is no ACH access or local settlement infrastructure for U.S. payments.

These restrictions make BMO online business banking less suitable for SMBs with global customers, remote teams, or growing back-office complexity.

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What to Look for in a BMO Alternative

When evaluating alternatives to the Bank of Montreal business account, consider the following priorities:

• Multi-currency support: You should be able to hold, send, and receive money in CAD, USD, and more, ideally with local account details so you can send local transfers instead of relying on wires.
• Lower FX fees: Transparent rates closer to 0.25 percent are significantly better than bank averages of 2.5 to 3 percent.
• Integrated tools: Direct sync with QuickBooks or Xero saves time on reconciliation.
• No Interac limits: Unlimited, free Interac e-Transfers help reduce cost for domestic payments.
• Online onboarding: No need for in-branch verification or paper-based account setup.
• Corporate cards and expense controls: Platforms that offer employee cards, cashback, and spend management help you scale smarter.

If your business uses modern tools, works with clients or vendors internationally, or wants more control over spend and FX, you need more than what traditional BMO business banking offers.

1. Venn Multi-Currency Business Account

Best for: Startups, SMBs, ecommerce brands, and finance teams seeking a modern, global-ready alternative to traditional banks.

Venn is a powerful financial platform tailored for Canadian businesses that want to simplify money management while cutting unnecessary costs. Unlike the Bank of Montreal business account, Venn gives you everything you need to operate domestically and internationally without layered fees or outdated infrastructure.

Key Features:

• Real CAD, USD, GBP, and EUR accounts: with local account details for sending and receiving payments
• Free unlimited Interac e-Transfers®
• Free local payment methods including EFT (Canada), ACH (USA), SEPA (Europe), and UK Faster Payments
• 1% cashback on all card transactions with no tiers or minimums
• Real-time foreign exchange conversion at just 0.25% above the mid-market rate
• Send and receive money in over 30 currencies across 180+ countries
• Automated accounts payable and receivable tools
• Two-way sync with QuickBooks and Xero for seamless bookkeeping
• No monthly fees, no wire markup, no inbound transfer charges
  

Why switch from BMO or Bank of Montreal: While BMO online business banking requires separate products for USD access and charges ~$30 per wire and ~2.9% in FX, Venn provides global-ready infrastructure at no monthly cost; with faster payments, better automation, and drastically lower currency conversion rates.

2. RBC Digital Choice Business Account

Best for: Business owners seeking digital access with a traditional banking brand.

This plan from RBC offers unlimited electronic transactions for a $6 monthly fee and includes 10 free Interac e-Transfers® per month. After that, each transfer costs $1.50. However, it does not offer multi-currency accounts, nor does it integrate with accounting software or offer spend automation tools.

Compared to Venn: RBC typically charges an FX markup between 2.8% and 3.2%, significantly more than Venn’s real-time 0.25% FX. For a $10,000 USD conversion, this could mean paying over $250 more per transaction. In addition, RBC requires separate accounts for USD handling, charges for incoming wires, and lacks automation or global payment capabilities. Venn includes real USD and CAD accounts, free ACH, lower-cost wires, unlimited free Interac, and built-in accounting sync.

3. TD Basic Business Plan

TD’s Basic Business Plan has a $5 monthly fee and includes only five free transactions per month. Each additional transaction costs $1.25. It does not include Interac e-Transfers® or built-in tools for currency conversion, automation, or accounting. Multi-currency accounts require enrolling in separate products.

Compared to Venn: TD applies FX markups between 2.8% and 3.5%, depending on the currency and method of transfer. Venn offers a 0.25% FX rate across all currencies. Venn also supports unlimited free transactions, real-time FX, Interac, QuickBooks/Xero integrations, and multi-currency infrastructure. TD may suit small domestic-only businesses, but it falls short for those needing modern, global-ready tools.

4. CIBC Unlimited Business Operating Account

Best for: High-volume transaction businesses that need traditional bank services.

This account includes unlimited teller, ATM, and online transactions for a $65 monthly fee, which is waivable with a $45,000 average daily balance. It includes unlimited Interac e-Transfers®, but lacks modern automation features, cashback, and real-time accounting integrations.

Compared to Venn: CIBC typically charges FX rates between 2.7% and 3.2%. With Venn’s 0.25% FX and no monthly fees, businesses can save hundreds per month on global transfers alone. Venn also offers built-in invoice management, card-level spend control, and automation tools that streamline financial ops, features not available with CIBC. For businesses managing international clients or paying vendors across borders, Venn is a smarter, leaner choice.

5.Scotiabank Select Account for Business

Best for: Larger businesses that prioritize full-service banking with branch access.

Scotiabank’s premium plan costs $120 per month, waivable with a $75,000 balance. It includes unlimited debit, credit, and Interac e-Transfer® transactions. However, it lacks automation, expense tools, accounting software integrations, or any spend-based rewards.

Compared to Venn: Scotiabank’s FX markup typically ranges from 2.8% to 3.2%, making international payments significantly more expensive. Venn provides real-time FX at 0.25%, local currency accounts, unlimited Interac, accounting sync, and 1% cashback with no monthly fee or minimums. Unless in-person banking is mission-critical, Scotiabank’s offering is difficult to justify for modern businesses.

Why Venn Is the Best Alternative to Bank of Montreal Business Banking

Unlike BMO or most traditional banks, Venn was built for the modern business. It combines essential banking functions with powerful automation, global payment infrastructure, and lower costs all in one account.

• You get real Canadian and U.S. account details for local payments in both currencies
• You can send EFTs and ACH for free 
• You pay just 0.25 percent on FX compared to 2.9 percent at BMO
• You earn 1 percent cashback on every dollar spent on your corporate card
• You never pay a monthly fee or per-transfer charge for Interac
• You onboard fully online with no paperwork or branch visits
• You sync directly with QuickBooks and Xero to close your books faster

BMO offers familiarity. Venn offers flexibility, speed, and cost-efficiency. The difference is in the details.

Conclusion: Is BMO Still the Right Fit for Your Business?

Bank of Montreal offers a foundational experience with its business account. But in 2025, that might not be enough. SMBs with international customers, remote employees, or modern finance teams need more than just online access. They need automation, savings, and speed.

With zero monthly fees, global-ready features, and advanced financial tools, Venn is helping Canadian businesses take control of their money like never before. Sign up for a free Venn account today.

Q&A: Final Considerations for Business Owners

Q: Can I use Venn instead of a traditional bank like BMO? 

Yes. Venn offers CAD and USD account access, online bill pay, corporate cards, and global payments.

Q: Is Venn a bank? 

No. Venn is a fintech platform that partners with tier 1 banks to safeguard your funds. You get the reliability of traditional infrastructure with the innovation of a modern tool.

Q: Can I try Venn for free? 

Yes. There’s no setup fee, no monthly charge on the Essentials plan, and no long-term commitment.

Q: What’s the difference between BMO and Venn?

BMO offers basic banking. Venn offers a complete business finance platform that includes invoicing, accounting sync, multi-currency, and spend management in one place.

Q: What’s the biggest fee difference between BMO and Venn? 

Foreign exchange and wires. BMO typically charges 2.9 percent on FX and $30 per wire. Venn charges just 0.25 percent on FX and offers more flexible payment rails like ACH and SEPA for free.

Q: Is Venn secure? 

Yes. All funds are held in safeguarded accounts with regulated banking partners. Venn does not lend out customer funds.

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_{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.}