Business Bank Accounts in Canada With No Monthly Fees: 2025 Guide

Monthly account fees drain thousands from Canadian business budgets every year. The good news? No-fee business accounts are now available across Canada, but not all deliver equal value. Some offer truly unlimited features, while others hide costs in transaction fees, FX markups, and limited functionality.

This guide compares the best no-fee business accounts in Canada, reveals what to watch for beyond the monthly fee, and shows you how to choose an account that actually saves your business money. We'll examine how platforms like Venn combine no monthly fees with features that traditional banks charge extra for, helping you make an informed decision for your business finances.

What to Look for Beyond "No Monthly Fee"

A $0 monthly fee sounds great until you discover the hidden costs. Here's what actually matters when comparing no-fee business accounts in Canada.

Transaction Limits

Many no-fee accounts cap transactions at 10-25 per month, then charge per-transaction fees. Businesses processing dozens of payments weekly can end up paying more than accounts with monthly fees. Look for accounts offering truly unlimited transactions to avoid surprise charges.

Interac e-Transfer® Costs

Most banks charge $1-$1.50 per e-Transfer, even on "no-fee" accounts. For businesses sending frequent payments to contractors or vendors, this adds up fast. A company sending just 50 e-Transfers monthly faces $75 in fees, negating any monthly fee savings.

Foreign Exchange Markups

FX fees are where financial institutions make real money on no-fee accounts. Traditional banks typically charge 2.5-3% markups on foreign exchange. Businesses dealing in USD or paying international vendors lose significantly on every conversion. On $50,000 in annual conversions, that's $1,250-$1,500 in hidden costs.

Feature Limitations

No-fee accounts often exclude essentials like multi-currency support, corporate cards with rewards, accounting integrations, or the ability to receive ACH/wire transfers without fees. These missing features force businesses to use multiple disconnected tools, creating inefficiency and additional costs.

The best no-fee business account eliminates both monthly fees AND these hidden costs while providing modern features that save time and money.

Best No-Fee Business Bank Accounts in Canada

Here's how the top no-fee business accounts in Canada compare on pricing, features, and real costs for growing businesses.

‍

Venn: Complete Financial Platform for Modern Businesses

Venn provides a complete financial operations platform built specifically for Canadian businesses. Unlike traditional no-fee accounts that strip away essential features to eliminate the monthly charge, Venn provides everything modern businesses need: real local CAD and USD accounts (not just currency conversion), local GBP and EUR accounts, corporate cards with 1% unlimited cashback, and the lowest FX rates in Canada at 0.25%.

What sets Venn apart is integration. Two-way sync with QuickBooks and Xero eliminates manual data entry. Built-in invoicing and accounts payable streamline operations. OCR receipt capture saves hours on expense management. You can pay taxes and run payroll directly from the platform through real Canadian bank rails via Peoples Trust. All pricing is per account, not per user, so adding team members doesn't increase costs.

Key Features:

• $0 monthly fee on Essentials plan

• Real local CAD, USD, GBP, EUR accounts

• 1% unlimited cashback on all card spend

• 0.25% FX rates (lowest in Canada)

• Free unlimited Interac e-Transfer®

• 2% interest on CAD and USD balances

• Two-way QuickBooks/Xero sync

• Built-in AP automation and invoicing

• Send/receive ACH and wire transfers

• Funds covered under CDIC protection

Best for: Canadian businesses that need multi-currency accounts, automated accounting, and powerful spend management in one platform.

EQ Bank Business Account: High Interest, Limited Features

EQ Bank's Business Account offers no monthly fees, no minimum balance requirements, and a competitive 2.25% interest rate on deposits. The account includes 50 free outgoing Interac e-Transfers® per month and 100 free incoming, with $0.50 charged thereafter. The platform is fully digital with Canada-based customer support.

However, EQ Bank is CAD-only with no multi-currency support. Businesses dealing in USD or other currencies face standard bank FX markups around 2.5%. The account is not available in Quebec. There's no corporate card program yet (one is planned), no accounting automation, and no ability to handle international payments cost-effectively. It's a solid savings-focused account, but lacks the operational tools growing businesses need.

Key Features:

• $0 monthly fee

• 2.25% interest on all balances

• 50 free outgoing e-Transfers monthly

• Up to 10 sub-accounts

• Digital-only application

• Canada-based support

Limitations:

• CAD only, no multi-currency

• No corporate card (coming 2025)

• No accounting integrations

• Not available in Quebec

• High FX fees on conversions

Best for: Simple businesses that operate entirely in CAD and prioritize interest earnings over functionality.

BMO eBusiness Plan: Free but Feature-Limited

BMO's eBusiness Plan offers unlimited electronic transactions with no monthly fee and no minimum balance. It's designed for businesses that operate primarily online and don't require in-branch services. The first two Interac e-Transfers® are free each month, with $1.50 charged for each additional transfer.

There's no built-in USD account, no multi-currency support, and FX fees run approximately 2.9% on foreign transactions. The account offers no cashback, no accounting integrations, and no expense management tools. For businesses that need more than basic transaction processing, the limitations become apparent quickly. Cash deposits incur additional fees, making it unsuitable for businesses handling physical payments.

Key Features:

• $0 monthly fee

• Unlimited electronic transactions

• Online and mobile banking

• No minimum balance

• First 2 e-Transfers free monthly

Limitations:

• $1.50 per e-Transfer after first 2

• ~2.9% FX markup

• No USD or multi-currency accounts

• No cashback or rewards

• No accounting integrations

• Cash deposits incur fees

Best for: Online businesses with low transaction volumes that don't need international capabilities.

Koho Business Solutions: Personal Banking for Business Use

Koho is primarily a personal banking fintech that has begun exploring business offerings through enterprise partnerships. While Koho offers prepaid Mastercard solutions with cashback and high interest rates, it doesn't provide dedicated business accounts with the features Canadian companies need for growth.

The platform lacks real business account infrastructure. There's no ability to accept pre-authorized debits, no payroll capabilities, no proper invoicing or AP automation, and limited multi-currency support. Koho works well for personal use or very simple sole proprietor scenarios, but businesses needing proper financial operations will quickly outgrow it.

Key Features:

• No monthly fee (with deposits)

• Up to 3.5% interest (on personal accounts)

• Cashback rewards

• Mobile-first platform

Limitations:

• Not designed for business operations

• No payroll or tax payment capability

• Limited multi-currency support

• No accounting integrations

• Prepaid card model, not full accounts

• Cannot handle business-grade transactions

Best for: Sole proprietors and freelancers with very simple banking needs.

How to Choose the Right No-Fee Business Account

The best no-fee business account depends on how your business operates and where you plan to grow. Focus on these factors to make the right choice.

Consider Your Transaction Volume

If you send more than 50 Interac e-Transfers® monthly or process hundreds of transactions, accounts with per-transaction fees will cost more than advertised. Look for truly unlimited transaction capabilities. Calculate your actual monthly transaction volume and multiply by the per-transaction fee to see the real cost.

Evaluate Your Currency Needs

Businesses that deal in USD, pay international vendors, or sell globally need multi-currency accounts with low FX rates. A 2.5% markup on $50,000 in conversions costs $1,250, far more than any monthly fee. Real local accounts in multiple currencies eliminate conversion fees entirely when receiving payments.

Factor in Accounting Integration

Manual bookkeeping wastes hours every month. Platforms that sync with QuickBooks or Xero eliminate data entry and reduce errors. Calculate the time cost of manual reconciliation. At $50/hour for bookkeeping, saving just 5 hours monthly equals $250 in value.

Look at Total Cost of Operations

Compare the real cost: monthly fees + transaction fees + FX markups + time spent on manual processes. The cheapest monthly fee rarely equals the lowest total cost. Include the cost of additional tools you'll need if the account lacks features like expense management or invoicing.

Plan for Growth

Choose an account that scales with your business. If you'll need corporate cards, expense management, or international payments within 12 months, select a platform that offers them now. Switching business accounts disrupts operations and requires updating payment information everywhere.

Why Venn Is the Best No-Fee Business Account in Canada

Venn eliminates monthly fees without eliminating the features businesses actually need. While traditional banks offer no-fee accounts that charge for e-Transfers, lack multi-currency support, and provide no automation, Venn delivers a complete financial operations platform at no monthly cost.

You get real local accounts in four currencies (CAD, USD, GBP, EUR), not just conversion services. This means you can receive ACH transfers in your US account without wire fees, invoice clients in their local currency, and avoid the 1.5% Stripe cross-border fee. Your corporate card automatically pays from the currency you're spending in, eliminating unnecessary FX costs, and you earn 1% unlimited cashback on every purchase with no spending minimums.

The platform integrates everything your business needs: two-way QuickBooks and Xero sync, built-in invoicing with OCR receipt capture, accounts payable automation, and the ability to pay taxes and run payroll. You can send free unlimited Interac e-Transfers®. FX rates are 0.25%, not 2.5-3% like banks. Your funds are covered under CDIC protection through Venn's tier 1 banking partners.

Most importantly, Venn pricing is per account, not per user. You don't pay extra to add team members or issue additional cards. As your business grows, your banking costs don't multiply.

Frequently Asked Questions

Q: What is a no-fee business bank account?
A: A no-fee business bank account charges $0 in monthly account maintenance fees. However, these accounts may still charge for individual transactions, Interac e-Transfers®, wire transfers, or currency conversions. Always review the complete fee structure beyond the monthly fee.

Q: Can I use a no-fee business account for payroll and taxes?
A: Not all no-fee accounts support these functions. Many digital-only accounts lack the infrastructure for pre-authorized debits required for CRA payments or payroll processing. Venn provides real Canadian account rails through Peoples Trust, enabling full payroll and tax payment capabilities.

Q: Do no-fee business accounts offer multi-currency support?
A: Most don't. Traditional bank no-fee accounts typically operate in CAD only, requiring separate USD accounts with additional fees. Venn includes real local CAD, USD, GBP, and EUR accounts at no extra cost, allowing you to hold and transact in multiple currencies without conversion fees.

Q: What's the catch with no-fee business accounts?
A: The "catch" is usually limited features or high fees for essential services. Providers eliminate the monthly fee but charge for transactions, e-Transfers, currency conversion, or exclude features like corporate cards and accounting integrations. Review the total cost of operations, not just the monthly fee.

Q: Can I integrate a no-fee business account with QuickBooks or Xero?
A: Traditional bank no-fee accounts rarely offer accounting software integration. Venn provides two-way sync with both QuickBooks and Xero, automatically categorizing transactions and eliminating manual data entry.

Q: Are funds in no-fee business accounts protected?
A: Protection depends on the provider. Traditional bank accounts are covered by CDIC insurance up to $100,000. Venn safeguards all funds through tier 1 banking partners with CDIC protection. Always verify the safeguarding structure before opening an account.

Q: Can I get a corporate card with a no-fee business account?
A: Most traditional no-fee bank accounts don't include corporate cards, requiring separate credit card applications. Venn includes

Q: Which no-fee business account is best for startups?
A: Startups need accounts that scale without increasing costs. Look for platforms offering multi-currency support, accounting automation, corporate cards, and per-account (not per-user) pricing. Venn is

Q: Can I open a no-fee business account online?
A: Yes. Most modern providers including Venn, EQ Bank, and digital platforms offer fully online applications. Traditional banks may still require in-branch visits for verification. Venn's application takes minutes and requires no branch visit.

---

**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.