EQ Bank Account Alternatives: What is the best business bank account for Canadian businesses?

If you're a Canadian entrepreneur, startup founder, or small business owner, choosing the right business bank account isn’t just about storing money, it’s about how efficiently your business operates. In 2025, modern business banking needs to go beyond the basics: you need real-time payments, currency flexibility, seamless integrations, and low-fee global transactions.

EQ Bank is known for its personal banking solutions and has recently introduced business bank accounts. With a competitive 2.25% interest rate and a no-fee structure, it’s a compelling alternative to some of the Big Five. But does it offer enough for growing businesses?

If you’re exploring how to open an EQ Bank business account, or comparing EQ Bank business account fees and customer service to other options—this guide is for you.

We’ll cover:

• What you get with the EQ Bank Small Business Account
• The most common limitations of EQ Bank business banking
• A full comparison of the best business bank account options in Canada
• How Venn, a modern financial platform, stacks up against EQ and traditional providers

Whether you're looking for multi-currency capabilities, ACH access, or simply better financial tools than what Equitable Bank’s small business offering provides, we’ve got you covered.

What You Get with the EQ Bank Small Business Account

The EQ Bank Small Business Account, offered by Equitable Bank, is designed for Canadian small businesses looking for a no-fee, interest-earning solution. EQ Bank positions itself as a digital-first provider, with a streamlined onboarding process and strong appeal to sole proprietors and early-stage entrepreneurs.

Here’s what you can expect if you open an Equitable Bank business account:

Key Features:

• No monthly fees – no hidden charges, no minimum balance required
• 2.25% interest on your entire balance — a competitive rate for Canadian business accounts.
• 50 free outbound Interac e-Transfers® and 100 free inbound per month
• $10,000 Interac transfer limit
• Unlimited EFTs at no additional cost
• Digital-only onboarding — no branch visits required
• GIC options tailored to small business
• Shared platform for customers who use both personal and business EQ Bank accounts
• Customer support from Canadian-based agents, available 8am–12am ET

Who It’s Best For:

The EQ Bank business account is best suited for small businesses with straightforward domestic operations, especially those that prioritize earning interest on idle funds and want a cost-free experience.

Limitations of EQ Bank for Business Banking

While EQ Bank’s Small Business Account offers an attractive interest rate and fee-free structure, it may fall short for businesses with more complex needs, particularly those operating across borders, managing teams, or scaling beyond sole proprietorships.

Here are the most common limitations:

1. No Multi-Currency Support

EQ Bank only offers CAD accounts. There is no ability to hold, send, or receive funds in USD, GBP, EUR, or other currencies. For businesses dealing with international clients or platforms like Stripe, Shopify, or PayPal, this can lead to additional conversion costs and operational friction.

2. No ACH, SWIFT, or Global Payment Rails

Businesses that need to send or receive money via ACH (U.S.), SEPA (Europe), or SWIFT transfers will need to look elsewhere. EQ Bank does not provide local account details outside of Canada or infrastructure for global payouts.

3. No Corporate Cards or Spend Management

EQ Bank does not offer corporate cards, employee expense controls, or cashback. If your team spends across different categories or currencies, or you want to streamline expense tracking, this may be a blocker.

4. No Accounting Integrations

There are no built-in connections to QuickBooks, Xero, or other accounting platforms. Business owners must manually export and reconcile transactions, costing time and increasing the chance of human error.

5. Limited Fit for Incorporated Businesses

Currently, EQ Bank’s offering is best suited to sole proprietors. If you run a corporation or need multi-user access, you may quickly run into limitations on account structure, permissions, and scalability.

Business Account Comparison: EQ Bank vs Top Canadian Alternatives

Wondering how EQ Bank stacks up against other business banking options in Canada? The table below compares key features like fees, FX rates, transfer support, and multi-currency access to help you choose the best fit for your small business.

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What to Look for in an EQ Bank Alternative

Not every business has the same needs, but if you’re scaling, selling across borders, or managing a team, the right financial platform can make a major impact on your bottom line and back office efficiency.

Here are key features to prioritize when evaluating EQ Bank alternatives for business banking in Canada:

Multi-Currency Support

EQ Bank only offers CAD accounts. Look for platforms that provide local account details in USD, GBP, EUR and more, so you can receive client payments and pay vendors without forced conversions or wire delays.

ACH, EFT, and Global Payment Rails

Sending money via Interac® is useful, but it’s not enough for businesses operating in the U.S. or overseas. The best alternatives to EQ Bank support ACH (U.S.), EFT (Canada), SEPA (Europe), and SWIFT transfers, all from one dashboard.

Transparent FX Rates

EQ doesn’t offer FX or cross-border infrastructure. Banks typically mark up foreign exchange by 2.5–3%. Look for providers offering real-time rates and transparent markups under 1%, ideally closer to 0.25%.

Accounting and Automation Tools

If your platform doesn’t sync with QuickBooks or Xero, you’ll waste hours reconciling manually. Smart alternatives offer two-way sync, expense tracking, and automated payables.

Team Access and Corporate Cards

EQ Bank doesn’t offer cards or team-level permissions. Look for business banking platforms with corporate cards, cashback, spend limits, and approval workflows to streamline control and reduce admin work.

Digital Onboarding and No Hidden Fees

EQ’s digital onboarding is excellent, but not unique. Choose a platform that offers no monthly fees, no minimums, and fast approval without paperwork or in-branch visits.

1. Venn – Best All-in-One Platform for Canadian SMBs

If your business has outgrown EQ Bank, or needs more than domestic transactions and interest-bearing storage, Venn offers a smarter way to manage money. It’s built specifically for Canadian businesses that want global capabilities, lower FX costs, and integrated financial tools in one place.

Why Venn is the Best EQ Bank Alternative

Venn gives you real Canadian and U.S. account access, seamless bookkeeping integrations, automated payables, and real-time FX - all with no monthly fees. Unlike EQ Bank, it supports international payments, team spend management, and multi-currency operations from day one.

Key Features:

• Real CAD, USD, GBP, and EUR accounts with local account details
• Send and receive money in 30+ currencies to 180+ countries
• Free Interac e-Transfers®, EFT, and ACH (U.S.) payments
• Only 0.25% FX markup – significantly lower than banks or platforms with hidden rates
• 1% cashback on every dollar spent with your Venn card (no caps or minimums)
• Corporate cards with spend controls and expense tracking
• Automated AP/AR tools for bill pay and invoicing
• QuickBooks and Xero sync for seamless reconciliation
• Digital-first onboarding with no branch visits or paperwork
• Safeguarded funds with regulated banking partners, never lent out

Ideal For:

• Startups, SaaS companies, ecommerce sellers, remote teams, and modern finance leads
• Businesses receiving payments from Stripe, PayPal, or international clients
• Any company ready to move beyond basic EQ Bank business banking limitations

Why switch from EQ Bank: EQ doesn’t offer USD accounts, ACH access, FX controls, or accounting integrations. With Venn, you get all that and more, with no monthly fees.

2. RBC Digital Choice Business Account – For Traditional Brand Access

Overview:

RBC’s Digital Choice Business Account is a low-cost plan from one of Canada’s biggest banks. For $6/month, businesses get unlimited electronic transactions and 10 free Interac e-Transfers® per month.

Limitations:

• No multi-currency accounts or ACH support
• FX markups between 2.8%–3.2%
• No accounting or spend management integrations

Best for: Businesses that prefer a major bank name and do not need international features or financial automation.

Compared to EQ Bank: RBC offers more in-person services, but comes with transaction limits and no support for global payments or accounting sync.

3. TD Basic Business Plan – For Low-Volume Domestic Businesses

Overview:

TD’s entry-level plan charges $5/month and includes five free monthly transactions, but no Interac e-Transfers® by default. USD accounts must be opened separately.

Limitations:

• No built-in FX tools or automation
• No ACH, SWIFT, or global payment options
• Limited free usage

Best for: Sole proprietors with minimal transaction needs and no cross-border operations.

Compared to EQ Bank: TD lacks free Interac or interest-earning accounts but provides traditional in-branch service for businesses that need it.

4. CIBC Unlimited Business Operating Account – For High Transaction Volume

Overview:

CIBC’s unlimited plan includes teller, ATM, and online transactions for $65/month (waived at $45,000 balance). It supports separate USD accounts and free Interac e-Transfers®.

Limitations:

• No accounting integration
• No automation or team spend tools
• FX markup between 2.7%–3.2%

Best for: Businesses doing high volumes of domestic transactions that don’t require modern finance features.

Compared to EQ Bank: EQ is cheaper and offers interest, but CIBC offers more transaction volume and traditional account support for larger businesses.

5. Scotiabank Select Account – For In-Branch, Full-Service Banking

Overview:

Scotiabank’s Select Account includes unlimited debit, credit, and Interac e-Transfer® transactions, priced at $120/month (waivable with $75,000 balance). It offers support for separate USD accounts.

Limitations:

• High minimum balances
• No support for automation, cashback, or real-time FX
• No integrated accounting tools

Best for: Established businesses that prioritize in-person service over digital flexibility.

Compared to EQ Bank: Scotiabank provides branch access and unlimited usage but at a high cost and without modern tools.

Why Venn Is the Best EQ Bank Alternative for Growing Canadian Businesses

EQ Bank is a solid option for small businesses with basic needs. But when you’re ready to expand, whether that means accepting payments from U.S. clients, paying international contractors, or streamlining your accounting, Venn gives you the infrastructure EQ Bank lacks.

Here’s why Canadian SMBs are switching:

1. Go Global Without the Fees

While EQ Bank only supports CAD, Venn gives you real local accounts in CAD, USD, GBP, and EUR, so you can send and receive like a local in over 180 countries. Plus, Venn’s 0.25% FX rate beats the 2.5–3% markup charged by banks or payment processors.

2. More Payment Rails, More Flexibility

With Venn's Global Transfers, you get access to EFT (Canada), ACH (U.S.), SEPA (Europe), SWIFT, and Interac®, all from one dashboard. EQ doesn’t support global payments, ACH, or international wiring.

3. Built-in Automation and Accounting Sync

Venn integrates directly with QuickBooks and Xero, something EQ Bank doesn’t offer. That means faster month-end closes, automated expense categorization, and fewer manual headaches.

4. Team Spend Control Without Extra Tools

EQ Bank has no corporate card. Venn offers one smart card for all currencies with built-in cashback, spend limits, and approval workflows. You get 1% cashback with no caps or tiers, plus easier expense tracking for your team.

5. No Monthly Fees, No Hidden Charges

Like EQ Bank, Venn charges $0 in monthly fees. But unlike EQ, you also get free ACH, Interac®, EFT, and global wire support, with no inbound wire charges.

In short:
EQ Bank is a great starter. Venn is your scale-up partner, built for modern Canadian businesses that need more than just a high interest rate.

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Conclusion: Is EQ Bank Enough for Your Business?

EQ Bank is a welcome addition to Canada’s small business banking landscape—especially for sole proprietors looking for fee-free storage and strong interest rates. But as your operations grow, so do your needs.

Whether you're scaling to the U.S., working with international contractors, or simply want your accounting and payments to work together in real time, EQ Bank's limitations can slow you down.

Venn gives you the global reach, automation, and control you need—without sacrificing simplicity or cost. It's everything EQ Bank offers, and everything it doesn’t.

Ready to upgrade? Venn offers free signup, no monthly fees, and full onboarding without paperwork. Start here

FAQ: Choosing the Right Business Bank Account in Canada

Q: Is EQ Bank a good option for small businesses in Canada?

EQ Bank’s Small Business Account is well-suited for sole proprietors or very small businesses that want fee-free CAD transactions and a competitive 2.25% interest rate. However, it lacks support for multi-currency accounts, ACH, SWIFT, or international payments—making it less ideal for businesses with cross-border or scaling needs.

Q: What kind of business banking services does EQ Bank offer?

EQ Bank offers CAD business accounts with free EFTs, 150 total monthly Interac® transfers (50 out, 100 in), and no monthly fees. It does not support USD accounts, wire transfers, ACH, accounting software integrations, or team spending tools.

Q: Which banks in Canada have no-fee business accounts like EQ Bank?

Both EQ Bank and Venn offer no monthly fee business accounts. However, Venn adds far more functionality, including real CAD and USD accounts, ACH, international payments, and accounting automation—features most traditional banks and EQ Bank do not include.

Q: Who offers the best alternatives to EQ Bank for Canadian businesses?

Venn is widely considered the best alternative to EQ Bank for Canadian SMBs. It includes multi-currency accounts, 1% cashback corporate cards, QuickBooks/Xero integration, and global payment capabilities. Other alternatives include RBC Digital Choice, TD Basic Plan, and CIBC Unlimited—but most charge monthly fees and lack modern automation tools.

Q: Which online banks in Canada are similar to EQ Bank?

EQ Bank is one of the few digital-first options for business banking. Venn is also a digital-native platform but built for operational finance—not just savings. It includes invoicing, payables automation, real-time FX, and global rails like ACH and SEPA.

Q: Does EQ Bank offer multi-currency or USD support?

No. EQ Bank only supports CAD accounts. If your business needs to receive USD, GBP, or EUR locally or send ACH payments, you’ll need a platform like Venn, which offers local account details in multiple currencies.

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

Yes. Venn offers everything you need to run a modern business—payments, transfers, card management, and accounting tools, without requiring a traditional branch visit or monthly account fees.

Q: How does EQ Bank compare to other digital business accounts in Canada?

EQ Bank excels at simplicity and interest rates but falls short on functionality. Platforms like Venn deliver more robust features: real-time FX, global payment rails, spend management, and integrations for growing Canadian companies.

_{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.}