RBC Business Bank Account Alternatives: Comparing Canadian Business Banking Accounts

Choosing the right business account is one of the first and most important financial decisions a small business owner makes. Whether you’re just getting started or looking to upgrade from your current provider, the goal is the same: simplify how you move money, pay vendors, and manage your team’s spending.

Many Canadian entrepreneurs and finance managers start with a traditional provider like the RBC business account. It’s a familiar name, and RBC business banking offers services like CAD account access, wire transfers, and online tools for managing day-to-day transactions.

But for small and mid-sized businesses operating in a fast-paced, digital-first world, the limitations of a traditional RBC small business account can quickly become roadblocks.

This guide compares the RBC business bank account to more modern, flexible alternatives that offer lower fees, better automation, and the multi-currency support that today’s Canadian SMBs need.

What You Get with an RBC Business Bank Account

The RBC business bank account provides a set of standard services for Canadian companies, including online access and in-branch support. Business owners can open a CAD account, send wire transfers, and manage payments through RBC online business banking.

Typical Features Include:

• Online access through RBC online business banking for managing balances, transactions, and transfers
• CAD account with tiered account types depending on business volume
• Monthly account fees ranging from $6 for digital-only plans to $35 or more for full-service packages
• Inbound wire transfer fee of $17 or more, even on USD payments from U.S. clients or platforms
• FX markup of approximately 2.5 to 3 percent on international transactions, including currency conversions and cross-border card payments
• 10 free Interac e-Transfers® per month on most small business plans, with additional transfers costing $1.50 each
• Business debit card access with limited rewards or cashback
• Optional credit and overdraft products available through separate applications

For Canadian SMBs with basic domestic needs, the RBC small business account delivers standard functionality. However, businesses with U.S. customers, global vendors, or teams using modern accounting tools may find that the RBC business banking experience lacks the speed, flexibility, and cost-efficiency required to scale.

Common Limitations of RBC for Small Business Owners

While the RBC business bank account provides foundational tools for Canadian entrepreneurs, it comes with significant limitations that can impact cost and cash flow.

Key Limitations Include:

1. No locally domiciled USD accounts: RBC small business account holders can open a U.S. dollar account, but it is not a true U.S.-domiciled account. That means your business cannot send or receive ACH payments like a local U.S. company. Instead, all incoming and outgoing USD payments rely on SWIFT infrastructure, which is slower and more expensive.

2. High wire and transfer fees: Inbound USD wires are charged a flat $17 fee, even when funds are sent from U.S. platforms or clients. Outbound international wires can cost $20 or more per transaction. These fees can quickly eat into your margins if you deal with international clients or suppliers.

3. Expensive foreign exchange rates: The typical FX markup on an RBC business account ranges from 2.5 to 3 percent. That means every $10,000 you convert from USD to CAD could cost your business $250 to $300 in hidden FX costs.

4. Limited Interac e-Transfer® support: Most RBC business banking plans cap Interac usage to 10 free transfers per month, with $1.50 fees on each additional one. For businesses that use Interac frequently to pay contractors or staff, this adds unnecessary cost.

5. Manual workflows and delayed settlements: RBC online business banking does not integrate directly with popular accounting software like QuickBooks or Xero. This forces business owners to manually export, upload, or reconcile payments, adding friction to month-end processes.

6. In-branch dependencies: Despite offering digital access, the RBC small business account still requires in-person visits for certain services, including identity verification, account upgrades, or troubleshooting. This slows down onboarding and operational agility.

These limitations may not be dealbreakers for every business, but they create real friction for Canadian companies trying to grow, operate cross-border, or automate their financial workflows.

‍

What to Look for in an RBC Alternative

If you're considering switching from an RBC business account, it’s important to evaluate what modern financial platforms can offer that traditional banks may not. Many small businesses initially choose an RBC small business account for its brand recognition and branch presence, but quickly run into limitations…especially when trying to manage cross-border payments, automate bookkeeping, or reduce FX costs.

Whether you're replacing your existing RBC business bank account or opening a new one, here are the key features to prioritize:

1. Real Multi-Currency Account Access

An ideal alternative to an RBC business banking product should offer true multi-currency support. This means you should be able to hold, send, and receive payments in CAD, USD, EUR, and GBP all from one platform. Look for providers that offer local account details, not just foreign-currency conversions layered on top of a CAD account.

2. Transparent, Low FX Fees

Foreign exchange rates can erode your margins. Most traditional business accounts, including an RBC business bank account, apply a 2.5 to 3 percent FX markup on every international transaction. A modern alternative should offer real-time rates with minimal markup, ideally under 1%, so you can retain more of what you earn.

3. Seamless Online Onboarding

Opening an RBC small business account often requires in-person visits, printed documents, and extended verification times. Alternatives should offer online registration and identity verification that can be completed in minutes, without needing to visit a branch.

4. Support for Interac e-Transfers and Global Payment Rails

Not all RBC online business banking accounts support unlimited Interac e-Transfers. Modern platforms should let you send and receive Interac for free, while also supporting EFT, ACH, and SWIFT for domestic and international payments.

5. Corporate Cards with Cashback and Spend Controls

Traditional banks typically offer separate credit products that lack integration with your primary business account. A strong RBC alternative should include corporate cards that draw from your account balance, offer cashback (ideally 1 percent or more), and include spend management tools like card-level controls and real-time transaction tracking.

In-Depth Comparison of Top RBC Business Banking Alternatives

1. Venn Multi-Currency Business Account

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

Venn is not a traditional bank, it’s a modern financial operations platform built specifically for Canadian businesses. It combines core account functionality with powerful automation, real-time foreign exchange, and seamless integrations.

Key Features:

• No monthly account fees
• CAD, USD, GBP, and EUR accounts held with regulated Canadian and U.S. banking partners
• Receive ACH payments into your USD account with no inbound wire fees
• 1% unlimited cashback on all corporate card transactions
• Real-time FX at 0.25 percent
• Free unlimited Interac e-Transfers®, ACH, EFT, SEPA, and UK Faster Payments
• Send to 180+ countries in 36+ currencies
• Built-in invoicing, expense management, and approval workflows
• Two-way sync with QuickBooks and Xero

Why Venn Beats RBC: Venn eliminates the $17 wire fee on inbound USD transfers, provides real U.S. account details, supports Interac e-Transfers with no limits, and delivers FX at 0.25 percent compared to RBC's 2.5 to 3 percent markup. It also integrates directly with accounting software, something RBC lacks.

2. TD Basic Business Plan

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

TD’s Basic Business Plan has a $5 monthly fee and includes five free transactions per month. Additional transactions cost $1.25 each. There are no free Interac e-Transfers. Multi-currency support requires separate product enrollment, and FX rates are between 2.5 and 3.5 percent.

Compared to Venn: Venn provides unlimited transactions, free Interac e-Transfers, 0.25 percent FX, and multi-currency accounts at no monthly fee. TD is better suited for static, domestic-only operations with very limited activity.

3. BMO eBusiness Plan

Best for: Online-first businesses that primarily operate in Canada.

This account has no monthly fee and offers unlimited electronic transactions. However, it charges $1.50 per Interac e-Transfer and does not support multi-currency without a separate account. FX markup is around 2.9 percent.

Compared to Venn: Venn provides unlimited free Interac, built-in multi-currency support, and FX at 0.25 percent. BMO may be suitable for lean, domestic teams but lacks the global tools growing companies require.

Exploring your options beyond Bank of Montreal? Read our breakdown of the best BMO business banking alternatives.

4. CIBC Unlimited Business Operating Account

Best for: High-transaction businesses that need branch access.

This account offers unlimited transactions for a $65 monthly fee, waivable with a $45,000 daily balance. It includes unlimited Interac e-Transfers, but has no rewards or modern software integrations. FX ranges from 2.5 to 3 percent.

Compared to Venn: Venn requires no minimum balance, offers integrated tools, and provides real-time FX at 0.25 percent. Unless you rely on in-person banking, Venn is more cost-effective and efficient.

5. Scotiabank Select Account for Business

Best for: Large businesses seeking in-branch service with unlimited usage.

This account costs $120 monthly, waivable with a $75,000 balance. It offers unlimited transactions including Interac e-Transfers, but does not include cashback, software sync, or international automation tools. FX rates are between 2.5 and 3 percent.

Compared to Venn: Venn delivers these features digitally at no monthly cost, with better FX, cashback, and integrations. Unless in-person branch service is essential, Scotiabank’s value is hard to justify.

Why Venn is the Best Alternative to RBC Business Banking

Venn was designed from the ground up to remove the operational friction and hidden costs associated with traditional business banking. While RBC business accounts still rely on legacy infrastructure and manual processes, Venn offers a smarter, more modern way to manage company finances.

Here’s why Venn stands out as the best alternative:

• No monthly fees: Unlike RBC, which charges $6 to $35+ per month depending on the plan, Venn offers $0 monthly fees across all core account tiers.
• Real multi-currency accounts: Get real CAD, USD, GBP, and EUR accounts in one place. RBC’s USD accounts are not U.S.-domiciled and rely on SWIFT, making them slower and more expensive.
• Lowest FX rates: Venn offers 0.25 percent FX markup compared to RBC’s 2.5 to 3 percent—saving hundreds on every conversion.
• Unlimited Interac e-Transfers: While RBC small business accounts limit free Interac to 10 per month, Venn includes unlimited, no-fee Interac e-Transfers.
• Global payment support: Venn supports transfers to 180+ countries and can receive local ACH, EFT, and SEPA payments—none of which are standard on RBC business accounts.
• 1 percent cashback: Venn’s corporate card provides 1 percent cashback on all spend, with no minimums or caps. RBC cards typically offer little to no cashback.
• Direct accounting sync: Two-way integration with QuickBooks and Xero eliminates manual reconciliation, unlike RBC which requires CSV exports or third-party tools.

For Canadian SMBs that need flexibility, speed, and control, Venn is more than just an RBC alternative; it is a full financial operations platform built for scale.

Conclusion: A Better Business Account for Canadian SMBs in 2025

RBC business banking may work for traditional businesses that prioritize in-person service, but it falls short for growing companies that want to move quickly, operate globally, and automate back-office work.

From high wire fees and FX markups to limited integrations and manual workflows, the RBC small business account presents hidden costs that impact efficiency and profitability.

Alternatives like Venn, TD, BMO, CIBC, and Scotiabank each offer specific strengths. But only Venn delivers a truly modern platform with no monthly fees, real multi-currency support, cashback, accounting sync, and the ability to send or receive payments across borders with ease.

If you're looking to streamline your business banking and reduce the cost of operating internationally, it might be time to consider a platform designed with Canadian SMBs in mind. Get started with Venn today.

Q&A: Choosing the Right Business Account for Your Canadian Company

Q: Is Venn a bank?

No. Venn is a financial technology platform that partners with regulated Canadian and U.S. banking institutions. It provides you with the functionality of business banking without the overhead.

Q: Can I send and receive ACH or EFT payments with Venn?

Yes. You get real U.S. and Canadian account details so you can receive ACH and EFT payments like a local business.

Q: Can I still open a business account online in Canada?

Yes. With Venn, there are no branch visits required. Most accounts are approved the same day with digital onboarding.

Q: What if I already use QuickBooks or Xero?

Venn integrates directly with both platforms and syncs transactions in real time. No more CSV exports or manual data entry.

Q: Do I need a separate USD account for my U.S. clients?

Not with Venn. USD accounts are included and come with local account and routing numbers, so you can receive U.S. payments without SWIFT fees.

Q: Is my money safe with Venn?

Yes. Venn uses safeguarded accounts held with tier 1 banking partners. Your funds are never lent out and remain accessible at all times.

Q: Can I try Venn for free?

Absolutely. There are no setup fees or minimum balances. You can open a Venn account online and start using it immediately.

Q: What is the best alternative to the RBC business bank account?

For Canadian SMBs looking for modern features, low FX, and better automation, Venn offers the most complete and cost-effective alternative.

‍

_{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.}