Tangerine Business Bank Account: Top Alternatives for Canadian Businesses

For Canadian entrepreneurs and small business owners, Tangerine has long been a go-to for personal savings, and its business savings accounts may seem like a natural extension. Zero monthly fees, no minimum balances, and modest interest rates offer a clear appeal for businesses looking to park excess cash.

But when it comes to running your business, paying vendors, managing cash flow, issuing payroll, or handling FX, Tangerine doesn’t offer a complete solution. Its business accounts are not designed for daily operations, growth planning, or financial automation. In fact, they’re not even standalone: you’ll need a personal Tangerine account and an external business chequing account just to get started.

In 2025, the Canadian business banking landscape has rapidly developed. From integrated platforms like Venn to enhanced digital offerings at the Big 5 banks, modern businesses need more than just a digital vault. Business owners need full control over how they hold, move, and optimize their money.

This guide breaks down exactly what Tangerine offers (and what it doesn’t), and compares it to alternatives that are built to support growing Canadian businesses, whether you're a founder scaling operations or a finance lead optimizing cash management.

What You Get with a Tangerine Business Account (2025)

Tangerine offers two business savings account types: one in Canadian dollars and one in U.S. dollars. Both are positioned as simple, interest-earning accounts, but they’re not designed to operate as full-service business banking solutions.

Tangerine CAD Business Savings Account

• Interest rate: 2.55% (tiered based on balance)
• Monthly fees: $0
• Minimum balance: None
• Key limitations:
  
  • No ability to send payments, wires, or Interac e-Transfers
  • No debit or corporate card access
  • No EFT, ACH, or bill pay functionality
  • Requires a personal Tangerine client number
  • Must already have a business chequing account at another financial institution
  • No accounting integrations or automation

Use case: Best for businesses looking to store surplus CAD, not use it. 

Tangerine USD Business Savings Account

• Interest rate: 0.95% (flat)
• Monthly fees: $0
• Minimum balance: None
• Key limitations:
  
  • Cannot send or receive USD payments
  • Requires a USD chequing account elsewhere
  • No routing number or payment rails
  • No debit, credit, or FX functionality
  • Also requires a personal Tangerine account to open

Use case: Designed solely to hold USD, not operate or do anything with your capital.

Bottom line: Both accounts can serve as passive cash parking tools, but neither can function as a standalone business account. If you need operational features like multi-currency support, ACH payments, or integration with QuickBooks or Xero, you’ll need to look elsewhere.

Limitations of Tangerine for Canadian Businesses

While Tangerine's business savings accounts offer a no-fee, interest-earning place to hold idle cash, they fall short when it comes to supporting the day-to-day needs of modern businesses. For teams that need their business accounts to do more, not just store more, the gaps quickly become clear.

Limited to Passive Cash Storage

Tangerine’s business accounts are designed as a supplement, not a standalone business banking solution. You can’t:

• Send money via EFT, ACH, wire, or Interac e-Transfer
• Pay bills or vendors
• Use a debit or corporate card for expenses

This creates immediate friction for businesses looking to centralize payments or manage outgoing cash flow from one place.

No Support for Operational Spend

Unlike more complete business banking platforms, Tangerine doesn’t provide any tools for:

• Issuing corporate or team cards
• Managing recurring spend
• Setting transaction limits or tracking expenses

That means no spend controls, no rewards, and no visibility into who’s spending what, all key needs for scaling teams.

No FX, Multi-Currency, or USD Payment Capabilities

Even with a USD business savings account, Tangerine doesn’t support cross-border operations. There’s:

• No ability to send or receive USD payments
• No currency conversion tools
• No access to local or international payment rails

This limits any business dealing in multiple currencies, whether receiving from US clients or paying global contractors.

No Automation or Accounting Integrations

There are no native connections to accounting software like QuickBooks or Xero, and no API or workflow automation. Finance teams have to rely on manual exports and uploads to reconcile activity, increasing time, effort, and risk of error.

Not a Primary Business Account

Most notably, Tangerine requires you to have:

• A personal Tangerine account
• A separate business chequing account at another institution

That makes it a secondary option at best. A place to park funds, not run a business.

Let's take a quick look at some of the alternatives avalaible to Canadian business owners:

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 Key Takeaways: Choosing the Best Business Account in Canada

• Tangerine's business savings account is suitable only for storing funds, with no access to essential features like Interac e-Transfers, EFTs, or bill payments.
• Venn stands out as the best Tangerine alternative for businesses needing a full financial operating system, including CAD and USD accounts, low FX fees (0.25%), and ACH capabilities for US payments.
• Canada's Big 5 banks offer more traditional services but often require high monthly fees, lack modern integrations (e.g., accounting tools, automation), and charge hefty FX markups (up to 3.5%).
• If you're a small business, startup, or cross-border company in Canada, Venn offers faster onboarding, no monthly fees, and the most robust payment infrastructure for both local and international operations.

Comparing Venn to Tangerine’s Business Bank option

Monthly Fees: Venn vs. Tangerine Business Accounts

Both Venn and Tangerine offer business accounts with no monthly fees, but that’s where the similarity ends. While Tangerine positions its business savings account as a secondary place to stash cash, Venn provides zero-fee business banking that includes payment tools, multi-currency support, and integrations, without upselling to a premium tier.

For growing businesses that need more than just a passive savings option, Venn delivers fee-free functionality with real operational value.

Interac e-Transfers: Essential for Canadian Businesses

Venn supports unlimited Interac e-Transfers, enabling fast and familiar payments to contractors, vendors, or team members, directly from your business account. Tangerine, on the other hand, doesn’t offer Interac e-Transfers from its business savings account, meaning you’ll need to move money to another financial institution just to pay a Canadian recipient via Interac.

For small and medium-sized businesses in Canada, Interac is table stakes. If your account doesn’t support it, it’s not a true business account.

Interest Rates: Does Tangerine’s 2.55% Rate Justify the Trade-Offs?

Tangerine offers a 2.55% interest rate on CAD business savings, noticeably higher than traditional banks. They also offer a 0.95% interest rate on USD balances. While this may seem attractive on paper, businesses should consider what they give up in return: no payments, no Interac, no integrations, and no operational features.

Venn doesn't currently offer interest on business account balances, but makes up for it through lower FX costs, automated workflows, and the ability to hold and use USD, CAD, GBP, and EUR without conversion fees.

EFT & Bill Payments: Only Venn Delivers

Tangerine’s business savings account is designed only to hold funds, not move them. You can’t send EFTs (electronic fund transfers) or pay bills directly. Venn, on the other hand, supports both, letting you automate vendor payments, recurring bills, and payroll right from your dashboard.

Venn transforms your account from a passive vault into an active financial tool.

Multi-Currency Support: Beyond CAD and USD

Tangerine supports CAD and USD savings accounts, but doesn’t allow spending or transferring in those currencies. Venn offers true multi-currency support, with the ability to hold, send, and receive in CAD, USD, GBP, and EUR—with no conversion required.

Whether you’re paying overseas contractors or getting paid via Stripe, Venn helps you avoid FX markups and keep your operations global.

FX Markup: Venn’s 0.25% Beats Big Bank Spreads

Tangerine doesn’t disclose its foreign exchange markup, but like most major institutions, it's likely around 2–3%. Venn offers transparent, low FX fees at 0.25%, helping businesses save thousands on cross-border payments, Stripe transfers, and currency conversions.

When comparing FX fees for Canadian business accounts, Venn is one of the lowest-cost options available.

Wire Transfers: Costs & Speed

Venn offers outbound wire transfers starting at $15 and free incoming wires, with delivery typically in 1–2 business days. Tangerine’s wire policies are more restrictive: while they allow some incoming wires, outbound wire transfers often require manual support and are limited in functionality for business accounts.

Venn streamlines wires with in-app tracking and international reach to 180+ countries.

Learn more about the best accounts for global transfers specifically here.

USD Receiving: Fully Functional with Venn

Tangerine offers a USD savings account, but you cannot send or receive ACH payments, and SWIFT transfers often come with hidden fees or conversion surprises. Venn gives you a true U.S. account with local routing so you can get paid via ACH like a domestic U.S. business.

This makes Venn ideal for Canadian businesses that invoice in USD or collect payouts from platforms like Stripe, PayPal, or Amazon.

Integrations: Venn Connects to Your Finance Stack

Tangerine offers no integrations, no Xero, no QuickBooks, no expense tools. Venn integrates directly with Xero and QuickBooks, letting you automate bookkeeping, sync payments, and simplify reporting.

If you're serious about scaling, integrations aren’t a bonus, they’re required. Venn delivers.

How to Switch from Tangerine to a Full-Service Business Account

Tangerine’s business savings account may offer competitive interest rates, but it lacks essential features Canadian businesses rely on, like Interac e-Transfers, EFTs, and bill payments. If you’re ready to upgrade to a complete business account, switching is easier than you think.

What You Need to Open a Venn Business Account

To set up your Venn account, you’ll need:

• Business registration or incorporation documents
• Government-issued ID
• Proof of address
• CRA Business Number (if applicable)

Unlike Tangerine, you don’t need to open a personal account first. Venn’s onboarding is fully digital and typically takes less than 5 minutes.

What You Gain by Switching

Here’s what businesses unlock when they move from Tangerine to a more robust platform like Venn:

• The ability to send Interac e-Transfers, EFTs, and global wire payments
• Local accounts in USD, CAD, GBP, and EUR to avoid conversion fees
• Automated bookkeeping through QuickBooks and Xero integrations
• Lower foreign exchange fees at just 0.25%
• Real-time support via in-app chat

These features help businesses manage cash flow, reduce admin work, and save on fees that Tangerine can’t eliminate.

How Venn Supports the Transition

Venn’s customer success team helps businesses make the switch quickly and confidently. Whether you’re setting up vendor payments or migrating payroll, Venn’s onboarding specialists ensure you’re fully operational from day one.

Frequently Asked Questions: Tangerine Business Account Alternatives

Is Tangerine a good business bank account in Canada?

Tangerine offers a high-interest business savings account, but it lacks core features like Interac e-Transfers, bill payments, EFTs, and business integrations. For operational use, most businesses require a more full-featured account.

Can I use Tangerine as my primary business bank account?

No. Tangerine business accounts are designed to complement your existing business chequing account at another institution. You cannot send or receive payments like e-Transfers or EFTs directly from your Tangerine business account.

Does Tangerine offer a USD business account?

Yes, Tangerine offers a US dollar business savings account with a 0.95% interest rate. However, it does not support inbound ACH payments or offer local US routing details, which may limit usability for Canadian businesses transacting with US partners.

How do I receive payments in USD without high FX fees?

To avoid high currency conversion fees, use a platform like Venn that provides local US account details. This allows you to receive USD via ACH and hold the funds in a USD account, with the option to convert at low FX rates (just 0.25%).

What’s the best alternative to Tangerine for small businesses?

Venn is a top alternative for small Canadian businesses that need a complete business account. It offers multi-currency accounts, payment automation, accounting integrations, low FX rates, and real-time support, all without the limitations of Tangerine’s savings-only approach.

Can I open a business account online in Canada?

Yes. Venn offers fully digital onboarding that takes under five minutes. Unlike Tangerine, you do not need a personal account first, and you can send and receive payments immediately.

_{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.}