TD Web Business Banking Alternatives for SMBs and Startups

Choosing the right business account is one of the first and most impactful financial decisions for any small or mid-sized business. Whether you are launching a new venture or upgrading from your current banking provider, the goal is to gain better visibility, control, and efficiency over your money.

Many Canadian entrepreneurs start their journey with a traditional TD business account. TD business banking and TD Web Business Banking are well-known options offering standard features like Canadian dollar account access, wire transfers, and TD Business Central for managing finances online.

However, for many modern Canadian SMBs, the features offered by a TD business account or the broader Toronto Dominion business banking suite can fall short. Common pain points include high foreign exchange fees, outdated workflows, and the inability to send or receive ACH payments for free. This guide explores more efficient and cost-effective alternatives.

What You Get with a TD Business Account

TD business banking offers a range of account options including the TD Basic Business Plan and other premium services through TD Business Central. Features vary depending on your volume of transactions and whether you prefer branch support or TD Web Business Banking for online access.

Key Features Include:

• Online access via TD Web Business Banking
• Canadian dollar business accounts
• $5 to $65 monthly account fees depending on the plan
• Just 5 free transactions per month on basic plans, $1.25 per additional
• Interac e-Transfers not included in basic plans
• FX markup between 2.8% and 3.5%
• No built-in support for ACH transfers
• Wire transfers cost between $15 and $30 per transaction
• No real-time accounting integration with QuickBooks or Xero
• No native support for multiple currencies

TD Business Central adds some digital functionality, but modern businesses often find themselves constrained by fees, limited automation, and missing global payment capabilities.

Common Limitations of TD bank accounts for Small Business Owners

Despite its brand recognition, TD business banking presents challenges that can hold back digital-first or global-minded Canadian SMBs.

Major Limitations Include:

1. Limited transaction volume: Basic plans like the TD Basic Business Plan only include 5 free transactions per month. Extra transactions are billed individually, which adds up quickly.

2. No ACH access: TD business accounts cannot send or receive ACH payments, which restricts your ability to work with U.S. partners efficiently.

3. Expensive wire fees: Each wire transfer can cost $15 to $30, even for domestic USD payments.

4. High FX markups: Foreign currency conversions typically come with a markup between 2.8% and 3.5%, reducing margins on international revenue.

5. Limited Interac e-Transfer access: Basic accounts do not include Interac, and other plans charge fees or cap usage.

6. No native multi-currency support: Businesses dealing in USD or EUR must open separate accounts, which lack integration.

7. No automated accounting: TD business accounts do not natively sync with software like QuickBooks or Xero, making reconciliations time-consuming.

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What to Look for in a TD Business Banking Alternative

If your business is outgrowing what Toronto Dominion can offer, it might be time to consider a platform built for speed, scale, and savings. Here is what to prioritize:

• Real multi-currency account access with local banking details
• Transparent FX fees, ideally under 1%
• Free and unlimited Interac e-Transfers
• ACH and EFT support for North American payments
• Online onboarding with no branch visits
• Built-in accounting sync with QuickBooks and Xero
• Free or low-fee wire transfers
• Spend controls and cashback on corporate card use

If your business uses modern tools, works with clients or vendors internationally, or has a higher volume of transactions, you need more than what traditional TD 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
  

Compared to TD: Venn gives you more payment flexibility, drastically lower FX, free Interac e-Transfers, and real-time accounting tools without the complexity or cost of Toronto Dominion plans.

2. RBC Digital Choice Business Account

Best for: Business owners who want basic digital access with a trusted bank brand.

This RBC account charges $6 per month and includes 10 free Interac e-Transfers (then $1.50 each). It does not support multi-currency natively, and incoming USD wires cost $17. ACH transfers are not supported, and FX markup is typically between 2.7%+.

Key Limitations:

• USD wire transfer: $17 inbound, $20–$25 outbound
• No ACH support
• FX markup: ~2.7% to 3.5%

Compared to Venn: RBC typically charges an FX markup between 2.7% 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.

Want to compare more options against RBC? Check out our full guide to RBC business account alternatives for Canadian SMBs.

3. CIBC Unlimited Business Operating Account

Best for: High-transaction volume companies that prefer traditional banking infrastructure.

CIBC’s plan costs $65 per month (waivable with a $45,000 average balance). It supports unlimited transactions and Interac e-Transfers. USD accounts must be opened separately. Inbound and outbound USD wires typically cost $17 to $25, and ACH is not supported. FX rates average between 2.7% and 3.5%.

Key Limitations:

• USD wire transfer: $17–$25
• No ACH support
• FX markup: ~2.7% to 3.5%
• No built-in automation or integrations

Venn offers all of these features digitally with no monthly fee, better FX, and fully integrated tools.

4. Scotiabank Select Account for Business

Best for: Larger organizations that still need in-branch support.

This plan costs $120 per month, waived with a $75,000 balance. It provides unlimited transactions including Interac e-Transfers. USD wires cost $15 to $30 depending on the method and origin. ACH is not supported, and FX markup sits between 2.6% and 3.3%.

Key Limitations:

• USD wire transfer: $15–$30
• No ACH support
• FX markup: ~2.6% to 3.3%
• No integrated accounting tools
• High minimum balance to waive fees
  

Scotiabank suits enterprises that still prioritize physical branches. But for lean, tech-savvy teams, Venn offers far more agility and cost control.

5. BMO eBusiness Plan

Best for: Small businesses operating exclusively within Canada.

This plan has no monthly fee and allows unlimited electronic transactions. However, each Interac e-Transfer costs $1.50. International USD wires can cost $30 or more, and FX rates are among the highest at around 2.9% to 3.5%. There is no ACH or multi-currency support.

Key Limitations:

• USD wire transfer: $30+
• No ACH support
• FX markup: ~2.9% to 3.5%
• No multi-currency accounts
• No accounting integrations

While BMO is a decent option for domestic operations with low international needs, Venn offers a more global and scalable platform for modern businesses.

Why Venn is the Best Alternative to TD Business Banking

Toronto Dominion offers the familiarity and trust of a longstanding financial institution. However, for many small and mid-sized businesses in Canada, traditional services through TD Business Central and TD Web Business Banking can introduce unnecessary costs, delays, and friction. Features like cheap international transfers, free EFT and ACH transfers, and multi-currency management often require separate products, manual steps, or in-person banking.

Venn is built from the ground up for modern Canadian businesses that need to operate across currencies, jurisdictions, and tools. You can open a Venn account in minutes without visiting a branch. Your business gets access to real Canadian and US accounts with local account details, meaning you can send and receive EFT, ACH, and SWIFT payments without workarounds. With Venn, multi-currency accounts come standard, including CAD, USD, GBP, and EUR, and you can convert currencies at a real-time FX rate of 0.25 to 0.45 percent.

Built-in integrations with accounting platforms like QuickBooks and Xero allow your finance stack to stay in sync. Venn also includes 1 percent cashback on all corporate card spend, unlimited free Interac e-Transfers, and instant team onboarding and spend control.

For businesses that have outgrown TD business banking or want more from their financial operations, Venn delivers flexibility, transparency, and efficiency. Sign up for a free Venn account today.

Final Thoughts: Choosing the Right Platform for Your Business

Your business banking platform should support your growth, not slow it down. If you are dealing with slow payment processing, high FX fees, or disconnected tools through TD Web Business Banking, it might be time to reassess.

Venn is a purpose-built platform for Canadian SMBs operating in a digital world. Whether your needs include seamless international payments, real multi-currency support, or embedded accounting sync, Venn offers a unified alternative that helps you work faster, spend smarter, and scale globally.

Instead of managing multiple bank accounts, logging into siloed systems, or waiting for wire confirmations, you can operate with full control and real-time visibility. 

Frequently Asked Questions (FAQs)

Q: Does TD Business Central support local multi-currency accounts? 

TD does not offer fully integrated multi-currency support. You can open USD accounts separately, but they are not consolidated into one dashboard, and each currency requires different account management. Venn, by contrast, includes CAD, USD, GBP, and EUR accounts by default, all with local details.

Q: Is Venn a bank? 

Venn is not a bank. Venn partners with regulated financial institutions to safeguard client funds. This means your business can access powerful financial tools and account infrastructure with the trust and protection of licensed custodians.

Q: Can I use Venn instead of Toronto Dominion for international business? 

Yes. Venn supports over 30 currencies and allows businesses to send EFT, ACH, SWIFT, and Interac payments globally. This makes Venn a highly effective replacement for Toronto Dominion for companies operating across borders.

Q: How fast is Venn onboarding? 

Venn offers instant online onboarding with fast verification. Most businesses receive their local CAD and USD account details within a few minutes, with full access to Interac, global transfers, and accounting sync available on day one.

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

Yes. Venn offers local CAD and USD account access, online bill pay, corporate cards, and global payments. Everything you need is available on the platform.

_{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.}

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