Venn vs Big 5 Banks for Expense Management

For many Canadian SMBs, expense management is a constant frustration. Receipts pile up, reimbursements get delayed, and manual reconciliation consumes valuable time. 

Traditional providers, including Canada’s Big Five banks (RBC, TD, Scotiabank, BMO, and CIBC), rarely ease the burden, as expense tracking often feels scattered across accounts, cards, and disconnected tools.

In fact, a recent survey of nearly 700 Canadian SMBs found that 52% feel banks aren’t interested in supporting them. For growing startups, this can feel like their needs are being overlooked in favour of larger corporate clients. This is precisely why fintech alternatives are gaining traction rapidly. 

Financial platforms like Venn are built to simplify expense management for incorporated Canadian SMBs through automation, transparency, and real-time control.

In this article, we’ll compare Venn vs the Big 5 banks in Canada. We’ll explore features, pricing, integrations, and user experience to help you decide which solution best aligns with your business needs.

Venn vs 5 Big Canadian Banks: Quick Comparison

When evaluating expense management solutions, clarity is crucial. The table below highlights the features that matter most to SMBs, from account setup to automation.

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Cards & Controls

Corporate cards play a central role in expense management, but the way they’re managed can differ greatly. While the Big 5 rely on traditional programs, Venn emphasizes agility and control.

Here’s how they compare in practice:

Venn

Venn issues virtual and physical corporate cards instantly. Admins can set customizable budgeting goals for monthly expenses, adjust limits in real time, and restrict categories by vendor or department. And unlike traditional rewards programs, Venn offers unlimited 1% cashback on all corporate card spend, with no minimums and no caps. 

This gives SMBs predictable, ongoing value without being tied to specific loyalty programs or points systems. These features alone position Venn among the best corporate card management software options for Canadian SMBs.

Big 5 Banks

Canada’s Big 5 banks offer established corporate Visa or Mastercard products. Their popular rewards programs, such as Avion, Aeroplan, or Scene+, add flexibility, and businesses can set limits and track spending through online dashboards.

However, SMBs frequently run into friction. New card issuance can take days, and changes such as limit adjustments or dispute resolutions may be delayed by 24–48 hours. Another challenge comes with cross-border spending. While the Big 5 advertise USD account options, these are not true local U.S. accounts. 

This means businesses cannot send or receive real ACH payments. Instead, transactions are processed as wires, often at a cost of $30 per transfer, a structural limitation that slows down payment workflows and adds unnecessary costs. Any international payments require FX fees that can cost 2%+. 

Technology & User Experience

Digital platforms enable businesses to manage expenses more efficiently. Here’s how each option stacks up:

Venn

Venn’s mobile-first dashboard provides digital tools for real-time expense tracking and budgeting. Businesses can also capture receipts instantly and automate approvals.

Big 5 Banks

The Big 5 deliver stability and security, but their systems are designed mainly for traditional transactions. While they offer online dashboards, many tools are clunky to navigate and often require branch visits for changes that could be self-serve. Expense categorization and approval workflows are limited, and in some cases, key features for SMBs are missing altogether.

Integration & Automation

Integrations and automation directly impact how quickly finance teams can reconcile expenses. Traditional banks provide basic connections but often require manual work, while Venn was built to streamline workflows with real-time syncing.

Here’s a closer look at the differences:

Venn

Venn integrates with QuickBooks and Xero, enabling real-time syncing. Teams can automate expense tracking by syncing with credit and debit cards, cutting manual errors significantly. For businesses that want to explore more, Venn also offers expanded integrations with leading accounting and finance tools. See the full list of Venn integrations.

Big 5 Banks

Rely on batch imports or third-party plugins for integrations (e.g., RBC PayEdge, TD Online Accounting). These can create delays when syncing with QuickBooks or Xero.

Pricing & Fees

The Big 5 rely on complex fee structures with FX spreads and monthly charges, while Venn positions itself with clear, predictable pricing. Fintech competitors like Float also promise savings. But the real distinction in Venn vs Float for expense management comes down to pricing clarity. 

Venn’s flat, transparent model gives SMBs predictability that the Big 5 banks and many fintechs can’t match. Here’s the breakdown:

Venn

Transparent, flat fees with no hidden FX spreads. FX conversions average 0.25–0.45%, significantly lower than traditional providers. Corporate cards provide 1% cash back with no cap, plus free local transfers. Together, these features help businesses reduce overhead, improve visibility, and reinvest more into growth.

Big 5 Banks

Monthly account fees at the Big 5 generally range from $6 to $120. On top of that, businesses face additional charges such as $10–45 per wire transfer and higher FX spreads that typically range 1–2% on international transactions. For SMBs handling frequent cross-border payments or vendor transfers, these costs add up quickly and eat into margins.

Security & Compliance

Security is non-negotiable when managing business finances. Here’s how the approaches compare:

Venn

Venn’s features are highly secure and integrate multi-layered security for financial data. Venn uses end-to-end encryption, multi-factor authentication, and advanced fraud detection and prevention. Venn is a PSP in Canada, meaning that your funds are protected under CDIC insurance of up to $100,000.

Big 5 Banks

The Big 5 bring decades of reputational trust, backed by Canada Deposit Insurance Corporation (CDIC) coverage and Payment Card Industry Data Security Standard (PCI DSS) compliance.

Customer Support & Service Experience

Reliable support is critical for minimizing business disruptions. Here’s how the experience differs:

Venn

Venn’s features are backed by strong customer support and digital-first financial tools. With fast-response in-app chat and email support, Venn’s average resolution time is under one business hour during operating hours.

Big 5 Banks

Traditional banks lean on phone, email, and branch support. Although reliable, they can often be slow for complex cases.

Target Audience

Choosing the right expense management solution often comes down to which type of business you run. Here’s who each option serves best:

Venn

Venn is built for Canadian SMBs, startups, and distributed teams that value automation, transparency, and agility. Venn is also a much cheaper solution with lower (or no) account opening costs and the lowest wire and FX fees.

Big 5 Banks

Best suited for enterprises or larger organizations that value in-person branch access and a long-standing reputation.

Why Choose Venn for Expense Management

Designed for businesses that need speed, visibility, and control, Venn offers a unified platform that replaces outdated manual processes with real-time automation.

With Venn, SMBs get:

• Customizable spend controls: Set limits by employee, team, or vendor, with the ability to adjust in real time.
• Automated receipt capture & matching: Employees upload receipts via mobile, eliminating lost paperwork and manual follow-up.
• Real-time expense visibility: Dashboards that track spend by category, project, or department, helping finance teams spot issues early.
• Integrated payables automation: Streamline invoice approvals, reduce bottlenecks, and keep payments flowing without manual back-and-forth.
• 2% interest on CAD/USD balances: Unlock a new revenue stream for your businesses, don't let your funds sit idle.
• Multi-currency support: Pay in CAD, USD, GBP, and EUR, while accessing FX rates far lower than traditional providers.
• Accounting integrations: Two-way sync with QuickBooks and Xero, reducing manual reconciliation and month-end close time.
• Fast, flexible payments: Send Interac e-Transfers, EFTs, and low-cost international wires, with same-day or next-day settlement for most.
• 1% unlimited cashback: Rewards on all business spend with no caps, helping SMBs reinvest back into growth.

Unlike the Big 5, Venn simplifies financial management for small Canadian businesses. By streamlining accounts payable, invoicing, and reporting, businesses can reduce administrative time and enhance oversight compared to traditional banks.

Simplify Expense Management for Your Business with Venn

Approving expenses shouldn’t mean chasing receipts or waiting weeks for reconciliation. With Venn, approvals happen instantly, whether it’s a travel purchase or a vendor payment. All directly from your phone.

Finance teams can easily categorize expenses across various categories, monitor budgets in real time, and generate audit-ready reports in seconds. 

To simplify CRA compliance, Venn also provides built-in tax-reporting features for easy financial documentation. For SMBs, this means fewer spreadsheets, fewer delays, and greater control.

Stop losing hours to manual reconciliation. Explore how Venn simplifies expense management for Canadian SMBs.

Frequently Asked Questions (FAQs)

Q: How does Venn compare to the Big 5 Banks in terms of scalability for businesses?

Unlike the Big 5 banks, which use legacy systems designed for in-branch transactions, Venn is built for modern scalability. It allows Canadian SMBs and growth-stage startups to scale operations frictionlessly by enabling businesses to issue new corporate cards instantly, add team users without additional per-user fees, and expand into four local currency accounts (CAD, USD, EUR, GBP) without changing their core banking structure. This digital agility allows finance processes to remain automated even as transaction volume increases rapidly.

Q: Can I manage multiple currencies from a single account with Venn compared to Big 5?

Yes. With Venn, you can manage four major currencies—CAD, USD, EUR, and GBP—all within a single, unified dashboard and login. Each currency comes with its own local account details (like a US ACH routing number). The Big 5 banks typically require businesses to open separate, siloed accounts for each currency, many of which are not held locally in the foreign jurisdiction, adding complexity, fees, and reconciliation friction.

Q: Can I integrate Canadian bank data directly into QuickBooks or Xero?

Venn integrates directly with both QuickBooks Online and Xero via a native, two-way sync that updates transactions in real time. While the Big 5 banks often rely on basic connections or batch exports, which can lead to delayed or broken feeds, Venn's direct integration eliminates manual data entry and ensures your books are always current, offering a major advantage in operational efficiency.

Q: Is Venn available outside of Canada?

Venn is specifically for incorporated Canadian businesses (or those with a primary Canadian entity). However, its platform is designed to support global operations. By providing multi-currency accounts and low-cost global payment rails, Venn allows Canadian businesses to operate, transact, and manage finances seamlessly with partners and clients in over 180 countries.

Q: Can I use Venn alongside my Big 5 Bank for expense management, or should I switch entirely?

Yes, you can run a hybrid setup. Many businesses initially use Venn alongside their existing Big 5 bank account for expense management, corporate cards, and low-cost FX, connecting Venn to their main account for funding. Full migration to Venn is common for SMBs who prioritize eliminating banking fees, seeking better automation, and maximizing multi-currency capabilities.

Venn Mastercard® Charge Card is issued by Peoples Trust Company under licence from Mastercard International Incorporated. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

The comparative information provided on this page is based on publicly available sources and is accurate to the best of our knowledge as of July 30, 2025. Features, pricing, and terms may change without notice. For the latest information, please consult each provider’s official website directly. All trademarks and product names are the property of their respective owners. Their use does not imply any affiliation with or endorsement by those brands.

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