Venn vs Big 5 Banks: What’s the Best Business Bank Account in Canada?

If you're launching or growing a business in Canada, one of the first steps is opening a business bank account, but it’s not always clear where to start.

For decades, the Big 5 Canadian banks (RBC, TD, Scotiabank, BMO, and CIBC) have been the default choice for entrepreneurs. But more founders today are questioning whether these legacy institutions still meet the needs of modern businesses, especially when it comes to speed, cost, and flexibility.

Whether you're managing U.S. revenues, paying international contractors, or simply tired of branch visits and paperwork, your choice of financial platform matters more than ever.

In this guide, we’ll compare Venn, a Canadian-built financial platform designed for incorporated businesses, against the traditional Big 5. If you’re wondering:

• What’s the best business bank account in Canada?
  
• How do I open a business bank account without visiting a branch?
  
• Can I manage CAD and USD from the same platform?
  

Then we’ll break down the answers together, with a side-by-side view of fees, onboarding, account access, and tools built specifically for small and medium-sized Canadian businesses.

Venn vs the Big 5 Banks: Quick Comparison

When choosing a business banking platform, most Canadian entrepreneurs are looking for a few key things: fast onboarding, CAD and USD account access, low FX fees, and reliable payment rails. But while the Big 5 banks have long been the go-to, their business products often rely on legacy systems that slow things down or cost more than expected.

Here’s how Venn stacks up against CIBC, BMO, RBC, TD, and Scotiabank when it comes to practical features for Canadian small businesses and startups:

Account Setup

Opening a business bank account should be simple, but for many Canadian founders, the process is still frustratingly manual. Between scheduling appointments at your local branch, submitting paperwork, and waiting for approval, it can take days (or weeks) before you're fully onboarded.

Venn

Venn was built for Canadian SMBs that need to move fast. With a fully digital application process, you can open an account in under 10 minutes and get approved within hours, all without visiting a branch or waiting on a phone call. Everything from verification to onboarding happens online, giving founders full access to CAD and USD accounts by the end of the business day.

Whether you're setting up your first business account or switching from a legacy bank, Venn removes the friction that typically slows down Canadian businesses at launch. You don’t need to choose between speed and compliance, you get both with Venn.

Big 5 Banks

The Big 5 banks still rely on legacy onboarding systems. While some offer online applications, most require phone follow-ups or in-person appointments at a branch. In practice, this can delay access to your business account by several days, especially if documentation needs to be resubmitted or verified manually.

Even once the account is live, you may need to return to the branch to add authorized users, request account upgrades, or get access to USD banking. For startups and growing teams, this time sink often means delaying vendor payments, payroll, or early operations. At a stage when momentum matters most, don’t settle for a bank that doesn’t move as fast as you.

USD Account Access

Many Canadian businesses generate revenue or pay vendors in U.S. dollars, yet accessing a true USD account is often harder than it should be. While most traditional banks advertise "USD accounts," the fine print often reveals costly limitations, especially when it comes to routing, wire fees, and ACH access.

Venn

Venn offers an actual U.S.- domiciled account with a local U.S. bank routing number. That means you can send and receive real ACH payments, not just SWIFT wires disguised as U.S. transfers. There's no need to convert funds immediately, no inbound wire fees, and no delays. It’s the same functionality a U.S.-based company would expect, now available to Canadian businesses.

For companies working with Stripe, PayPal, or Shopify, this eliminates unnecessary FX conversions and cross-border fees, letting you hold and deploy USD as needed, with full control and visibility.

Big 5 Banks

The Big 5 do offer USD business accounts, but they aren't true U.S.-based accounts. Instead, they operate as Canadian domiciled accounts that simulate USD holding. This means you're limited to SWIFT-based transfers, which come with higher fees and slower settlement times.

For example, receiving a USD wire into a Canadian bank can cost $15–30, and sending a payment to a U.S. vendor may be treated as an international wire, even if it's USD-to-USD. Worse, most don't support ACH at all, which makes using platforms like Stripe or U.S. payroll tools more expensive and more manual than they need to be.

If your business relies on U.S. revenue or payments, these limitations add up and eat away at your margins, resulting in increased cost and lost operational efficiency.

FX Fees

Foreign exchange fees are one of the most overlooked and expensive costs for Canadian businesses operating internationally. Whether you're converting USD sales to CAD, paying global contractors, or managing multi-currency invoices, even small markups can erode margins over time.

Venn

Venn applies a transparent FX markup between 0.25% and 0.45%, with real-time visibility into the exchange rate before you convert. There are no hidden fees baked into the transaction, and the rate is always competitive. Whether you’re converting $1,000 or $100,000, the markup stays consistent and predictable, making it easier to forecast expenses and reduce financial leakage.

For companies dealing with recurring FX needs, such as SaaS startups billing in USD or importing inventory from Europe, these savings can compound quickly.

Big 5 Banks

Traditional banks often bundle FX services with premium accounts or international tools, but their markups are rarely transparent. On average, businesses face spreads between 1% and 3%, depending on transaction volume and account tier. Some rates vary by time of day or channel (e.g online vs. in-branch), and most providers don’t show the real mid-market rate, making it hard to know exactly what you’re paying.

For SMBs converting large or frequent amounts, these hidden markups can quietly cost thousands per year. And because the process isn’t automated or integrated with spend tools, managing FX at a Big 5 bank often means extra reconciliation work for finance teams.

Local Payments

Paying vendors, contractors, and employees across Canada has been a time consuming and outdated process for years with the traditional banking players. Venn simplifies this with free ACH/EFT payments and wire payments as low as $6, the cheapest offer available to Canadian businesses.

Venn

Venn supports a full range of local payment rails including Interac e-Transfer®, EFT, ACH, and domestic wires, all from one platform. Interac and EFTs are free, and domestic wires typically cost $6–$10 with same-day or next-day delivery. ACH support means U.S. payments can be made as local transfers, not expensive cross-border wires.

With built-in automation and real-time tracking, finance teams gain more control and transparency over every transaction, whether you're paying rent, contractors, or monthly vendors.

For more information on the difference between ACH and EFT payments you can check out our blog: ACH Vs. EFT: Key Differences for Your Business Transactions

Big 5 Banks

Canada’s Big 5 banks do offer local payments, but the experience varies by tier and channel. While EFTs are available, Interac e-Transfers for business accounts are often restricted, delayed, or require manual intervention. ACH transfers are typically not supported for U.S. payments, pushing businesses toward more costly SWIFT wires.

Wire transfers from traditional banks usually cost between $15–$80 per transaction, and may take 1–3 days to settle. Combined with limited visibility into transfer status and high support friction, this adds time and cost to core finance workflows, particularly for businesses with recurring payment cycles.

Corporate Cards

Corporate cards are more than just a payment method, they’re a tool for controlling spend, managing employee expenses, and unlocking operational efficiency. The challenge? Most traditional cards are rigid, slow to issue, and lack the controls modern finance teams expect.

Venn

Venn provides instant access to both virtual and physical corporate cards, issued in minutes. You can assign cards by team or employee, set real-time limits, restrict spend categories, and automate receipt capture, all from a single dashboard. Every card supports CAD, USD, EUR, and GBP, so your team can spend in the currency they need without juggling multiple cards and paying additional FX fees on conversion.

Unlike tiered points systems, Venn offers a flat 1% cashback on all card spend, with no caps, no minimums, and no hoops to jump through. Whether it’s a recurring SaaS subscription or a last-minute flight, every transaction earns cash back for the business.

Big 5 Banks

Canada’s major banks offer traditional Visa or Mastercard products, often bundled with points programs like Aeroplan, Scene+, or Aventura. While these can provide perks, rewards are often limited to specific tiers or use cases, and redemptions can be complex.

Issuing new cards can take days, and changing limits or resolving disputes typically requires branch visits or multi-day processing. Most cards are currency-specific, meaning USD spend may still trigger FX fees unless routed through separate accounts.

For modern businesses that value speed and control, traditional cards often fall short, especially when managing a distributed team or dynamic expense policies.

Interest on Balances

Venn

Most Canadian business accounts pay little to no interest, meaning operating cash often sits idle between payrolls, vendor payments, or client deposits. Venn helps businesses make the most of their funds by paying 2% interest on all CAD and USD balances automatically, with no lock-ins or minimum balance requirements.

Interest accrues daily and is paid out monthly, letting businesses earn while keeping their money fully liquid for expenses or transfers. Whether you’re holding USD from U.S. clients or CAD for upcoming payables, every dollar continues to grow in the background.

This rate outpaces nearly all traditional banks and fintech competitors, making Venn one of the few Canadian platforms where your operating cash actually earns a meaningful return.

Big 5 Banks

Canada’s Big 5 banks offer near-zero interest on standard business chequing accounts and reserve higher rates for premium products with monthly fees or minimum balances that can exceed $100,000. In most cases, businesses must manually transfer funds into separate high-interest savings accounts — which often lack integrated payments or multi-currency support.

This separation adds friction and slows access to cash when you need it most. As a result, most business funds at traditional banks earn nothing, sitting idle between transactions instead of compounding over time.

Multi-Currency Support

For many Canadian SMBs, operating across borders isn’t a nice-to-have, it’s essential. Whether you're paying a UK developer, invoicing a client in Europe, or managing suppliers across time zones, holding multiple currencies can protect margins and simplify workflows.

Venn

Venn gives you true multi-currency business accounts in CAD, USD, EUR, and GBP with the ability to hold balances and send payments in 30+ currencies. You can invoice in the local currency of your client, pay vendors without triggering auto-conversions, and manage cash across borders without opening multiple accounts. It's especially valuable for businesses asking:

“What’s the best bank account in Canada for multi-currency business?”
Or:
“How do I avoid cross-border fees when paying international vendors?”

With Venn, you're not forced to convert unless you choose to, and when you do, FX fees stay low.

Big 5 Banks

The Big 5 advertise “multi-currency” services, but these typically route through global divisions, not local currency accounts. Most SMBs only get access to USD and CAD, with other currencies requiring conversion at higher FX rates. Holding balances in non-USD foreign currencies (like EUR or GBP) is usually not possible without a treasury account, something out of reach for most small businesses.

For founders, CFOs, and finance managers looking for a Canadian business bank account that truly supports international operations, Venn offers greater flexibility without the hidden layers.

Invoicing & Receivables

For many Canadian businesses, receivables still live in spreadsheets, and invoicing is either manual or tied to third-party software. When your bank doesn’t support integrated billing, it adds unnecessary friction between doing the work and getting paid.

Venn

Venn includes built-in invoicing tools designed for SMBs. You can issue branded invoices, accept payments via credit card, and receive funds directly into your Venn account, all in CAD, USD, EUR, or GBP. No jumping between platforms, no surprise FX charges, and no need to pay extra for a payment gateway.

For founders thinking “how to open a business bank account in Canada that lets me invoice clients”, Venn is a direct solution. You also avoid the 1.5% cross-border fee Stripe charges if you’re using a typical Canadian bank setup, since Venn gives you local accounts in major currencies.

Big 5 Banks

Most Big 5 banks separate banking from billing. Invoicing typically relies on third-party merchant services, like Moneris or Chase Paymentech, which often come with setup fees, monthly charges, and a steep learning curve. Some tools like RBC PayEdge or TD Online Accounting add limited functionality, but they’re rarely built with the agility SMBs need.

For businesses that want a unified workflow from invoice to income, traditional banks fall short. Venn consolidates the process, making it easier to stay on top of cash flow, get paid faster, and reconcile payments automatically.

Integrations

Connecting your business account to accounting software shouldn’t require workarounds. Yet with the Big 5 banks, it often does. Most traditional providers still rely on batch exports or third-party plugins, forcing SMBs to manually upload transactions, reconcile payments, and chase down missing data.

Venn

Venn integrates natively with QuickBooks and Xero, offering real-time two-way sync. Transactions are categorized automatically, and reconciliations happen in the background. This reduces human error, speeds up month-end close, and gives finance teams accurate visibility without the lag.

Big 5 Banks

The Big 5 typically support basic accounting exports, but they’re often batch-based or routed through middleware tools. While platforms like RBC PayEdge or TD Online Accounting provide some functionality, they rarely offer the seamless integration or automation needed by fast-moving SMBs.

For businesses that want to connect spend, invoicing, and accounting in one place, Venn delivers a more complete and efficient experience.

Pricing Models

Business banking fees in Canada are notoriously complex. From monthly account charges to surprise FX markups and per-transfer costs, the Big 5 have made it difficult for SMBs to forecast costs, let alone minimize them.

Venn

Venn uses a transparent, all-in-one pricing model. There are no monthly account fees, no hidden markups, and no surprise charges for local payments. FX fees are clearly disclosed and range from 0.25% to 0.45%, significantly lower than traditional banks. International wires cost just $6 on average, and all local EFT, ACH, and Interac e-Transfers® are free.

This lets finance teams budget with clarity, and reinvest savings back into the business.

Big 5 Banks

Canada’s major banks typically charge tiered monthly account fees ranging from $6 to $125, depending on transaction volume and service level. On top of that, SMBs can expect $15–$80 wire fees, inflated FX markups (often 1.5–3%), and fees for added features like card programs or invoicing add-ons.

While these costs are manageable for large enterprises, they often eat into margins for early-stage companies. Venn was built to solve this, giving Canadian SMBs a complete business finance platform without the nickel-and-diming.

Frequently Asked Questions (FAQs)

Q: What is the best bank account in Canada for small businesses?

The best bank account for a small business depends on its growth trajectory, but modern financial platforms like Venn are widely considered superior for scaling Canadian businesses. They provide all-in-one financial operations: $0 monthly fees, multi-currency accounts, low foreign exchange fees (starting at 0.25%), 1% cashback corporate cards, and built-in automation for accounting software like QuickBooks and Xero—all features that most Big 5 bank accounts charge high fees for or lack entirely.

Q: Does Venn give me a real USD account in the U.S.?

Yes. A major differentiator is that Venn provides a true US-domiciled account with a unique ACH routing number. This allows Canadian businesses to send and receive payments using the US Automated Clearing House (ACH) system, which is standard for American businesses and often free to receive. In contrast, most Canadian bank USD accounts are domiciled in Canada, forcing users to rely on more expensive and slower SWIFT wire transfers for US transactions.

Q: Does Venn have limits based on transaction volume or balance size?

No. Venn operates with flat, transparent pricing and does not impose fees based on high transaction volume or minimum balance requirements, unlike many traditional banks. While there are standard limits on the dollar amount of individual transfers (e.g., $10,000 for a single Interac e-Transfer), you will not be charged extra fees for having a high number of transactions per month or penalized with fees for low account balances.

Q: Is Venn safe?

Yes. Venn employs strict bank-level security, including encryption and multi-factor authentication. More importantly, it is a registered financial platform in Canada. Customer funds are held in legally segregated, professional trustee trust accounts at a major Canadian CDIC member institution (like the Bank of Montreal), meaning eligible deposits are protected by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 per depositor, per insured category.

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

Yes. While many traditional banks still require time-consuming in-person visits to a branch for identity verification and final approval, digital platforms like Venn offer instant digital onboarding. You can complete the entire application process online in under 10 minutes, with most businesses receiving final approval and account access on the same day, making it significantly faster and easier to get started.

_{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.}