Venn vs EQ Bank: Best Business Bank Account in Canada (2025)

When it comes to business banking in Canada, most traditional options still feel stuck in the past. Limited tools, clunky onboarding, and unexpected fees that eat into your margins as a small business. Even newer digital banks like EQ Bank, while refreshing in some ways, still fall short for businesses that need more than a basic holding account.

Enter Venn, a modern financial platform built from the ground up to serve Canadian businesses with multi-currency accounts, corporate cards, global transfers, expense management, AP automation, and accounting integrations all in one place.

So, how does EQ (Equitable Bank) stack up against a full-stack platform like Venn?

If you’re trying to decide between a simple digital business account (EQ Bank) and a full financial operating system (Venn), this guide will break down exactly what you need to know, feature by feature, with clear comparisons, transparent pricing, and practical insight for Canadian founders and finance teams.

Venn vs. Equitable Bank: Side-by-Side Comparison

Let’s compare Venn vs. EQ at a high level:

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Feature: Global Accounts & Business Banking

Looking for the best business banking platform in Canada that supports multiple currencies? If your business handles cross-border payments, receives international revenue, or works with global suppliers, a multi-currency business account can help you avoid expensive currency conversion fees and improve cash flow management.

Venn: Full Multi-Currency Functionality for Canadian Businesses

Venn provides fully integrated multi-currency accounts in CAD, USD, GBP, and EUR, with local bank details in over 30 currencies. These accounts allow businesses to hold, send, and receive international payments without relying on third-party FX services or separate bank accounts. All currencies are managed from a single dashboard, with real-time conversion and competitive FX rates starting at just 0.25%.

This makes Venn ideal for Canadian SMBs that work with global vendors, sell to international customers, or manage payroll in different regions.

EQ Bank: Limited to CAD Business Accounts

EQ Bank’s business account does not currently support foreign currency balances or international currency receipts. All transactions must be settled in CAD. Businesses that require USD, EUR, or GBP transactions must rely on external platforms or pay for third-party services to manage foreign funds, often at a higher cost and with additional operational overhead.

This limitation can be a major challenge for companies looking for modern business finance software that supports international expansion.

Feature: Corporate Cards & Mobile Wallet Support

Modern business banking platforms in Canada need to go beyond traditional accounts. For fast-growing teams, corporate cards with mobile wallet support are essential tools for efficient spending, real-time control, and streamlined expense management. This gives you and your team the opportunity to spend more intelligently, without sharing cards.

Venn: Multi-Currency Corporate Cards with Apple Pay and Google Pay

Venn offers physical and virtual corporate cards tied directly to its integrated business cash accounts. These cards can be used in CAD, USD, GBP, and EUR, making them ideal for companies operating internationally or managing remote teams.

Each card includes:

• 1% unlimited cashback on all spend
• No minimum spend requirements
• Instant issuance and custom spend controls
• Compatibility with Apple Pay and Google Pay for seamless mobile payments

Venn’s unified card and account system means you don’t need to manage multiple platforms, your corporate cards are directly linked to your business bank accounts, with real-time reporting and automated accounting sync.

EQ Bank: No Corporate Card Option

EQ Bank does not offer corporate cards or any type of business debit/credit cards, which means business customers must rely on external solutions for spending or integrate a separate card provider. Additionally, because there’s no card offering, EQ Bank accounts do not support Apple Pay or Google Pay.

This gap limits EQ Bank’s ability to function as a complete business finance solution, especially for companies that need mobile-first, on-the-go access to funds or real-time expense control.

Feature: Expense Management, Accounts Payable (AP), and Accounts Receivable (AR)

For Canadian businesses, streamlined financial operations are no longer optional, they’re essential. Tools that automate expense tracking, enable invoice collection, and simplify vendor payments can significantly reduce administrative burden while improving accuracy.

Venn: Fully Integrated Spend Controls, Payables & Receivables

Venn is built to serve as a complete business finance platform including expense management, not just a digital account. That includes advanced capabilities for managing every part of the financial workflow:

• Expense Management: Built-in tools let you create policy rules, auto-categorize spend, and sync receipts directly into your accounting software. Whether through virtual or physical cards, all expenses flow into a single accounting dashboard with real-time visibility.
• Accounts Payable (AP): Upload or auto-import bills, assign approvals, and schedule vendor payments via EFT, ACH, Interac e-Transfer®, SEPA, or UK Faster Payments—all from one place.
• Accounts Receivable (AR): Venn includes customizable invoicing, credit card and bank transfer payment collection, and multi-currency support. Businesses can issue branded invoices and accept payments globally with no third-party invoicing tools required.

This level of integration across expense, AP, and AR gives Venn a major edge for small and mid-sized businesses looking to replace outdated or fragmented banking stacks.

EQ Bank: No Automation, No Invoicing, No Built-In Payables

EQ Bank currently does not support expense management, has no corporate card integration, and lacks any dedicated tools for Accounts Payable or Receivable workflows.

Payments must be initiated manually, and businesses need to use external platforms or traditional spreadsheets to manage expenses, vendor payments, and receivables. This significantly limits EQ Bank’s value for businesses seeking more than just a high-interest savings account.

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Feature: Accounting Integrations & Sync

One of the most important capabilities in modern business banking platforms is accounting software integration, and not all solutions handle this equally. Whether you're using QuickBooks Online or Xero, seamless synchronization reduces human error and saves hours each month in manual reconciliations.

Venn: True 2-Way Accounting Sync

Venn offers deep integrations with both QuickBooks and Xero, including 2-way sync and automatic transaction categorization. Expenses, invoices, and payments flow directly into your accounting software in real time, enabling accurate reporting and cleaner month-end closes. Businesses can also configure accounting rules, auto-tag vendors, and manage GL mappings natively from the platform.

Learn more about Venn’s QuickBooks and Xero integrations.

EQ Bank: No Accounting Sync or Automation

EQ Bank does not currently offer any accounting integrations. All reconciliations must be done manually, and there’s no automated transaction sync or expense categorization. This lack of accounting connectivity is a major gap for growing companies that need to scale financial reporting without increasing headcount.

Feature: Sub-Accounts & CDIC Insurance Coverage

When assessing the best business banking options in Canada, fund security and financial organization should be non-negotiable. Business owners need the ability to segment finances effectively while ensuring that deposits are protected under Canadian insurance standards.

Venn: Unlimited Sub-Accounts + CDIC-Insured

Venn allows Canadian businesses to open unlimited sub-accounts within their primary account. These are ideal for organizing cash flows by team, location, vendor, or client. Each sub-account can hold CAD, USD, GBP, or EUR, and integrates with Venn’s broader tools for accounts payable, AR, and expense tracking.

All Venn accounts are held with tier-1 Canadian banks and are eligible for CDIC insurance, offering up to $100,000 in protection per account type per institution. This makes Venn a strong fit for companies looking for secure multi-currency business banking with clear financial segmentation.

EQ Bank: CDIC-Covered, No Sub-Account Functionality

EQ Bank’s business accounts are also covered under CDIC insurance, offering the same $100,000 protection per account. With EQ’s business account, a user can open up to 10 sub accounts giving them the ability to segment their holdings.

Feature: Onboarding Time & Business Banking Customer Support

When evaluating the best business banking platform in Canada, ease of setup and reliable customer service are crucial, especially for small businesses that can’t afford downtime or complex onboarding hurdles.

Venn: Instant Onboarding + Priority Support

Venn offers one of the fastest onboarding experiences in the Canadian market. Businesses can sign up entirely online in under 5 minutes with no need for in-person visits. Accounts, cards, and transfers are all available upon approval, with same-day Interac e-Transfer® funding enabled from day one.

Venn's support model is designed for scale. Businesses get access to responsive support teams via live chat and email, with priority handling available for Pro Plan customers. In-app guidance, onboarding walkthroughs, and financial consultations are also included.

This high-touch support model has been praised by Canadian companies across industries, from e-commerce to construction, for helping them navigate everything from FX transfers to expense rules.

EQ Bank: Delayed Access + Extended Hours Support

EQ Bank’s business banking onboarding is fully online, eliminating the need for in-branch visits. Businesses are usually approved within 48 hours.

EQ does offer extended support hours (8:00 a.m. – 12:00 a.m. ET) and a team of Canadian-based agents. Their business support team is available via phone and email but may not offer the same level of in-app or real-time chat assistance as platforms like Venn.

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Feature: Global Transfers & FX Rates

For Canadian businesses that operate internationally, competitive foreign exchange (FX) rates and efficient global transfer capabilities are essential. Choosing the best banking platform for business hinges on how well it supports international operations, from receiving payments to settling invoices in multiple currencies.

Venn: Integrated Global Banking with Market-Leading FX‍

Venn offers industry-low FX markups, as little as 0.25% on its Pro Plan, with full support for CAD, USD, GBP, and EUR accounts. Businesses can hold, send, and receive in 30+ currencies through local rails and SWIFT, giving them flexibility and cost savings that far surpass traditional banks.

Transfers are fast: Interac e-Transfers® are instant, and international payments settle in under 48 hours. Venn also enables same-day payments through SEPA, ACH, and UK Faster Payments, giving Canadian companies global reach without delay.

Venn’s FX engine is fully transparent, with no hidden fees or surprise surcharges, making it one of the best platforms for global business banking and international expansion.

EQ Bank: Limited FX Reach, No Multi-Currency Accounts

EQ Bank’s business banking solution currently does not support multi-currency accounts or international payment methods. It is positioned more as a high-interest savings account with Canadian transaction support, rather than a platform for global operations.

There are no publicly listed FX fees, but the lack of international transfers or currency-specific account options makes EQ less suitable for businesses dealing with overseas vendors or customers. For entrepreneurs looking for the best exchange rate for businesses in Canada or the ability to scale internationally, EQ Bank falls short of the features provided by platforms like Venn.

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Feature: Pricing Model for Canadian Business Banking

When comparing the best business banking platforms in Canada, clarity and predictability in pricing are vital. Venn and EQ Bank take different approaches—Venn offers a tiered plan system with detailed features and competitive FX rates, while EQ emphasizes a no-fee structure but with limited business banking functionality.

Venn: Tiered Plans With Deep Functionality and Transparent FX Fees

Venn's business banking pricing is designed to scale with your business. All plans include core features like multi-currency accounts, QuickBooks/Xero sync, corporate cards, and expense management, with clearly disclosed FX and transaction fees:

• Essentials – $0/month
  
  • FX Fee: 0.45%
  • Local Transfers (EFT/ACH): $2 each
  • International Wires: $10
  • Features:
    
    • Up to 20 virtual cards (3 physical)
    • Multi-currency accounts (CAD, USD, GBP, EUR)
    • QuickBooks/Xero integrations
    • Basic receipt automation
    • 1% cashback on card spend (up to CAD 5,000/month)
      
  • Best For: Startups or small businesses needing essential tools and global currency access.

• Plus – $40/month
  
  • FX Fee: 0.35%
  • Local Transfers: Free
  • International Wires: $8
  • Features:
    
    • 50 virtual cards, 10 physical cards
    • 10 sub-accounts
    • Custom roles & permissions
      Automated accounting rules
    • Enhanced receipt capture
    • 1% cashback on spend up to CAD 25,000/month‍
  • Best For: Scaling businesses that need advanced expense automation and team-based controls.
    

• Pro – $100/month
  
  • FX Fee: 0.25%
  • Local Transfers: Free
  • International Wires: $6
  • Features:
    
    • Unlimited cards (virtual & physical)
    • Unlimited sub-accounts
    • Multi-step approval workflows
    • Instant payment clearing
    • Priority support & dedicated account manager
    • Unlimited 1% cashback on all card spend
      
  • Best For: Mid-sized to larger businesses managing complex operations, global teams, or high-volume transactions.

Venn’s pricing model is transparent and predictable, with no surprise markups or hidden monthly charges. For more information view Venn's pricing page here.

EQ Bank: Free Plan With Limited Scope

EQ Bank’s Business Account is marketed as a free small business banking solution, but it lacks many of the integrated financial tools found in modern platforms like Venn:

• Monthly Fee: $0
• Free Interac e-Transfers®: 50/month
• Wire Transfers: Not available
• Cards: Not offered (no business debit or credit cards)
• FX or Multi-Currency Support: Not supported
• CDIC Insurance: Available only to sole proprietorships
• Access Restrictions: Only available to existing EQ personal account holders

While EQ’s lack of fees may appeal to solo entrepreneurs or very small businesses, the need to supplement core features like cards, FX, invoicing, and AP/AR workflows can lead to added cost and complexity.

Venn: Strengths and Considerations

Strengths

• Comprehensive platform combining business banking, cards, invoicing, global transfers, and financial automation
• Multi-currency accounts with local account details in CAD, USD, GBP, and EUR
• Online onboarding available in under five minutes, no prior banking relationship required
• Integrated corporate cards with 1 percent cashback and spend controls
• Transparent FX fees starting at 0.25 percent
• Seamless integration with QuickBooks and Xero
• Automated bill pay, invoicing, and expense management
• Unlimited free Interac e-Transfers
• CDIC-insured accounts across all plans

Considerations

• Lending products like business lines of credit are not included
• As a newer platform, may require onboarding support for businesses unfamiliar with digital-first financial tools

EQ Bank: Strengths and Considerations

Strengths

• No monthly fees or hidden charges on the business account
• High interest rate of 2.50 percent on the full balance
• Digital onboarding process for existing EQ personal account holders
  50 free Interac e-Transfers per month
• Access to EQ Bank Business GICs
• Customer service team based in Canada, available 16 hours per day
• CDIC-insured accounts for sole proprietors

Considerations

• Business account access requires a personal EQ Bank account
• No debit, credit, or corporate card options available
• No foreign currency support or international wire capabilities
• No automation for invoicing, payables, or receivables
• No direct integration with accounting software
• Limited to basic payment functionality without broader financial tools

Why Should You Choose Venn Over EQ Bank for Business Banking in Canada?

If you are a Canadian business owner seeking more than just a basic savings account, Venn offers a significantly broader solution than EQ Bank. While EQ Bank provides a no-fee business account with competitive interest, it lacks key functionality like corporate cards, global payments, automated AP/AR, and multi-currency support.

Venn was built specifically to serve as a business banking replacement. It offers integrated financial tools that allow businesses to manage spending, automate workflows, and operate globally with ease. Its all-in-one approach means fewer platforms, lower fees, and more visibility across financial operations.

For any business that manages multiple currencies, pays international vendors, needs flexible cards for employees, or requires robust accounting sync, Venn is the superior alternative to EQ Bank.

Frequently Asked Questions (FAQ)

Is EQ Bank good for small business banking?

EQ Bank offers a no-fee business account with competitive interest rates, but its feature set is limited. It does not provide corporate cards, multi-currency accounts, wire transfers, or integrated expense management. It may be suitable for sole proprietors seeking a high-interest savings account, but businesses requiring advanced tools may find it restrictive.

What’s the difference between EQ Bank and Venn?

EQ Bank is a digital bank with a beta-stage business savings account focused on interest and low fees. Venn is a full-featured business banking platform built for Canadian companies. It offers integrated banking, multi-currency accounts, corporate cards with cashback, automated AP/AR, and robust global payment tools—making it a more complete alternative for managing business finances.

Which is better for business accounts in Canada, EQ Bank or Venn?

Venn is better suited for Canadian businesses that need full financial operations including global payments, expense management, accounting integrations, and multi-currency accounts. EQ Bank’s offering is more limited and best for sole proprietors who want a basic business savings account with no fees.

Does EQ Bank have multi-currency accounts?

No, EQ Bank does not support multi-currency business accounts. Venn supports CAD, USD, GBP, and EUR accounts and enables holding, sending, and receiving in 30+ currencies globally.

Are there any fees with EQ Bank?

EQ Bank promotes itself as having no monthly or hidden fees. However, it imposes limits such as 50 free Interac e-Transfers per month, after which charges may apply. It also does not support international wires or global transfers, which limits its cost transparency for global businesses.

Who has the best exchange rate for businesses in Canada?

Venn offers some of the lowest FX rates in Canada, starting at 0.25 percent on its Pro plan. EQ Bank does not support multi-currency transfers or business FX tools. For businesses operating internationally or dealing in multiple currencies, Venn provides better transparency and lower fees.

Can I get a business credit card or corporate card from EQ Bank?

No, EQ Bank does not offer business credit or debit cards. Venn offers both physical and virtual multi-currency corporate cards with 1 percent cashback and customizable spending controls.

Is EQ Bank safe to use for business money compared to Venn?

Yes, both EQ Bank and Venn are registered Money Services Businesses (MSBs) with FINTRAC and follow compliance standards required in Canada. Both platforms also offer CDIC-insured accounts. However, Venn provides CDIC protection across all business types, while EQ Bank's coverage applies only to sole proprietors.

How fast can I open a business account with EQ Bank?

You must first open a personal EQ Bank account before becoming eligible for business banking access, which may delay setup. Venn offers instant digital onboarding in under five minutes, with no prior banking relationship required.

What is the best bank if I send a lot of e-Transfers?

Venn is ideal for high-volume e-Transfers, offering unlimited free Interac e-Transfers on all plans. EQ Bank offers 50 free per month, after which additional charges may apply.

Ready to Simplify Your Business Banking?

If your business needs go beyond basic interest savings and limited transactions, it might be time to upgrade to a more powerful platform. Venn is purpose-built for Canadian businesses that require real-time control, multi-currency functionality, and global payment capabilities—all in one place.

Whether you're managing team expenses, sending international payments, or automating your accounting workflows, Venn is a comprehensive alternative to traditional and challenger banks alike.

Get started in under 5 minutes—no branch visits, no complexity.

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_{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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