Where a branch-first habit costs a small Canadian business
Walk into any Big Five branch and the conversation usually starts with a package, not a transaction count. That order is backwards for most small operators. BMO's Essential Business Account now carries a C$5 monthly fee for accounts opened recently, RBC's Digital Choice sits at C$6, and TD's Business Digital matches it. Those entry prices look harmless. The cost hides in three other places.
The first is the waiver trap. Higher-tier packages advertise a monthly fee that disappears once you park a minimum daily balance, and that threshold runs from roughly C$65,000 at TD's Unlimited Business Plan to about C$80,000 at National Bank's Premium Business Package. Money held there earns nothing useful. Published comparisons of Canadian business accounts have pointed out that the interest given up on an C$80,000 balance can exceed the annual fee being waived, which makes the waiver a cost rather than a benefit for plenty of owners.
The second is per-item pricing. RBC's entry plan includes 10 Interac e-Transfers and then charges about C$1.50 each, with paper items at roughly C$2.50. BMO includes six e-Transfers before the same overage applies and adds about C$0.25 for every cheque deposited. A contractor billing 40 clients a month by e-Transfer feels that immediately.
The third, and usually the largest, is currency conversion. Canadian banks apply a markup of roughly 2.5% to 3% when they convert foreign revenue or card spending. On C$500,000 of US sales, that spread dwarfs every monthly fee on the schedule combined. Digital-first providers publish markups closer to 0.25% to 1%, which is why exporters keep asking whether an online business bank account can replace a traditional one.
Cash is the exception worth naming. Online-only accounts generally will not accept cash or coin. If you run a café in Saskatoon or a market stall in St. John's, a branch with a night deposit slot still earns its fee.
The digital-first options, side by side
Monthly fees are the least informative column in any comparison. The useful questions are what the account includes, what it charges when you exceed that, and what happens to your money while it sits there.
| Option | Monthly fee (CAD) | Included activity | Cash and cheques | Watch for |
|---|
| BMO Essential Business Account | $5 | Unlimited electronic and ATM transactions, 6 e-Transfers | Branch deposits, $0.25 per cheque | e-Transfer overage, per-item deposits |
| RBC Digital Choice Business Account | $6 | Unlimited electronic debits and credits, 10 e-Transfers | Branch deposits, $2.50 paper items | e-Transfer overage at about $1.50 |
| TD Business Digital Account | $6 | Unlimited electronic transactions, 10 e-Transfers | Branch deposits | Same overage pattern, branch visits required for cash |
| EQ Bank Business Account | $0 | Unlimited EFTs and bill payments, 50 outgoing and 100 incoming e-Transfers, then $0.50 | No cash, no wires | Not open to Quebec businesses or partnerships |
| Wealthsimple Business Chequing | $0 | Unlimited transactions, CRA bill payments included | Canada Post deposits from $10, up to $3,000 per deposit | Outgoing wires are CAD only, about $15 |
| Venn Essentials | $0 | Unlimited local EFT, ACH and SEPA transfers | No cash or cheques | e-Transfer sending caps that vary by plan |
| Airwallex Business, Explore plan | $0 | Local CAD and USD transfers, multi-currency receiving details | No cash | SWIFT sends roughly $20 to $35 |
| Wise Business | $0 plus one-time $55 set-up | Local CAD transfers, Interac, direct debits | No cash | No bill payments or domestic wires |
Deposit protection separates the two groups as much as price does. EQ Bank is a division of Equitable Bank, a CDIC member, so eligible business deposits can be covered up to C$100,000 per insured category. Fintechs such as Airwallex and Wise are licensed money services businesses rather than banks, and client funds sit in segregated trust accounts at larger institutions under retail payment rules. That structure is sound, but it is not the same guarantee, and it belongs in the decision rather than in a footnote.
Which account fits your trading pattern
A consultant billing three or four Canadian clients a month rarely needs branch access. Sarah, a Hamilton-based operations consultant, moved her business banking to a zero-monthly-fee account after counting her transactions and finding she made nine e-Transfers and two bill payments in an average month. She keeps a no-fee personal savings account at her old bank for the rare certified cheque.
An exporter needs the opposite priority. Priya sells skincare through Shopify to US and UK customers from Mississauga. Her old account converted every US payment on arrival, and the spread ate a noticeable slice of margin. She now keeps a multi-currency account alongside a Canadian dollar operating account, so USD revenue stays in USD until she chooses to convert. She still keeps a Big Five account for the occasional supplier cheque.
Quebec changes the shortlist. EQ Bank and Venn do not currently accept Quebec businesses, and Wealthsimple requires a federal business number. Étienne, who runs a translation studio in Sherbrooke, compared Desjardins' Digital Plan at about $5.95 monthly with National Bank, and kept a separate multi-currency account for European clients. Airwallex holds a Revenu Québec money services licence, which matters if you want a digital option with local standing.
Applying without losing a week
Start with data instead of brochures. Pull three months of statements and count four things: electronic debits and credits, e-Transfers sent, cheques deposited, and foreign currency received. That single page tells you which plan is cheapest, and it takes about twenty minutes.
Then confirm your paperwork before you open anything. You will need a government photo ID, your CRA business number, and documents that show legal name and ownership. Corporations usually have to provide articles of incorporation or a business registry profile. Ontario operators can pull theirs from the Ontario Business Registry, Quebec businesses from the Registraire des entreprises, and most provinces offer an equivalent online search. EQ Bank, for example, requires the person opening the account to be a majority shareholder, signing officer and director.
Check province eligibility next. This is where most applications stall, because a digital provider that looks ideal nationally may simply exclude your province. Read the eligibility page before you fill in the form, not after.
Decide where client money should sit. If you hold large balances for tax remittances or payroll, deposit insurance and interest matter more than transaction fees. If you hold almost nothing overnight, take the lowest-cost rail and stop worrying about the rate.
Finally, connect the account to your bookkeeping from day one. Digital accounts typically export statements and transaction feeds to common accounting software, and that connection is what actually saves the weekend you are trying to reclaim.
Pick the account that makes your worst month cheap, not the one that looks tidy in your best month. Open your last three statements, write the four numbers down, and let that decide.
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