Why more Canadian owners are skipping the branch
Walk into any of the Big Five and you will see the same structure: a monthly fee between roughly $5 and $120, with a minimum daily balance that waives it if you keep enough cash parked. TD's Essential Business Account sits at $35 a month and needs $45,000 on deposit to escape the fee; Scotiabank's Select Unlimited runs $120 and asks for $75,000. For a two-person studio in Halifax, locking up that much operating cash is a real cost, not a convenience.
The second cost hides in transaction allowances. Most branch-based plans include somewhere between six and ten outgoing Interac e-Transfers a month, then charge $1 to $1.50 for each one after that. If you invoice fifteen clients and pay four suppliers by transfer, that overage quietly adds up. BMO's Essential Plan covers six; RBC's Digital Choice covers ten; TD's Digital Account covers ten at $1.50 each beyond.
Foreign exchange is the third place money leaks. Traditional Canadian banks mark up currency conversion by roughly 2.5% to 3.5%, which matters a lot once you bill a US client or pay an overseas contractor. A $4,000 invoice converted at a 3% markup gives away about $120 before the money even lands.
Then there is the practical mismatch. Cash-heavy businesses still need a teller, and online-only platforms generally cannot accept cash or cheques at a counter. Some digital accounts also exclude Quebec residents entirely, and a few will not onboard trusts, partnerships, or companies owned by another corporation. Worth checking before you spend an evening on an application.
Sarah, a sole proprietor running a bookkeeping practice out of Guelph, Ontario, moved her operating account to a no-monthly-fee digital option after running the math on her own statements. She was paying $6 a month plus $1.50 for every transfer past ten, close to $40 in a heavy month. Her new setup includes 50 outgoing e-Transfers, so the overage disappeared. She keeps a small account at a credit union for the rare certified cheque.
What the main online options look like side by side
| Provider | Monthly fee | Included activity | Best for | Watch out for |
|---|
| EQ Bank Business Account | None, no minimum balance | 50 outgoing and 100 incoming Interac e-Transfers, unlimited bill payments and EFTs, 2.25% interest on the full balance | Sole proprietors and small teams that rarely handle cash | Not available in Quebec, and closed to trusts, partnerships and business-owned businesses |
| TD Business Digital Account | $6, no balance waiver | Unlimited electronic transactions and deposits, 10 e-Transfers | Owners who work online but need a teller a few times a year | Cash deposits $5 per $1,000; assisted branch visits $2.50 |
| RBC Digital Choice Business Account | $6 | Unlimited electronic debits and credits, mobile cheque deposit, 10 e-Transfers | Businesses processing card payments | Next-day Moneris settlement is the draw; balances earn no interest |
| BMO Essential Plan | $5 | Unlimited self-serve transactions with branch and ATM access, 6 e-Transfers | Lowest entry price at a Big Six branch | $1.50 per e-Transfer past six; no interest |
| Scotiabank Right Size Account | $6 | Pay-per-use transactions from $1.25 down to $1.00 at higher volume | Seasonal or unpredictable activity | No balance waiver at any tier |
| Airwallex Business Account | None on the Explore plan | 100 incoming e-Transfers, local receiving details in 20+ countries, 0.5% to 1% conversion markup | Exporters and e-commerce sellers billing in several currencies | No cash deposits; not available in Quebec |
| Wealthsimple Business Chequing | None | 1.25% interest under $100,000 in assets, $20 flat domestic outgoing wire | Consultants sitting on cash reserves | Interest rate tiers depend on total assets held |
Loop and Venn round out the field for owners who want a multi-currency card or US-dollar interest without a branch relationship. Neither replaces a full chequing account for payroll and bill payments, so most owners pair one with a primary account.
Match the account to how your money arrives
If 80% of your revenue comes in by Interac e-Transfer and you never touch cash, the deciding number is the transfer allowance, not the monthly fee. A freelance photographer in St. John's billing eight clients a month will never hit a ten-transfer ceiling, so a $6 branch account is fine. A marketing agency paying twelve contractors weekly will blow past it by the second week.
Billing in US dollars changes the calculation. An online business bank account Canada comparison that ignores conversion markup is incomplete, because 2.5% to 3.5% on a few thousand dollars a month dwarfs any account fee. Airwallex-style multi-currency accounts hold balances in the currency you were paid and convert when you choose, which is why exporters in Vancouver and Mississauga lean toward them.
Doing your own bookkeeping matters too. Sub-accounts help. EQ Bank lets a business run up to ten, so tax money, payroll, and operating cash sit apart without a spreadsheet. That is a small feature with real value at year-end.
Steps to open an account without wasting a week
Start with your paperwork. You will need government photo identification and a business registration document: articles of incorporation for a corporation, a business registration or trade name filing for a sole proprietor. TD also asks for ownership details, director information, and proof of business address such as a utility bill. Have your CRA business number ready if you have one.
Confirm your structure is eligible. Digital platforms tend to be strict. EQ Bank accepts registered sole proprietors and active corporations where you are a majority shareholder, signing officer, and director, and only one person per business can open the account. If you operate through a partnership, plan on a branch.
Estimate your monthly transaction count before you pick a tier. Pull three months of statements and count outgoing transfers, bill payments, and deposits. Round up. Overage fees are where packaged accounts earn their margin.
Register for GST/HST once you pass $30,000 in revenue, and keep the account used for tax remittance separate from day-to-day spending if your provider supports sub-accounts.
Local help worth knowing about
The Canada Revenue Agency's business registration portal handles your business number and GST/HST account in one sitting. Provincial business registries issue the registration documents banks ask for. OWNR and local small business centres in cities like Calgary, Halifax, and Winnipeg run free seminars on incorporation and banking setup, and most credit unions in smaller towns will open a business account with a walk-in appointment, which is often faster than a Big Six branch in the same week.
One regional note: if you are in Quebec, confirm eligibility first. Several of the digital accounts covered here do not accept Quebec residents or businesses, so a Desjardins or National Bank business account may be your starting point.
Pick one thing to fix this week
Most owners do not need a better bank, they need a better fit. Look at your last statement, add up the monthly fee, the overage charges, and any conversion markup, and you will usually find one line item doing more damage than the rest. Then choose the account that removes it, whether that is a higher e-Transfer allowance, a multi-currency setup, or interest on a balance you were leaving at zero.
Open the application in the morning with your documents on the desk. Most online business bank account applications in Canada take under half an hour, and verification is often same-day. Keep your old account running for one billing cycle while transfers and pre-authorized payments move across, then close it once everything clears.
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