A business chequing account is a vital tool to help you run your business. It lets you manage all your everyday business banking needs, from paying bills to depositing cash and cheques, and makes it easy to keep track of your business spending.But which is the best account for your business? To help you decide, we’ve put together this guide to the best business chequing accounts in Canada, with options to suit businesses of all shapes and sizes.Best business chequing accounts in CanadaBest overall business chequing account: Loop
Loop Global Business Banking Account
$0
Monthly Account Fee
CAD, USD, GBP, EUR
Multicurrency Accounts
0.1% – 0.5%
Currency Conversion Fee
If you’re looking for one account to manage all of your business banking needs, Loop offers access to one that includes corporate cards, payments, foreign exchange, loans and capital funding. You can also manage multiple currencies and access competitive FX rates.
Why it’s one of the best
$0 account fee. This account charges no monthly account fee.
Multi-currency accounts. Easily open CA, US, UK and EU domiciled accounts to skip conversion fees, get paid faster and make free global payments.
No FX credit cards. Eliminate FX fees with a Loop credit card. Spend in CAD, USD, GBP and EUR and earn points to use toward travel and experiences. Access up to a $1 million credit limit.
Earn reward points for your business spending
Hold and spend funds in multiple currencies
Competitive foreign exchange rates
Only one free plan available
Read the fine print for details of other fees
No Apple Pay or Google Pay
Monthly Account Fee
$0
Multicurrency Accounts
CAD, USD, GBP, EUR
Currency Coversion Fee
0.1% – 0.5%
GIC Available
No
Best mobile banking business chequing account: RBC Digital Choice Business Account
RBC Digital Choice Business Account
$6
Monthly Account Fee
CAD only
Multicurrency Accounts
Varies
Currency Conversion Fee
For businesses looking to manage their banking online, the RBC Digital Choice Business Account is a powerful sidekick. With the RBC Mobile app you can quickly and easily pay employees and suppliers, request payments, track your spending and business performance, deposit cheques and send transfers.
Why it’s one of the best
Transactions. Enjoy unlimited electronic debit and credit transactions.
Unlimited cheque deposits. Unlimited Moneris and electronic cheque deposits.
Soft credit check only. When you apply for an account, RBC will only conduct a soft credit check, which means your credit score won’t be impacted when applying.
Unlimited electronic debit and credit transactions
Unlimited Moneris and electronic cheque deposits
Easy to use app
Competitive foreign exchange rates
Can only spend and receive in CAD
Comes with a monthly fee
Fees for cash deposits and paper deposits
Monthly Account Fee
$6
Multicurrency Accounts
CAD only
Currency Coversion Fee
Varies
GIC Available
Yes
Best multi-currency business account in Canada: Wise Business Account
Wise Business
$0
Monthly Account Fee
CAD, USD, GBP, EUR, AUD, HUF, NZD, RON, SGD, TRY
Multicurrency Accounts
0.43%
Currency Conversion Fee
Businesses looking to make and receive international payments on a regular basis might want to look into the Wise Business Account. You can hold funds in 40 currencies, access competitive exchanges rates and pay suppliers and staff in 70+ countries worldwide.
Why it’s one of the best
70+ countries. Pay staff and suppliers in over 70 countries around the world.
40 currencies. hold funds in 40 different currencies, including CAD, USD, GBP and EUR.
Competitive exchange rates. Get the mid-market exchange rate when you send money overseas.
Get the mid-market exchange rate
Hold funds in nine currencies
User-friendly platform
Transfer fees apply
Doesn’t accept cash or cheque deposits
Monthly Account Fee
$0
Multicurrency Accounts
CAD, USD, GBP, EUR, AUD, HUF, NZD, RON, SGD, TRY
Currency Coversion Fee
0.43%
GIC Available
No
Best business chequing account for start-ups: RBC Flex Choice Business Account
RBC Flex Choice Business Account
$7
Monthly Account Fee
CAD
Multicurrency Accounts
Varies
Currency Conversion Fee
If you’re new in business and unsure of your banking needs at the start, the RBC Flex Choice Business Account only charges you for what you use. Enjoy banking flexibility with no minimum or maximum transaction limits.
Why it’s one of the best
Only pay for what you use. This flexible account is suited towards those looking to only pay for what they use.
Bank online or in-branch. If you think you’d rather have some in-person assistance occasionally with banking, RBC is happy to help in-branch.
Access other banking products. Access corporate and business credit cards, GICs, personal accounts and much more with RBC.
Only pay for transactions you use
Bank online or in-branch
Get RBC Preferred Pricing
Monthly fee of $7 charged
You’ll pay for each transaction and e-Transfer
Not suitable for larger businesses making lots of paper transactions
Monthly Account Fee
$7
Multicurrency Accounts
CAD
Currency Coversion Fee
Varies
GIC Available
Yes
Best FX rates for a business bank account in Canada: Vault Business Account
Vault Business Banking Account
$0
Monthly Account Fee
CAD, USD, GBP, EUR
Multicurrency Accounts
0.35%
Currency Conversion Fee
Vault Business Account is a helpful account if you’re doing business in multiple countries. It offers some of the most competitive FX rates for a business chequing account in Canada and also offers access to corporate cards and more.
Why it’s one of the best
Earn cashback when you spend. Earn 1% cashback on corporate spend when you spend on all corporate purchases with your Vault credit card.
Save with a GIC. Open a GIC and earn up to 5.25% on your money.
No monthly account fee. With the Vault business account your firm can accept payments in four currencies, send transfers in more than 30 currencies, all for no monthly fee.
Easy online signup process
Send funds in 30+ currencies
Earn cash back on spending
Not available for sole proprietors or partnerships
Not available in Quebec
Can’t accept credit card payments
Monthly Account Fee
$0
Multicurrency Accounts
CAD, USD, GBP, EUR
Currency Coversion Fee
0.35%
GIC Available
Yes
Best free business chequing account: BMO eBusiness Plan
BMO eBusiness Plan
$0
Monthly Account Fee
CAD
Multicurrency Accounts
unknown
Currency Conversion Fee
If you’re looking for a free business chequing account to manage all of your business needs, the BMO eBusiness Plan could be the business bank account you’ve been searching for. This account is designed to suit small business owners and has no monthly fee or minimum balance requirement.
Why it’s one of the best
No monthly account fee. You won’t have to worry about paying a monthly account fee.
Unlimited transactions. Enjoy unlimited Moneris and electronic transactions so you can save more every day.
No minimum balance requirements. You can have as little or as much money in your account as you’d like without incurring any minimum balance fees.
$0 monthly account fee
No minimum balance requirements
Unlimited Moneris and electronic transactions
You’ll need to pay for deposits
Not suitable for businesses looking to take advantage of premium banking features
Monthly Account Fee
$0
Multicurrency Accounts
CAD
GIC Available
Yes
Best basic business chequing account: TD Basic Business Plan
TD Basic Business Plan
$5
Monthly Account Fee
CAD
Multicurrency Accounts
unknown
Currency Conversion Fee
A basis business chequing account can be handy if your business is not conducting a high volume of transactions. The TD Basic Business Plan is a basic, no-frills account to manage your essential business banking needs. It supports 5 transactions per month, five deposits per month (excluding cash deposits) and comes with a $5 monthly fee.
Why it’s one of the best
Suited toward low-income businesses. You only get 5 transactions per month and five deposits per month (excluding cash deposits).
Easy deposits. Deposit through TD Mobile and in-branch.
Complimentary free services. Enjoy free online statements with cheque images, archived for seven years.
5 transactions included per month
5 deposit items included each month
Low monthly account fee
Not suitable for businesses making lots of transactions and transfers
Monthly Account Fee
$5
Multicurrency Accounts
CAD
GIC Available
Yes
Best premium business chequing account: CIBC Unlimited Business Operating Account
CIBC Unlimited Business Operating Account
$65
Monthly Account Fee
CAD
Multicurrency Accounts
unknown
Currency Conversion Fee
Businesses that are conducting lots of transactions may benefit from a premium bank account. Although accounts like these typically come with a monthly fee, it can pay off to pay a monthly fee if you can take advantage of all the perks, such as unlimited monthly transactions, including Interac e-Transfers, deposits, withdrawals, bill payments and more.
Why it’s one of the best
Enjoy unlimited transactions. Enjoy unlimited transactions and free e-Transfers.
Get the account fee waived. This account comes with a monthly fee, however you can have it waived if you maintain a balance of at least $45,000.
Comprehensive deposit allowances. Deposit up to $15,000 cash, $1,000 coin and 100 cheques each month at no extra cost.
Apply online
Unlimited transactions
Low minimum balance requirement compared to unlimited accounts from other banks
$45,000 minimum balance to avoid monthly fee
Some accounts at other banks allow larger cash deposits
Monthly Account Fee
$65
Multicurrency Accounts
CAD
GIC Available
Yes
Best low-volume business chequing account: BMO Business Builder 1 Chequing Account
BMO Business Builder 1 Chequing Account
$22.50
Monthly Account Fee
CAD
Multicurrency Accounts
unknown
Currency Conversion Fee
The BMO Business Builder 1 account supports 35 transactions per month, including two Interac e-Transfers and unlimited Moneris transactions. If you have a low volume of transactions each month, a basic account like this can help you get started with banking. You’ll need to pay a $22.50 monthly fee, but there’s no minimum balance requirements with this account which means your balance can fluctuate without you having to worry.
Why it’s one of the best
Targeted toward limited banking needs. You’ll only get 35 transactions per month, including two Interac e-Transfers and unlimited Moneris transactions.
Low monthly account fee. This basic business account comes with a low monthly fee of $22.50.
No minimum balance requirements. There are no minimum deposit limits which means you can have as little or as much in your account as you’d like.
No minimum balance required
35 transactions per month, including two Interac e-Transfers and unlimited Moneris transactions
Monthly account fee of $22.50
Not suitable for businesses making large numbers of transactions
Monthly Account Fee
$22.50
Multicurrency Accounts
CAD
GIC Available
Yes
Best high-volume business chequing account: RBC Ultimate Business Account
RBC Ultimate Business Account
$100
Monthly Account Fee
CAD
Multicurrency Accounts
Varies
Currency Conversion Fee
If your business is performing a lot of transactions each month, a business chequing account that is catered toward high-volume transacting will benefit you. The RBC Ultimate Business Account is an all-inclusive package that includes unlimited electronic debit and credit transactions with 500 outgoing Interac e-Transfers.
Why it’s one of the best
Catered toward businesses banking a lot. This account offers a wide variety of features that cater towards businesses that are constantly banking.
Unlimited transactions. Enjoy unlimited electronic debit and credit transactions and 500 outgoing Interac e-Transfers per month.
Large deposit limits. Unlimited electronic cheque and Moneris deposits are included too, plus up to $25,000 free cash deposits per month
Large deposit limits
Unlimited monthly electronic debit and credit transactions
500 outgoing Interac e-Transfers each month
100 paper transactions per month
Higher monthly account fee than most business accounts
Monthly Account Fee
$100
Multicurrency Accounts
CAD
Currency Coversion Fee
Varies
GIC Available
Yes
What is a business chequing account?A business chequing account functions in the same way as a personal chequing account. The key difference is that the account is held in your business name and is used for all your day-to-day business banking.Most business chequing accounts in Canada come with a monthly fee and support a certain number of transactions per month — the higher the fee, the more supported transactions. Your account will also come with a linked debit card for in-store purchases and ATM withdrawals, along with the ability to write cheques.You can use your business bank account to:Send payments to employees and suppliersAccept payments from customers, including electronic, cash and cheque depositsPay for purchases online and in-storeTrack your income and expenses for tax purposesWhat are the benefits of a business chequing account?A chequing account provides a host of useful benefits for business owners. These include:Keep track of spending. A business chequing account makes it easy to monitor your business cash flow. You can monitor your income, track expenses and use budgeting tools to improve your bottom line.Keeps business and personal finances separate. While a business bank account isn’t a legal requirement for all businesses, it’s important to stop your business and personal transactions getting mixed up. This makes it a whole lot easier to stay on top of your business finances.Manage tax obligations. Business chequing accounts also simplify your bookkeeping requirements, making it much simpler to meet your tax and reporting obligations at the end of the financial year. You can also link your business account to accounting software to ensure that you don’t miss any expense deductions.Builds credit history. Opening a business bank account and using it to send and receive payments helps establish your business’ credit history. A better credit score will improve your chances of qualifying for business loans, lines of credit and credit cards in the future.CDIC protection. If you open an account with a financial institution that’s a member of the Canada Deposit Insurance Corporation, you’ll receive up to $100,000 worth of coverage in the unlikely event that your bank fails.Adds credibility. Opening a business bank account is also a simple way to boost the credibility of your business. No matter whether you’re dealing with customers, suppliers or staff, using a business chequing account to do so will help your business appear more professional.How to choose the best business chequing accountThe best business bank account for your business depends on your banking needs. Ask yourself a few key questions before you start searching for the right account:How many business transactions do I make per month?Can all of my business banking be done online?Will I regularly need to make cash or cheque deposits?How many people will have access to the account and do they each need their own debit card?Once you’ve decided exactly what you need in an account, it’s time to start comparing your options. Make sure you consider the following factors when searching for the right account:Monthly fee. Most business chequing accounts in Canada charge a monthly fee. This could be around $5 to $10 on a basic account, or up to $100 or more on an unlimited-transaction account. Some banks will also waive the monthly fee if you keep your balance above a minimum level.Supported transactions. Check how many transactions are included in your monthly fee. Some offer unlimited transactions, but other accounts will place restrictions on the number of transactions you can make per month, including limits on cash deposits and in-branch transactions. Exceeding your account limit will lead to extra transaction fees.Other fees. Read the fine print for details of any other fees to watch out for, such as excess transaction fees, ATM withdrawal fees and in-branch transaction fees.Debit card(s). Your business chequing account will come with a linked debit card for easy access to your funds. Check whether you can issue additional cards for other team members that need access to the account and whether this will incur any fees.Branch and ATM network. Does the bank offer convenient branch access near you? Does it offer a large ATM network so you can enjoy fee-free ATM withdrawals?International payments. If you regularly need to send payments to suppliers or employees overseas, check what exchange rates and fees apply to international payments. You may want to consider a multi-currency business account that lets you receive, hold, send and spend funds in CAD as well as several other currencies.CDIC coverage. If your bank is a member of the Canadian Deposit Insurance Corporation, up to $100,000 of your business funds will be insured if the bank goes bust.Discounts and rewards. You might be able to access discounts on other products from the same bank, such as a waived annual fee on a business credit card. Some accounts also offer cash back on spending and other rewards.
How to open a business chequing accountMake sure you prepare all the necessary paperwork in advance to ensure a stress-free application process.Required informationThe documents you need to provide to open an account vary depending on the bank you choose and the structure of your business. As a general guide, in addition to proof of ID you’ll typically be required to provide the following:Sole proprietorship. You may be asked to provide your trade name registration certificate or a copy of your master business licence.Partnership. You’ll typically need to provide a registered declaration of partnership or partnership agreement and your trade name registration certificate.Corporation. You’ll typically need to provide articles of incorporation/association, your trade name registration, your latest business notice of assessment, the business’ latest financial statements and more.Check with your bank for a list of required documents before you apply.How to applyOnce you’ve found the best business chequing account for your needs, you can usually apply to open an account online. You’ll need to provide personal information for all account owners, your contact details, and your business name and Canada Revenue Agency registration number. You’ll also be asked to provide proof of ID along with your business registration documents.Please note that not all financial institutions offer a completely online account-opening process. In some cases, you may need to visit a branch to verify your identity and activate your account.FAQs about business chequing accounts
What’s the difference between a business chequing account and a business savings account?
A chequing account is designed to be used for your day-to-day business banking needs. It provides easy access to funds so you can do things like pay staff and suppliers, receive payments from customers and purchase inventory. What a chequing account doesn’t do is pay interest on the funds in your account, but that’s where a business savings account comes in. Savings accounts let you earn interest on unused business funds, providing a boost to your bottom line and ensuring that your money is put to work.
Can I get a business chequing account with unlimited transactions?
Yes. If your business needs to perform frequent transactions, most banks offer a business bank account that supports unlimited monthly transactions. However, these accounts typically come with a high monthly fee of $60 or more, but this fee may be waived if you keep your balance above a minimum level.
Can I get a business bank account with no monthly fee?
Yes. Most no-fee business accounts come from online providers such as Wise, Loop and Vault. Of the “Big Six” banks, BMO offers the eBusiness Plan, which supports unlimited electronic and Moneris transactions for no monthly fee. Check out our guide to free business bank accounts for more information.
