Best Free Business Accounts in Canada 2025
Getting a business account is essential as soon as you have to send or receive payments on behalf of your business. It makes sense when you're just starting out to look for an account with low or no fees, to help maximise your profits as you get established. While truly free business banking isn't usually an option, there are lots of accounts out there from banks and digital alternatives, which can limit costs and avoid ongoing fees - giving your business a boost.
This guide looks at 5 of the best business accounts which have free features or no ongoing fees, to help you decide if any is right for you.
Quick summary: No fee business accounts
| 💡 Key points: | |
|---|---|
| Wise Business Account | Great for no ongoing fees, no minimum balance, and powerful international features to send, spend, hold, exchange and receive foreign currencies |
| Airwallex Business Account | Great for holding 20+ currencies, with ways to receive customer card payments from 180+ countries |
| BMO eBusiness Plan | Great for a CAD account with no monthly fee, no minimum balance, and some free transactions monthly |
| Scotiabank Basic Business Account | CAD business account which has no monthly fee if you meet minimum balance requirements |
| RBC Business Essentials Saving account | Save unused business cash in CAD, with no fees and a tiered interest rate |
Can you open a business account for free?
Canadian entrepreneurs can open business accounts with no initial fee to pay, with banks and digital alternative providers. However, it's helpful to note that fee schedules vary enormously between different account types, and you may also need to make a minimum opening deposit when you set up your account.
It's important to look carefully at the fees associated with your preferred account - some, like Wise, have a one time account opening fee, but no monthly charges. Others have different account packages, some of which have ongoing charges to pay unless you hold a set minimum balance amount. You may also run into other important costs such as account dormancy fees if you don't transact regularly, as well as transaction and service costs.
Compare your options carefully before you pick - we've got all the details you need to get started coming right up.
Best free business accounts in the US
There's no single best business account in Canada- which is right for you depends on your business type, size and stage, as well as the types of transactions you'll make frequently. Here's a quick side by side look at some of the providers we've picked out - we'll get into them one by one in more detail right after.
| Services/Business account | Wise Business Account | Airwallex Business Account | BMO eBusiness Plan | Scotiabank Basic Business Account | RBC Business Essentials Saving account |
|---|---|---|---|---|---|
| Account opening fees | 42 CAD, one time fee to get account details | None | None | None | None |
| Monthly fees | None | None | None | 10.95 CAD - waived if you hold 8,000 CAD or more | None |
| Minimum balance requirement | None | None | None | None | None |
| Currency conversion | Currency conversion from 0.48 | 0.5% - 1% depending on currency | Rate set by the bank - likely to include a markup | Rate set by the bank - likely to include a markup | Rate set by the bank - likely to include a markup |
| Send and receive payments | Send from 0.48, receive select currencies with no fees | Transfers are often free, but 20 - 45 CAD charge applies for SWIFT payments | 50 CAD transfer fee | Digital fees vary, in branch fees start from 30 CAD | Send from 15 CAD |
| Business debit card features and fees | Free to spend a currency you hold Some free ATM use monthly before fees begin | Free to issue virtual cards 1% rebate on CAD spend Physical cards not available | No fee to get a card 2.5% foreign transaction fee | No fee to get a card 2.5% foreign transaction fee | Card not available with this account - you will also need a standard business account which may have a card |
| Best features | 40+ supported currencies Mid-market exchange rates | Take customer card payments No ongoing fees | No monthly fee Unlimited free electronic transactions | Get free transactions - the more your balance the more you can do for free | Earn interest on unused cash with no monthly fee |
*Details correct at time of writing, 5th February 2025
Wise business account
| 💡 Great for: One time opening fee with no ongoing costs, with powerful international features to hold, send, spend and receive foreign currency payments |
Wise accounts have a one time 42 CAD fee for full feature access, but then allow you to hold and exchange 40+ currencies, and receive payments conveniently in a selection of currencies. That can make it far easier to connect with customers overseas, to run international payroll and to pay invoices to suppliers based abroad.
While there are some transaction fees to pay depending on how you use your account, there are also many free features like batch payments, cloud accounting and API access.
Eligibility: Canadian residents with a registered business, freelancers and sole traders can open a Wise Business Account. Wise Business is also available in many other countries and regions globally.
Wise business account fees
| Features | Wise pricing |
|---|---|
| Account fees | Free to register 42 CAD opening fee to access local account details No monthly fee |
| Currency conversion | Mid-market rate, with conversion costs from 0.48 |
| Sending international transfers | Send from 0.48 |
| Receiving international transfers | Receive transfers to Wise in 8+ currencies, often for free, with the following exceptions: Receive CAD wire - [ReceiveCADwireFee] fee Receive CAD SWIFT payment - 6.16 CAD fee |
Details correct at time of writing - 5th February 2025
Wise for business pros & cons
| Wise business pros | Wise business cons |
|---|---|
✅No ongoing fees to pay, no minimum balance ✅Hold and exchange 40+ currencies ✅Free ways to receive select foreign currencies ✅Some free ATM withdrawals monthly ✅ Time saving perks | ❌ One time fee to open your account ❌ Service and transaction fees can apply depending on how you use your account |
Learn more about the Wise business account here.
Airwallex business account
| 💡 Great for: Holding 20+ currencies, with ways to receive customer card payments from 180+ countries |
Airwallex has multi-currency business accounts which are optimised for online sellers and people taking customer card payments. You can open local accounts to receive payments in 20+ currencies, and there are ways to get paid by PSPs and platforms, as well as through card payments in different currencies. You can get virtual debit cards to make business spending easier, although as physical cards are not available in Canada, you can't make ATM withdrawals.
Eligibility: Canadian residents with a registered business, freelancers and sole traders. Airwallex Business is also available in many other countries and regions globally.
Airwallex business account fees
| Features | Airwallex pricing |
|---|---|
| Account fees | No opening or monthly fee |
| Currency conversion | 0.5% - 1% markup applies depending on the currency involved |
| Sending international transfers | Transfers are often free, but 20 - 45 CAD charge applies for SWIFT payments |
| Receiving international transfers | No fee |
Details correct at time of writing - 5th February 2025
Airwallex for business pros & cons
| Airwallex business pros | Airwallex business cons |
|---|---|
✅ No costs to open account ✅ 20+ currencies supported for receiving, holding and exchange ✅ Issue your own debit cards to your team ✅ Take payments online easily | ❌ 0.5% - 1% currency conversion costs apply ❌ Cards can not be used in an ATM |
Learn more about the Airwallex business account here.
BMO eBusiness Plan account
| 💡 Great for: CAD account which offers free electronic transactions with no monthly fee and no minimum balance |
The BMO eBusiness Plan is marketed as an ideal solution for businesses which need to manage most of their money digitally. There are free unlimited electronic transactions covering things like ATM enquiries and transfers between BMO accounts in your own name, with no monthly fee or minimum balance. You can also deposit cash for free. The downside here is that any assisted transaction has fairly high fees to pay.
Eligibility: Canadian residents with a registered business or partnership, and sole traders.
BMO eBusiness Plan account fees
| Features | BMO pricing |
|---|---|
| Account fees | No opening or monthly fee |
| Currency conversion | 2.5% foreign transaction fee for card spending BMO rate will apply if you transfer funds overseas, which may include a markup |
| Sending international transfers | 50 CAD outgoing fee |
| Receiving international transfers | 16 CAD incoming fee |
Details correct at time of writing - 5th February 2025
BMO for business pros & cons
| BMO eBusiness Plan pros | BMO eBusiness Plan cons |
|---|---|
✅ No minimum account balance ✅ No monthly fee ✅ Unlimited free electronic transactions ✅ Deposit cash when you need to for free | ❌ 2.5% currency conversion costs apply on card spending ❌High overseas wire fee |
Learn more about the BMO eBusiness Plan account here.
Scotiabank Basic Business account
| 💡 Great for: CAD account with easy ways to waive monthly fee by holding a minimum balance of 8,000 CAD or more |
The Scotiabank Basic Business account has a monthly fee, which is waived if you hold 8,000 CAD or more. You'll also benefit from one free transaction for every 1,500 CAD you hold in the account. This can mean that this account is effectively free to use for basic transactions if you are able to keep a high enough balance. Product offers both Canadian and US Dollar accounts if you trade across the border.
Eligibility: Canadian residents with a registered business or partnership, and sole traders.
Scotiabank Basic Business account fees
| Features | Scotiabank pricing |
|---|---|
| Account fees | Monthly fee of 10.95 CAD, waived if you hold 8,000 CAD or more |
| Currency conversion | 2.5% foreign transaction fee for card spending Scotiabank rate will apply if you transfer funds overseas, which may include a markup |
| Sending international transfers | Outgoing digital transfers have variable fees, branch services start from 30 CAD |
| Receiving international transfers | 18 CAD incoming fee |
Details correct at time of writing - 5th February 2025
Scotiabank for business pros & cons
| Scotiabank Basic Business pros | Scotiabank Basic Business cons |
|---|---|
✅ No minimum account balance ✅ No monthly fee if you hold 8,000 CAD ✅ Get more free transactions the higher the balance you hold ✅ Access all the services you need in the same place | ❌ 2.5% currency conversion costs apply on card spending ❌High in branch wire fee |
Learn more about the Scotiabank Basic Business account here.
RBC Business Essentials Savings account
| 💡 Great for: CAD savings account with tiered interest and no monthly fee or minimum balance requirement |
The RBC Business Essentials Savings Account is available for customers who already have an underlying RBC CAD business account. This is intended as an additional service which you can use to move your unused funds to earn interest. There are no minimum balance requirements and you can instantly transfer between accounts, which can make this a good free business account for maximising your unused cash.
Eligibility: Canadian residents with a RBC CAD business account
RBC Business Essentials Savings account fees
| Features | RBC pricing |
|---|---|
| Account fees | No ongoing fees |
| Currency conversion | RBC rate will apply if you transfer funds overseas, which may include a markup |
| Sending international transfers | From 15 CAD |
| Receiving international transfers | Up to 17 CAD incoming fee depending on payment value |
Details correct at time of writing - 5th February 2025
RBC for business pros & cons
| RBC Business Essentials Savings Account pros | RBC Business Essentials Savings Account cons |
|---|---|
✅ Earn tiered interest - higher rates for higher balance amounts ✅ No minimum account balance ✅ Instant access account ✅ Some free transactions monthly | ❌ Not for day to day use - intended for savings ❌Standard fees apply |
Learn more about the RBC Business Essentials Savings account here.
How to open a business bank account online for free with no deposit
Different banks and providers have their own processes to open a free business account. Banks may ask you to call or visit in person, but with a digitala provider you can usually get everything done with just your phone or laptop.
Bear in mind that you'll need some information and documents to hand, which we'll run through in a moment. Once you have everything you need pulled together the steps you'll usually need to take include:
Choose your preferred account and head to the provider's app or website
Click Apply now and follow prompts to confirm your eligibility
Enter your personal and contact information
Add details of your business and any other directors or partners
Complete the verification step by uploading images of required documents
Your debit card will be mailed to you once your account is verified.
The paperwork and information you need can depend on the account you pick and the entity type you have. Usually you'll need to provide:
Full name, contact information, address, and date of birth of the business owner, as well as any partners and directors with over a 25% stake
Your passport, driving license or other valid ID
Your full business address, and contact details
Business registration documents, depending on entity type
Business estimated annual turnover
Best free international business accounts
If you have customers overseas who prefer to pay in their home currency, or if you deal with international suppliers, you could be better off with an account which has multi-currency features.
This will allow you to keep your costs down as you won't need to convert between currencies unnecessarily - plus you may get beneficial exchange rates. Of the providers we've looked at earlier, we've picked out the following as the top picks for international businesses:
Wise business account: There's a one time fee to open an account, and no ongoing charges. Hold a broad selection of currencies, exchange with the mid-market rate, and get cloud accounting integrations and batch payments
Airwallex business account: No opening or monthly fees to pay, with ways to receive customer card payments. Hold and exchange 20+ currencies, send payments, and get virtual cards for spending
While the business accounts we selected from RBC, Scotiabank and BMO have some interesting features, they're CAD denominated only and can have limited international reach.
This can mean you can't freely send or receive overseas payments - or the fees are high when you do so.
More information - Best international business accounts in Canada
Best online business bank accounts with no minimum deposit or balance
If you're just starting your business you may not have money to hand to add as a minimum deposit for your business account.
The providers we picked do not require any minimum deposit at all, although in some cases, you'll need to hold a set balance to waive the monthly fees. More details on our Best online business accounts guide.
Conclusion: Business bank accounts with no fees
Choosing a business account with no ongoing charges can mean you have more money to invest in growing your business. Finding completely free business account products is pretty much impossible, but there are certainly some good solutions available for accounts which cut costs and limit monthly fees.
Check out options like Wise if you want a powerful international account with no ongoing fees, or consider a provider like RBCif you'd like to earn interest with a CAD denominated digital business account you can manage with your phone.
Free business banking online FAQs
Which bank doesn't charge for business accounts?
There's a cost to offering business banking services, so you'll usually run into some service and transaction fees with any business account you pick. However, you could consider business bank accounts with no monthly charges from providers like BMO as a good place to start if you're dealing with CAD transactions only. For international services, consider a digital alternative like Wise.
Do all banks charge a fee for business accounts?
Usually there are some fees to pay for business accounts but these could be transaction fees for things like out of network ATM fees or international payments, rather than rolling charges you pay every month. Check out a selection of bank and digital alternative business accounts to see which works best for you.
Do business bank accounts have fees?
Most business accounts have some fees - but the way banks and digital providers approach fees can vary a lot. Some have monthly charges, while others waive ongoing fees but use transaction and service fees instead. Review your preferred provider's terms and conditions document carefully before you sign up.