Best Online Business Accounts 2024
If you’re starting a business you need a business account to help you hold your company funds separately to your personal spending account. Online accounts can be a choice for a startup, SME or sole proprietorship. You’ll be able to open and manage your account with just your phone or laptop, no matter where you are, and you can pick from a selection of providers which all have their own unique features.
In this guide, we’ll look at 5 of the best online business banking accounts in Canada, including some which have no ongoing fees, no minimum deposits and ways to manage your business balance flexibly, on the go, and often across currencies. Let’s dive in.
Quick summary: Online business checking account
Wise business account: Great for holding 40+ currencies with mid-market exchange rates
Airwallex business account: Great for low fees, with ways to get paid online with plugins and payment links
Payoneer business account: Great for getting paid by customers and marketplaces
RBC Digital Choice Business account: Great for businesses operating mainly online who still need to make cash deposits
BMO Business Complete checking account: Great for a selection of account tiers, including some with no monthly fees
What is the best online business account?
A range of online business account providers have emerged over the past few years, offering lots of different account plans. Some are specialists in specific services like multi-currency payments, some integrate with a broad range of ecommerce platforms for easier transactions, some have niche markets like tech startups or freelancers. The good news is that with this broad spectrum of providers and accounts, the right one is out there for you somewhere - this guide walks through pros, cons, features and fees for 5 great picks.
Do some research and compare providers to find the best fit. Here are a few things to consider:
Ongoing account fees - especially important if you’re not sure how often you’ll use your account. Try an account with no ongoing fees like Wise Business if you’re just testing the water
International features and costs - for getting paid by overseas customers and paying international suppliers or contractors. Multi-currency functions from providers like Wise or Airwallex can cover all your bases here
Debit and expense card availability - for easy spending and withdrawals
Canadian branch network - especially important if you transact in person and deposit cash or checks. Canadian bank digital accounts which allow cash deposit at a branch, such as those from RBC and BMO may suit you in this case
Best online business accounts in Canada
The truth is that there is no single best online business account - it depends on how you’ll use your account day to day, what services you value, and what type of business you run. Here we’ve profiled popular non-bank services from Wise, Airwallex and Payoneer, plus a couple of Canadian banks, BMO and RBC, so you can compare their features and fees. Here’s an overview:
| Services/Provider | Wise Business account | Airwallex business account | Payoneer business account | RBC Digital Choice Business account | BMO eBusiness Plan |
|---|---|---|---|---|---|
| Account opening fees | 42 CAD | No account opening fee - break costs may apply | No account opening fee | No account opening fee | No account opening fee |
| Monthly fees | No monthly fee | No monthly fee | 29.95 USD annual fee | 6 CAD | No monthly fee |
| Minimum balance | No minimum balance | No minimum balance | No minimum balance Annual account fees may apply depending on usage | No minimum balance | No minimum balance |
| Transaction fees | Currency conversion from 0.33% Some free ATM withdrawals monthly, before fees begin | Currency exchange 0.5 - 1% CAD SWIFT payments 20 - 35 CAD | 0.5% currency conversion fee Variable fees apply to get paid and withdraw to other accounts 3.15 USD equivalent ATM withdrawal fee | Depositing cash has varying fees depending on value Overseas payments in app cost from 15 CAD | 2.5% indicative foreign transaction fee Overseas payments cost 50 CAD 2 CAD - 5 CAD ATM fee Most transactions have fees to pay |
| Business debit cards | Available | Available - virtual cards only | Available | Available | Available |
| Best features | Hold and exchange 40+ currencies Mid-market exchange rates | Hold and exchange 23 currencies Lots of services have no fee | No ongoing costs Ways to pay and get paid in foreign currencies | Digital first account with very few fees Customise your account with add ons including USD and EUR accounts | Branch service available Full suite of local and international banking services offered |
*Information correct at time of writing - 19th July 2024
Wise business account
Great for: businesses looking to grow internationally, which need to hold, exchange, spend, send and receive foreign currencies with low costs
Wise for business is a multi-currency online account which lets you hold dozens of currencies, and pay invoices around the world. You’ll also get account details like an account number, institution number and transit number for receiving CAD and foreign currency payments, and can withdraw payments from platforms like Stripe into your account for ease.
Currency conversion with Wise uses the mid-market exchange rate with no markups. There’s just a small per transaction fee which is easy to spot, and can keep costs low overall. You’ll also find there is no monthly fee or minimum balance to worry about, making this a flexible low cost option when you’re starting to grow your business across borders.
Eligibility: Canadian registered business owners and freelancers - Wise is a global business, so if your business is registered elsewhere you may also be able to open an account in other countries
Best features: Wise business account
Hold and manage 40+ currencies, send payments to 160+ countries
Business debit and expense cards to spend and withdraw in 150+ countries
Receiving account details to get paid by others in a selection of major currencies
No monthly fee or minimum balance to worry about
Bank level security and encryption to keep your money safe
Wise business account fees
Account opening fee of 42 CAD if you open as a Canadian resident
Send cross border payments from 0.33%
10 CAD fee to receive payments by SWIFT (transfers with local details are free to receive)
6.11 USD fee to receive a USD wire (ACH transfers are free to receive)
Make some free ATM withdrawals monthly, with low fees after that
| Wise business pros | Wise business cons |
|---|---|
✅ Hold and exchange 40+ currencies ✅ Debit and expense cards available ✅ Mid-market exchange rates ✅ Send and receive low cost transfers ✅ No ongoing fees or minimum balance | ❌ 42 CAD account opening fee ❌ Currency conversion costs from 0.33% ❌ No branch network |
Airwallex business account
Great for: Get local details in 23 supported currencies to receive payments for free, with very few transaction fees
Airwallex accounts offer details for 23 currencies which you can use to get paid with no fee to your Airwallex balance. You can also get a virtual debit card - it’s worth noting that physical cards aren’t available in Canada, so you can’t make ATM withdrawals from your account. Airwallex offers ways to get paid with payment links and plugins, which could make it a good idea for online businesses and ecommerce sellers - even with little technical expertise.
Eligibility: Canadian registered business owners and freelancers - Airwallex is available in many other countries, so if your business is registered elsewhere you may also be able to open an account in that location
Best features: Airwallex business account
Local account details 23 currencies to get paid by others - often with no Airwallex fee
Virtual debit cards available
No ongoing fees or minimum balance requirement
Plug ins and payment links for online sellers and ecommerce stores
Airwallex business account fees
CAD SWIFT payments 20 CAD - 35 CAD
Currency exchange 0.5% - 1%
| Airwallex pros | Airwallex cons |
|---|---|
✅Local account details in 23 currencies ✅Accounts have no ongoing fees ✅No minimum balance requirements ✅Good for ecommerce businesses and online sellers ✅Operates in many countries globally | ❌ No physical debit cards ❌Up to 1% fee for currency conversion ❌ Some other fees may apply, depending on how you use your account |
Learn more: Airwallex Business Account
Payoneer business account
Great for: Businesses looking to combine income from several platforms into one account, and then manage their money directly from Payoneer rather than making withdrawals
Payoneer has solutions for freelancers, ecommerce sellers, small businesses and enterprise customers. As a specialist in business transactions, Payoneer is integrated with a range of freelance and marketplace platforms, so you can get paid through several routes, all into the same account. You’ll also be able to charge clients in multiple currencies and then either manage your money in Payoneer or withdraw to a regular account.
Check out the fees before you sign up - there are markups on currency conversion and fees for some payments and withdrawals.
Eligibility: Canadian based freelancers and registered business owners
Best features: Payoneer business account
Sell and do business globally and bill in your client’s local currency with receiving accounts in several foreign currencies
Integrate with platforms like Shopify, Fiverr and AirBnB to get paid easily
Make payments to contractors, employees and suppliers, or pay your VAT direct from your account
Fees apply to receive payments - there are also costs wrapped into exchange rates used for currency conversion
Payoneer business account fees
29.95 USD annual fee
Annual account fees may apply depending on usage
0.5% currency conversion fee
Variable fees apply to get paid and withdraw to other accounts
3.15 USD equivalent ATM withdrawal fee
| Payoneer business pros | Payoneer business cons |
|---|---|
✅ Industry specific services and products available ✅ Get paid to local receiving accounts in currencies like CAD and USD for free ✅ Capital advance services available ✅ Invoicing options - fees may apply ✅ Easy to use, including debit cards for eligible applicants | ❌ Variable and fairly complex fees ❌ 0.5% currency conversion fee ❌ Annual fees apply |
Learn more: Payoneer Account
RBC Digital Choice Business account
Great for: Customers looking for a business account from a Canadian bank which supports cash deposits
The RBC Digital Choice Business account is intended to be used online, but still allows you to deposit cash, making it a good choice for businesses working both on and offline. However, depositing cash does incur a fee. You can choose from several different card options to link to this account to allow you to access ATM withdrawals and for convenient spending.
Eligibility: Canadian based registered business owners
Best features: RBC Digital Choice Business account
Account from a major Canadian bank
Deposit cash with varied fees depending on value and method of deposit
No limit on the number of transactions you can make
Link an RBC business debit card for ease of spending and withdrawals
Full suite of other financial services available from the same provider
RBC business account fees
Depositing cash has varied fees
ATM fees from 1.5 CAD to 3 CAD
International transfers online from 15 CAD
1.5 CAD to send an interac payments
| RBC business pros | RBC business cons |
|---|---|
✅ Deposit cash as needed ✅ No limit to the number of transactions made ✅ Accept mobile check deposits ✅ Unlimited Moneris deposits to take card payments from customers ✅ Secure and reliable, from a large bank | ❌ 6 CAD/month fee ❌ At least 15 CAD for international transfers ❌2.5% foreign transaction fee |
BMO eBusiness Plan
Great for: Canadian business owners who want to deposit cash, and prefer to use a bank rather than a non-bank alternative
The BMO eBusiness Plan account has no monthly fee for a pay as you go account for new businesses. This means that most transactions come with a fee, so this may be better for businesses which transact less frequently. BMO also has several other similar plans which have monthly fees which get you some free transactions if you have more complicated needs. International charges are pretty steep - read the fees carefully if you send or receive international payments.
Eligibility: Canadian based registered business owners
Best features: BMO eBusiness Plan
No monthly fees
Cash deposit options in a branch or ATM
Trade up to an account with monthly fees and some free transactions if your business needs change
Full range of international products available
Safe and reliable option from a major Canadian bank
BMO eBusiness Plan fees
ATM fee 2 CAD to 5 CAD
International transfers cost 50 CAD
Cash deposit fees which vary based on value and deposit type
10 CAD to get a debit card
Early closure fees and account dormant fees apply
| BMO eBusiness Plan pros | BMO eBusiness Plan cons |
|---|---|
✅ Large bank with good branch network ✅ No monthly fee ✅ Cash deposit services available ✅ Send and receive overseas payments ✅ Secure and reliable | ❌ 10 CAD to get a debit card ❌ No multi-currency holding options ❌International transfers cost 50 CAD |
Best online international business accounts
Businesses working internationally might need cost saving features like multi-currency account functions, local account details in foreign currencies, or cheaper ways to send and receive international payments.
From the 5 providers we’ve looked at earlier, 3 can be especially good as an international business account, here is a summary of their features:
Wise business account: Feature packed multi-currency accounts, offering multi-currency receiving account options, low cost international payments to 160+ countries, mid-market exchange rates and debit or expense cards for global spending
Airwallex business account: Hold and exchange 23 currencies, get local CAD details for incoming foreign transfers, and payment links or plugins to take multi-currency payments online
Payoneer business account: Receive payments in a selection of currencies, including from marketplace sites and PSPs, exchange currencies with relatively low fees and send money around the world
The 2 bank business accounts do not support multi-currency balances, and have high international fees. BMO in particular is pretty costly if you want to send payments overseas, so it’s worth reviewing the fee document if you’ll need international services from your account provider.
If you have an internatiol business, these guides might help you find the best bank account for your business: Best US Dollar business bank accounts in Canada
Online business account fees
While some business accounts are free to open there may be other factors to consider like minimum deposit requirements or monthly fees. Even with online accounts, there are likely to be transaction fees in some situations - making it crucial to weigh up different options based on account fees before picking the best online business account for your needs. Here’s an overview of the key charges for the accounts we looked at earlier.
| Service fees/Business account | Wise business account | Airwallex business account | Payoneer business account | RBC Digital Choice Business account | BMO eBusiness Plan |
|---|---|---|---|---|---|
| Account opening fee | 42 CAD | No account opening fee | No account opening fee | No account opening fee | No account opening fee |
| Monthly or annual fees | No monthly fee | No monthly fee | 29.95 USD annual account fee | 6 CAD monthly fee | No monthly fee |
| Transfer fees | Mid market exchange rate Currency conversion from 0.33% | No fee when using local details 20 - 35 CAD for SWIFT Currency conversion 0.5% - 1% | Variable fees 0.5% currency conversion fee | Online transfers from 15 CAD | 50 CAD |
| International transaction fees | No foreign transaction fee | Currency conversion 0.5% - 1% | Up to 3.5% foreign transaction fee | 2.5% foreign transaction fee | May vary based on card - typically around 2.5% foreign transaction fee |
| Receiving CAD payments | No fee with local details 10 CAD fee for CAD SWIFT payment | No fee with local details | No fee with local details 20 CAD - 35 CAD for SWIFT | Interac payments are free | May vary based on payment type |
| Receiving international payments | 6.11 for USD wire Other incoming payments free | No fee with local details | No fee with local details | Up to 17 CAD for incoming foreign wires | 16 CAD |
| Other fees to consider | Some free ATM withdrawals monthly, before fees begin | Break costs may apply | 3.15 USD equivalent ATM withdrawal fee | 1.5 CAD - 3 CAD ATM fee Cash deposit fees apply, which can vary | 1.5 CAD to send interac payment 10 CAD per debit card |
As you can see, each account has its own fees which are worth considering as you pick the account that will work best for you. Here is a quick summary:
The Wise account has no ongoing costs and offers a very flexible multi-currency service with mid-market rates, making it a good pick for businesses which need to pay and get paid in foreign currencies regularly.
Airwallex also has good multi-currency features with many free transaction options - bear in mind there’s a 20 - 35 CAD SWIFT fee, and currency conversion fees are 0.5% - 1% depending on the currencies involved
Our last non-bank provider, Payoneer, is best for businesses getting paid in foreign currencies by other Payoneer users, and then using funds to transfer out to Payoneer accounts or to pay suppliers without requiring currency conversion - fees are pretty complex so worth looking at carefully.
If you’d prefer a bank business account, either RBC or BMO may suit. Both allow cash deposits in branches which can be handy. BMO has an account with no monthly fees - but as a pay as you go account, this does mean that most transaction types have their own costs. That said, as fully licensed banks, they both also offer some services a non-bank alternative may not, such as credit cards and loans.
Best free online business checking accounts
No business banking service is really free - usually you’ll run into various charges whether it’s account opening, maintenance or transaction fees, depending on how you use your account. Compare different providers' fee structures, to see which has the best balance of features and fees for you - here’s a quick overview of the free features of the accounts we looked at earlier.
Wise business account: No ongoing account fees, free to receive payments in many currencies, free to spend currencies in your account with your card
Airwallex business account: No ongoing account fee, local details in 23 currencies for free incoming payments
Payoneer business account: Variable fees based on account use, usually free to receive payments using local details
RBC Digital Choice Business account: Some free transactions included in account fee
BMO eBusiness Plan: No monthly fee
Best online business bank accounts with no deposit
The good news is that none of the online business bank accounts we’ve featured have minimum deposit requirements for account opening. That means you can pick based on the other features which matter to you and your business.
How to open a business account online
Different providers and banks have their own processes for account opening, but generally it’s pretty easy to do.
To give an example, let’s look at how to open a business account online with Wise:
Download the Wise app or open the desktop site and tap Sign up
Register by entering your personal details and confirming you need a business account
Follow the prompts to enter your business information and upload the required documents
Once your account is verified you can order a card, and start to transact
Usually you need some key information and documents to open a business account, which can include:
Your name, nationality, birth date and address
Your ID and proof of address
Details of the business including trading name, and registered name where applicable
Your business documentation, based on entity type - business licences, registration numbers, partnership agreements or articles of incorporation for example
Conclusion: Business checking account online
Online business accounts can be a great option both for new businesses, freelancers and more established companies looking to manage their finances conveniently and with low costs.
Banks in Canada do often offer digital business accounts, but you may find you can get more features, including multi-currency functions and linked payment cards, from a non-bank alternative like Wise, Airwallex or Payoneer. Use this guide to compare your options and get started.
Business banking online FAQs
How long does it take to open a business account online?
Opening a business account online can be done in a few minutes in most cases, by entering your personal and business information and uploading a few documents. Once your account has been checked and verified you’ll be able to start to transact.
What is the easiest business bank account to open online?
There’s no single easiest business bank account, but non-bank options can be a good choice as they’re optimised for digital onboarding and verification. Check out options like Wise and Airwallex to see which works best for you.