Best Online Business Accounts for Small Businesses 2024
Digital business accounts are convenient options which allow you to manage your company finances from your laptop or phone, without having to stand in line in a bank branch when you want to transact.
Different accounts have their own features, which are targeted to different business types, including some which are aimed at international companies or ecommerce sellers for example. If you’ll manage your money entirely online you can pick a digital only provider, or you could go for a business bank account which offers online banking and also allows you to deposit cash from time to time.
In this guide, we’ll look at 4 of the best online business banking accounts for small businesses, and also some specific options with no fee features, no deposit requirements or international functionality. Read on to discover the perfect online business account for your small business.
Quick summary: Best banks for small businesses
Wise Business Account: Great for entrepreneurs, business owners and freelancers who need to send and receive foreign currencies
OFX Global Currency Account: Great for ecommerce sellers and anyone who gets paid through marketplaces and PSPs
RBC Digital Choice business account: Great for a CAD account with a low monthly fee and options to deposit cash
Scotiabank Right Size account: Great for pay as you go transaction charges which decrease when you transact more frequently
What is the best bank for small business?
There’s no single best account for small businesses in Canada - the right one for you will simply depend on what your small business needs. Some accounts are tailored to one type of business or another, which can mean that they’re a better fit to certain customer requirements. It’s useful to compare a few different business accounts including some from Canadian banks and others from specialist providers, looking at features and fees, to find the right pick for your specific needs.
Some features to consider when selecting a business account include:
Minimum deposit requirements, or minimum balance needed to waive fees
Ongoing fees such as monthly charges or an annual fee
Service and transaction fees for the types of transactions you make frequently
Multi-currency and international features
Linked debit cards and multi-user access for team members
Inactivity and account dormant charges
Not all of these features will matter to all business owners.
If you’re dealing frequently with customers, suppliers or contractors overseas you may be concerned to find an account with powerful multi-currency features, such as those available from Wise or OFX for example.
If you’re an ecommerce seller, the OFX Global Currency Account may be a good match as it supports marketplace payments in several major currencies
Companies which operate digitally in the main but may still need to deposit cash to their accounts will want to look at business bank accounts from banks with a handy local branch network like RBC and Scotiabank.
We’ve uncovered some important features, fees and considerations about all of these providers throughout this guide.
Best online small business bank accounts
Let’s dive into the details of some of the best business accounts available in Canada from both banks and non-bank alternative providers. We’ll start off with an overview of some key features side by side for easy comparison, then we’ll look at each of the accounts and providers we’ve picked out in a bit more detail
| Services/Business account | Wise business account | OFX business account | RBC Digital Choice business account | Scotiabank Right Size account |
|---|---|---|---|---|
| Account opening fees | 42 CAD | None | None | None |
| Monthly or annual fees | None | None | 6 CAD/month | 6 CAD/month |
| Minimum balance requirement | None | None | None | None |
| Transaction fees | Currency conversion from 0.33%, 1.5 CAD + 1.75% fee once free ATM withdrawal limit is exhausted | Currency exchange includes a small markup | Up to 5 CAD international ATM fee, Up to 17 CAD incoming wire fee, outgoing wires 15 CAD online | Outgoing wire fees disclosed at point of request; incoming wires 18 CAD |
| Business debit cards | Available | Not available | Available | Available |
| Best features | Hold and exchange 40+ currencies Mid-market exchange rates | Very few fees to pay 7 supported currencies for holding and exchange | Get all your business financial services in one place Deposit cash when needed | Broad selection of business accounts Card, loan and overdraft service options |
*Details correct at time of writing, 24th July 2024
Wise business account
Great for: No ongoing fees to pay, 40+ supported currencies, mid-market exchange rates
Wise Business offers accounts for Canadian registered business owners, freelancers and sole traders, with no minimum balance and no ongoing fees to pay. You can get local account details in 8+ currencies, making this a good option for small businesses with customers overseas, as you’ll be able to accept payments in major foreign currencies conveniently.
Wise Business Accounts also offer perks like cloud accounting integrations, batch payments, API access, linked debit and expense cards and manageable permissions for additional account users.
Eligibility: Canadian registered business owners, freelancers and sole traders. You can also open a Wise business account from many other countries and regions, although features and fees may vary slightly.
Best features: Wise business account
Hold, exchange and send 40+ currencies, to make it easier to pay suppliers and contractors overseas
Receive payments in 23 currencies with your account details
Linked debit and expense cards for owners and employees
Time saving features to streamline workflow
Wise business account fees
There’s a one time fee to get full account access, and then no ongoing fees to pay with Wise Business. You’ll just pay for the services you need. Fees include a currency conversion cost from 0.33%, 10 CAD fee to receive CAD SWIFT payments, and a 6.11 USD fee if you receive a USD wire payment (ACH and local CAD transfers do not have incoming costs).
| Wise business pros | Wise business cons |
|---|---|
✅ Great international features ✅ Receive payments from customers in foreign currencies easily ✅ Convert currencies with the mid-market exchange rate ✅ Issue debit and expense cards for low cost spending and withdrawals ✅ Manage your account digitally with just your phone | ❌ One time fee to open your account ❌ Service and transaction fees can apply depending on how you use your account ❌ No cash pay in options |
OFX business account
Great for: Receive and exchange 7 major currencies, get currency risk management solutions and manage everything from your phone
OFX has a business account which has a focus on ecommerce sellers who need to be paid in foreign currencies either directly by customers, or through marketplaces and PSPs. There’s no fee to open your OFX account and no ongoing charges.
Low value overseas payments incur a fee of 15 CAD. International transfers over 10,000 CAD in value don’t have any OFX transfer fee, but instead a small markup is added to the exchange rate used. This is also the case whenever you convert from one currency to another, to send a payment or withdraw back to your Canadian account for example. OFX does not issue debit cards with this account, which can be a drawback if you’ll need to spend on behalf of your business.
Eligibility: Canadian registered business owners and ecommerce sellers. You can also open an OFX business account from many other countries and regions.
Best features: OFX business account
Hold and exchange 7 major currencies
Get paid through marketplaces and ecommerce sites in select foreign currencies conveniently
No ongoing account fees and no upfront transfer fees
Access extras like currency risk management solutions
OFX business account fees
OFX doesn’t have any monthly business account fee to pay, but there’s a cost built into the exchange rate used if you need to convert currencies in your account or to make a payment or withdrawal. This is in the form of an exchange rate markup - a percentage charge added to the rate used to switch to the required currency.
| OFX business pros | OFX business cons |
|---|---|
✅Very few fees to worry about ✅Get paid conveniently in 7 currencies ✅Targeted to ecommerce sellers and digital businesses ✅ Manage your money online and in app, with 24/7 phone support if you ever need it ✅ Get currency risk management solutions | ❌15 CAD fee for international transfers under 10,000 CAD ❌ Exchange rates include a markup ❌ No debit card is provided |
Learn more about the OFX business account here.
RBC Digital Choice business account
Great for: Low monthly fee for access to free electronic transactions and a full suite of services on a pay as you go basis
RBC recommends the Digital Choice business account for small businesses which mainly transact electronically. However, this account does still allow for depositing cash or cheques, which gives some flexibility if you still need face to face service from time to time. Accounts have a 6 CAD monthly fee, but for this you get a lot of standard electronic transactions for free, and 10 Interac transfers every month to allow you to pay suppliers and staff.
Eligibility: Canadian registered business owners
Best features: RBC Digital Choice business account
Low monthly fee, with free electronic transactions included
Deposit cash and paper cheques for a fee
Accept card payments through Moneris
Partner offers and extra perks including collecting Avion points
RBC Digital Choice business account fees
6 CAD/month fee; Online international payments - 15 CAD, in branch from 45 CAD; Foreign transaction fee - 2.5%; 17 CAD for receiving payments of over 50 CAD - waived below this; overseas ATM fees apply
| RBC business pros | RBC business cons |
|---|---|
✅ Many electronic transactions are free ✅ Take customer card payments through Moneris ✅Ways to pay cash and cheques into your account ✅ Get in branch support if you ever need it ✅ Debit card available | ❌6 CAD monthly charge ❌High fees for receiving international payments ❌15 CAD for online overseas transfers |
Scotiabank Right Size Account for business
Great for: Businesses looking for a low monthly fee, with pay as you go transaction charges which decrease when you transact more frequently
Scotiabank has a broad range of business accounts, but offers the Right Size account package for customers who will transact mainly online and who want to only pay for the services they use. There’s a monthly fee, which gets you some free electronic transactions, with fees for unsupported transaction types. Every month you’ll pay either the monthly fee, or the total fee for all the transactions made - whichever is higher. This means effectively, you can transact up to your 6 CAD/month chargee without paying any additional fees.
Eligibility: Canadian registered business owners
Best features: Scotiabank Right Size Account for business
Low monthly fee, pay as you go transactions
Lower transaction fees when you make more transactions
Next day payment processing with Chase Merchant Services
Lots of other services and account products available
Scotiabank Right Size Account for business fees
6 CAD/month fee; Outgoing wire fees disclosed at point of request; incoming wires 18 CAD; inactivity fees also apply
| Scotiabank business pros | Scotiabank business cons |
|---|---|
✅Transaction fees decrease with higher volumes of payments ✅Most services available online ✅Next day payment processing ✅ Deposit cash in a branch if you need to ✅ Get other financial services like overdrafts and loans conveniently | ❌Transaction fees apply to many transaction types ❌6 CAD/month account keeping fee ❌You can’t see outgoing payment fees without an account |
How to open a small business bank account online
The process to open a business bank account online can vary a bit from one provider to another. In some cases there may be restrictions which mean not all customers can open an account digitally. In practice most Canadian banks ask you to call and then visit a branch with your documents for verification - even if you’re opening an account you’re going to use digitally only.
If you’re eligible to open your account online with a bank - or if you choose a non-bank provider like Wise or OFX - you’ll usually need to take the following steps:
Download the provider’s app or open their desktop site, and select the account you want to open
Double check all the eligibility requirements
Follow the prompts to enter your personal and business details
Complete the verification step by uploading the documents requested
Add money to your account if there’s a minimum deposit needed
Your debit card will be sent in the mail to your registered address
Account verification will require you to take photos of your documents and upload them to your account application for checking. Generally the information and documents needed to open your business account can include:
Your name and personal information
Your full business address
Your business contact details
Your Tax ID and information
A valid proof of ID
Business registration information
Best online international business accounts for small businesses
Businesses which work internationally might benefit from multi-currency account functions, local account details in foreign currencies to receive payments easily, and cheaper ways to send and receive international payments. This can make paying contractors and suppliers abroad cheaper, and can also allow you to take payments from customers all over the world in their own currencies.
From the providers we list here, we’ve picked out 2 as good choices for international businesses. Here is a summary of their features:
Wise Business Account: hold and exchange 40+ currencies, receive payments with local details in 23 currencies, convert with the mid-market exchange rate and low fees
OFX Global Currency Account: hold, exchange and receive payments in 7 currencies, send money in 50+ currencies, get currency risk management support when you need it
The business accounts from large banks which we feature can receive incoming foreign payments, but the funds will be converted to CAD for deposit. There are fees for this service, and because multi-currency features are limited, these accounts may not be the best fit for international businesses.
Online business account fees
As we’ve seen, the different business accounts available for Canadian small businesses have some very varying features. The fees also vary quite a lot, which means it’s crucial to review the full fee schedule for your preferred provider before you sign up. Here’s a quick overview of the key fees from the providers we looked at earlier.
| Service fees/Business account | Wise business account | OFX business account | RBC Digital Choice business account | Scotiabank Right Size account |
|---|---|---|---|---|
| Account opening fee | 42 CAD | None | None | None |
| Monthly or annual fees | None | None | 6 CAD | 6 CAD |
| International transfer fees | From 0.33% | Under 10,000 CAD - 15 CAD fee Payments over 10,000 CAD - no OFX transfer fee Exchange markup applies | Online payments - 15 CAD In branch from 45 CAD | Outgoing payment fees disclosed at time of request |
| International transaction fees | Currency conversion from 0.33%; no foreign transaction fee | Exchange rate markup applies | Foreign transaction fee - 2.5% | Foreign transaction fee may apply, depending on linked card |
| Receiving CAD payments | CAD SWIFT payments: 10 CAD No fee to receive CAD by local transfer | No fee | No charge if the payment originated at RBC Canada Otherwise 17 CAD for payments of over 50 CAD - waived below this | 18 CAD |
| Receiving international payments | AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY and USD (non-wire): No fee 6.11 USD for incoming USD wires - No fee to receive USD by ACH | No fee | 17 CAD for payments of over 50 CAD - waived below this | 18 CAD |
| Other fees to consider | One time account opening fee applies, no ongoing fees | Exchange rates include a markup | Up to 5 CAD international ATM fee Early closure charge of up to 20 CAD | Account inactivity fees apply |
The varied features can mean that different accounts suit different business needs. For example
if you’re looking for cheap international transactions, with no ongoing fees, Wise may be a good fit.
OFX might be a good option if you take payments through marketplaces and ecommerce sites,
while RBC or Scotiabank could be your choice if you’ll be dealing mainly in CAD and want options to deposit cash from time to time.
Best free online business checking accounts for small businesses
No business banking service is really free, as you’ll usually run into some transaction or maintenance fees somewhere along the line. However, some business accounts do have select free services, or ways to have fees waived. Here are a few of the important features of the accounts we picked out for you to check and compare:
Wise Business Account: No ongoing fees, no fee to receive international payments in select currencies
OFX Global Currency Account: No ongoing fees and no account opening fee
RBC Digital Choice business account: 10 Interac transfers monthly free, unlimited free electronic transactions such as Moneris deposits
Scotiabank Right Size account: Transaction costs apply per transaction, but do decrease if you transact more frequently - transaction costs are offset against your monthly fee
Best online business bank accounts with no deposit for small businesses
Some business accounts need a minimum opening balance to be deposited, or have a minimum balance to get fee waivers. However, the good news is that none of the accounts we have picked out have a minimum balance, so you can pick the one which best suits your transacting needs.
Conclusion: Small business digital banking
There are plenty of different options available for businesses which manage their money entirely or more or less entirely online. If you don't need to deposit cash or checks you might prefer a fully digital service from a business account provider like Wise or OFX.
These providers tend to keep costs low as they don’t have a branch network to run, and can also offer interesting international features which suit many growing businesses. If you’ll still need to deposit cash from time to time, an online business account from a bank may be a better choice, with options to deposit cash in a branch if you need it. Use this guide to review your options and see which suits your own unique needs.
Online banking for small businesses FAQs
How long does it take to open a business account online?
Generally you can open a digital business account very quickly with a digital first provider by adding your personal and business information and uploading images of the required documents for validation. If you’re opening an online bank account with a Canadian bank you may still need to visit a branch to show your paperwork and complete your application, slowing the process somewhat.
What is the easiest business bank account to open online for a small business?
There’s no single easiest business bank account to open as a small business owner, but choosing an option from a fully digital provider can often lead to a smooth onboarding journey. Canadian banks usually need you to call into a branch - even when opening an account for digital only use. Compare a few accounts and providers to see how intuitive their apps and websites are, before you sign up.