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Best business bank accounts for corporations

Opening a business bank account for a corporation is quick and easy. Here's how.

If you run a corporation, you’ll need to get a business bank account to keep its finances separate to your own. There are lots of accounts to choose from, and many have functionality that makes running a business easier, such as the ability to send and track invoices. Here’s what you need to know about opening a bank account as a corporation and the accounts on offer.

Best business accounts for corporations in Canada

Best multi-currency business account for corporations: Wise Business

Wise Business

$0
Monthly Account Fee
CAD, USD, GBP, EUR, AUD, HUF, NZD, RON, SGD, TRY
Multicurrency Accounts
0.43%
Currency Conversion Fee
The Wise Business Account makes it easy to send payments all over the world. This easy-to-use website and app lets you get bank account details in 9 currencies, allowing you to receive payments in the local currency and convert it to CAD when an attractive exchange rate becomes available. And with other features such as batch payments, accounting software integrations and a multi-currency debit card, the Wise Business Account is well worth checking out.

Why it's one of the best

  • 10+ currencies. hold funds in 10 different currencies, including CAD, USD, GBP and EUR.
  • 70+ countries. Pay staff and suppliers in over 70 countries around the world.
  • Competitive exchange rates. Get the mid-market exchange rate when you send money overseas.
  • No monthly account fee
  • Mid-market exchange rate on currency exchanges
  • Host of payment tools to help you streamline your money management
  • Account opening fee
  • Fee when you send money
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 cash back business account for corporations: Vault Business Banking Account

Vault Business Banking Account

$0
Monthly Account Fee
CAD, USD, GBP, EUR
Multicurrency Accounts
0.35%
Currency Conversion Fee
Vault is designed to suit the needs of Canadian businesses that operate globally. It offers multi-currency accounts in CAD, USD, GBP, EUR, making it easy to receive payments, while you also get the mid-market rate on currency exchanges. You can then use your Vault account to send payments in over 35 currencies. Vault also comes with a prepaid Mastercard Corporate Card which offers 1% cash back on all spending.

Why it's one of the best

  • Bank in four currencies. Spend and save in CAD, USD, GBP or EUR.
  • Earn cashback when you spend. Earn 1% cashback when you spend on all corporate purchases with your Vault credit card.
  • 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.
  • 1% cash back on all spending
  • No monthly account fee
  • Get the mid-market rate on currency exchanges
  • Not available in Quebec
  • Fees on international wire transfers and currency exchange
Monthly Account Fee $0
Multicurrency Accounts CAD, USD, GBP, EUR
Currency Coversion Fee 0.35%
GIC Available Yes

Best account with unlimited transactions for corporations: RBC Ultimate Business Account

RBC Ultimate Business Account

RBC Ultimate Business Account

$100
Monthly Account Fee
CAD
Multicurrency Accounts
Varies
Currency Conversion Fee
The RBC Ultimate Business Account is designed for businesses with diverse banking needs. It offers unlimited transactions as well as 500 outgoing Interac e-Transfers per month. And with other perks like bonus Avion points and fuel savings also available, this account offers a comprehensive package for businesses with complicated banking needs.

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. Get unlimited electronic cheque and Moneris deposits, plus up to $25,000 free cash deposits.
  • unlimited electronic debits and credits
  • Large monthly deposit allowance
  • Comes with a wide range of perks and rewards
  • $100 monthly fee
  • High balance requirement to avoid monthly fee
Monthly Account Fee $100
Multicurrency Accounts CAD
Currency Coversion Fee Varies
GIC Available Yes

Best account for online transactions: BMO eBusiness Plan

BMO eBusiness Plan

BMO eBusiness Plan

$0
Monthly Account Fee
CAD
Multicurrency Accounts
unknown
Currency Conversion Fee
The BMO eBusiness Plan is an account for businesses that do all of their banking digitally. It supports unlimited electronic and Moneris transactions, and it's easy to manage your account via BMO online and mobile banking. So if you run an online business, the eBusiness Plan could be just what you need to manage your finances.

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.
  • Unlimited electronic transactions
  • No monthly account fee
  • No minimum balance requirement
  • Not suitable if you need to make regular cheque or cash deposits
  • Watch out for additional transaction fees
Monthly Account Fee $0
Multicurrency Accounts CAD
GIC Available Yes

Do you need a business bank account for a corporation?

Yes. A corporation is a separate legal entity, so it’s a requirement for a corporation to have its own bank account.

To set up a corporation, you’ll need to complete articles of incorporation. You’ll also need to file a T2 Corporation Income Tax Return within six months of the end of every tax year.

What are the advantages of a business bank account?

Why open a business bank account as a corporation? There are several important reasons:

  • Keep your business finances separate. A business bank account ensures that you keep your business finances separate from your personal finances. This makes it much easier to keep track of business transactions.
  • Boost your business’ credibility. A business bank account provides added credibility to your business and allows you to build your business credit history.
  • Tax reporting made easier. Business bank accounts allow for easy record-keeping, which makes it much simpler to manage all your obligations come tax time.
  • Manage payroll and accept credit card payments. Business bank accounts often come with additional features to help you run your business.

How to choose a business bank account for a corporation

Before you start comparing corporate bank accounts in Canada, take some time to think about the banking needs of your business.

For example, are most of your transactions performed online, or do you regularly need to make cash or cheque deposits? Do you need an account with unlimited monthly transactions, or will a smaller number of included transactions be enough?

Once you know what you need in an account, you can start comparing your options. Factors to consider include:

  • Included transactions. Some accounts support unlimited transactions, while others have restrictions on the number and type of fee-free transactions you can perform each month. Make sure the account includes enough of the transaction types you need to help your business run smoothly.
  • Monthly fee. The more transactions an account supports, the higher its monthly fee will be. However, some banks waive the monthly fee if you keep your balance above a minimum level.
  • Other fees. Check the fine print to find out whether any other fees apply to business banking transactions you regularly perform. For example, are there any foreign transaction fees? Do fees apply to ATM withdrawals?
  • Online and mobile banking. The best business bank account for your corporation will offer user-friendly online and mobile banking apps. Read user reviews and check out demo videos to ensure it’ll be easy to manage your account online and from your smartphone.
  • Branch and ATM access. If you do a lot of in-person banking, choose a bank with convenient branch locations. Also check the size of the bank’s ATM network so you’ll be able to make fee-free ATM withdrawals.
  • Account features. Does the account offer features such as invoicing or expense monitoring tools? Does it offer integration with accounting software such as Quickbooks and Xero? Can you add overdraft protection?
  • Insurance. Make sure you open an account with a financial institution that is a Canada Deposit Insurance Corporation (CDIC) member. This means deposits of up to $100,000 will be covered if your bank fails.
  • Other business banking solutions. Bundling all your business banking products together with one bank can make it easier to manage your finances. That’s why it’s also a good idea to consider whether the bank also offers other products that suit your needs, such as business credit cards and lines of credit.
  • Customer support. Finally, check how you can access customer support and when it is available.

How do I open a bank account for a corporation in Canada?

Once you’ve chosen a business bank account, it’s time to apply to open an account. Some banks offer a completely online application process, but in many cases you’ll need to pop into a branch or finalize your application over the phone.

You’ll need to provide the following information and documents to open an account:

  • Your name, address, date of birth and SIN
  • Proof of ID
  • The details of anyone else who will be an account signatory
  • Articles of incorporation/association
  • Trade name registration
  • The names, addresses and details of any directors of your business

If your corporation is more than one year old, you may be asked to provide one of the following documents from the past 12 months:

  • Certificate of corporate status
  • Certificate of existence
  • Company’s annual report for the past fiscal year
  • Company’s most recent notice of assessment
  • Your current business licence or vendor permits
  • Current health or safety certificates

How to open a business bank account as a non-resident

It’s possible to open a business bank account in Canada as a non-resident, but there are obstacles you’ll need to overcome. Eligibility

requirements vary between banks, so you’ll need to check with the financial institution of your choice whether you’ll be allowed to open an account.

From a practical point of view, many banks will also require you to visit a branch in person to open an account. This may be an issue if you’re not based in Canada, so you may want to consider an international account with a global bank that has branches where you live.

Compare more business bank accounts in Canada

1 - 5 of 5
Name Product Monthly Account Fee Multi Currency Accounts Currency Conversion Fee Corporate Credit Card Expense Management Accounting Integration Account Management Offer
RBC Digital Choice Business Account
$6
CAD only
Varies
Quick books, Sage, Xero
In Branch, Online or App
Get unlimited electronic debit and credit transactions, unlimited electronic cheque deposits, unlimited Moneris deposits and 10 free outgoing Interac e-Transfer transactions per month.
Save time and money when you bank digitally. Easily send money to suppliers, vendors or employees.
Loop Global Business Banking Account
$0
CAD, USD, GBP, EUR
0.1% - 0.5%
Quick books, Xero
Online
Eliminate FX fees with a Loop credit card. Spend in CAD, USD, GBP and EUR and earn points to use toward travel and experiences. Get up to a $1M credit limit.
Get global banking details, multi-currency corporate credit cards, international payments and more.
Wise Business
$0
CAD, USD, GBP, EUR, AUD, HUF, NZD, RON, SGD, TRY
0.43%
Quick books, Xero + more
Online or App
No hidden charges, high rates or monthly fees. Get the mid-market exchange rate.
Pay employees, get paid and manage your cash flow in over 70 countries.
RBC Flex Choice Business Account
RBC Flex Choice Business Account
$7
CAD
Varies
Quick books, Sage, Xero
In Branch, Online or App
No minimum or maximum transaction limits. Only pay for the transactions you make plus a low monthly account fee.
Bank both digitally and in-branch and only pay for what you use.
Vault Business Banking Account
$0
CAD, USD, GBP, EUR
0.35%
Quick books, Xero
Online
Earn 1% unlimited cashback on your Vault multi-currency corporate credit card. No currency limitations.
Set up accounts in CAD, USD, GBP and EUR, enjoy $0 local transfers (EFT, ACH, etc.), and seamlessly integrate your accounting systems.
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Bottom line

If you run a corporation, it’s essential that you have a business bank account. The best corporate bank accounts in Canada make it easy to manage all your day-to-day transactions. They also give you lots of useful tools to help you run your business. There are plenty of options, ranging from accounts from the traditional big banks to newer app-based accounts, so you’ll be able to find something to suit your business. Just make sure you look at the costs and features carefully to work out which account is best for your needs.

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