Best business bank accounts for corporations

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
• Best cash back business account for corporations: Venn Business Banking Account
• Best account with unlimited transactions for corporations: RBC Ultimate Business Account
• Best account for online transactions: BMO eBusiness Plan

Finder Score	Monthly Account Fee	Multi Currency Accounts	FX Fee
Best multi-currency business account for corporations
8.9 Great Wise Business	8.9 Great	$0	CAD, USD, GBP, EUR + 18 more	0.33%	Go to siteView details Compare product selection Compare	loading	Why we like it 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 we like it: 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. Pros & cons Pros No monthly account fee Mid-market exchange rate on currency exchanges Host of payment tools to help you streamline your money management Cons Account opening fee Fee when you send money
Best cash back business account for corporations
8.4 Great Venn Business Banking Account	8.4 Great	$0	CAD, USD, GBP, EUR	0.25%–0.45%	View details Compare product selection Compare	loading	Why we like it Venn 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 Venn account to send payments in over 35 currencies. Venn also comes with a prepaid Mastercard Corporate Card which offers 1% cash back on all spending. Why we like it: 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 Venn credit card. No monthly account fee. With the Venn business account your firm can accept payments in four currencies, send transfers in more than 30 currencies, all for no monthly fee. Pros & cons Pros 1% cash back on all spending No monthly account fee Get the mid-market rate on currency exchanges Cons Not available in Quebec Fees on international wire transfers and currency exchange
Best account with unlimited transactions for corporations
8.5 Great RBC Ultimate Business Account	8.5 Great	$100	CAD	Varies	View details Compare product selection Compare	loading	Why we like it 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 we like it: 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. Pros & cons Pros unlimited electronic debits and credits Large monthly deposit allowance Comes with a wide range of perks and rewards Cons $100 monthly fee High balance requirement to avoid monthly fee
Best account for online transactions
8.9 Great BMO eBusiness Plan	8.9 Great	$0	CAD	Varies	View details Compare product selection Compare	loading	Why we like it 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 we like it: 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. Pros & cons Pros Unlimited electronic transactions No monthly account fee No minimum balance requirement Cons Not suitable if you need to make regular cheque or cash deposits Watch out for additional transaction fees

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• Methodology: How we selected the best business bank accounts for corporations

  To determine this best list, Finder Canada analyzed 45+ business bank accounts across 20+ financial institutions. We compared accounts from traditional banks, digital banks, fintechs and credit unions. We narrowed down the list of accounts to the top 4 by only listing accounts that are available in all Canadian provinces.

  We ranked accounts based on 18 data points within four major categories. Here’s how we ranked and weighted each product:

  • Fees: 40% (monthly fee, ability to waive monthly fee (if necessary), transaction fees, included deposits, Interac e-Transfers)
  • Perks: 30% (number of currencies you can bank in, interest rates, other tailored rewards, accounting software integration, virtual card availability, expense management solutions)
  • Banking Access: 15% (in-branch banking, online banking access, ATM network access, national availability)
  • Customer Experience: 15% (live chat availability, apple app ratings, google app ratings)

  No single business bank account will be the best choice for everyone, so thoroughly compare your options before picking your new account.

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

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Finder Score	Monthly Account Fee	Multi Currency Accounts	FX Fee	Corporate Credit Card	Accounting Integration
Promoted 8.2 Great Airwallex Business Account	8.2 Great	$0	CAD, USD, GBP, EUR + 17 more	0.5% - 1%		Quickbooks, Xero + more	Get up to $500 in FX fees refunded for international money transfers sent within the first 3 months of opening a new account. T&Cs apply.	Open and manage multiple global accounts with no monthly fees. Send and receive payments in 16 different currencies and avoid costly conversion and transaction fees. To be eligible, you'll need to have a registered Canadian corporation.	Go to siteView details Compare product selection Compare	loading
8.7 Great RBC Digital Choice Business Account	8.7 Great	$6	CAD only	Varies		ADP (4 months free), Xero (6 months free)	Get unlimited electronic debit and credit transactions, unlimited electronic cheque deposits, unlimited Moneris deposits and 10 free outgoing Interac e-Transfer transactions per month. Sole proprietorships and corporations accepted.	Go to siteView details Compare product selection Compare	loading
7.9 Great Loop Global Business Banking Account	7.9 Great	$0	CAD, USD, GBP, EUR	0.1% - 0.5%		Quickbooks, Xero	Get local account details to do banking in the US, UK and EU, seamlessly send and receive payments in other countries and get up to 20 virtual cards and up to 2 physical cards for free. To be eligible, you'll need to have a registered Canadian corporation and provide proof of an active business.	Go to siteView details Compare product selection Compare	loading
8.5 Great RBC Flex Choice Business Account	8.5 Great	$7	CAD	Varies		ADP (4 months free), Xero (6 months free)	Bank both digitally and in-branch and only pay for what you use. No minimum or maximum transaction limits. Sole proprietorships and corporations accepted.	Go to siteView details Compare product selection Compare	loading
8.1 Great Scotiabank Right Size Savings for Business	8.1 Great	$6	CAD only	N/A		Quickbooks, Sage, Xero	Earn a higher interest rate as your balance grows. Withdraw funds at any time. Sole proprietorships and corporations accepted.	Go to siteView details Compare product selection Compare	loading
8.9 Great Wise Business	8.9 Great	$0	CAD, USD, GBP, EUR + 18 more	0.33%		Quickbooks, Xero + more	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. To be eligible, you'll need to have a registered Canadian corporation.	Go to siteView details Compare product selection Compare	loading
8.4 Great Venn Business Banking Account	8.4 Great	$0	CAD, USD, GBP, EUR	0.25%–0.45%		Quickbooks, Xero	Earn 1% unlimited cashback on your Venn multi-currency corporate credit card. No currency limitations. Set up accounts in CAD, USD, GBP and EUR, enjoy $0 local transfers. To be eligible, you'll need to have a registered Canadian corporation.	View details Compare product selection Compare	loading

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Finder Score for business bank accounts

To make comparing even easier we came up with the Finder Score. Interest rates, account fees and features across 20+ business bank accounts and 15+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the account - simple.

Read the full methodology

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.

Frequently asked questions about bank accounts for corporations

• Which bank is best for a corporate account?

  The best corporate bank account for your business depends on your banking needs. For example, while one business might benefit from an account that supports unlimited electronic transactions, another might require different features such as free cash and cheque deposits or the ability to hold multiple currencies. Once you know exactly what you need in a business bank account, you can start comparing options to find the account that's right for you.

• Can I use a personal bank account for a corporation?

  No. As a corporation, you're legally required to open a separate business bank account. This will ensure that business finances are kept separate from your personal finances.

• Do business bank accounts have fees?

  Yes, most business bank accounts come with a monthly fee. However, this fee may be waived in some cases if you keep your daily balance above a minimum threshold, so check with your bank for any terms and conditions.

• How can I open a corporate bank account?

  Some banks allow you to open a business bank account online, but many will require you to visit a branch in person to complete the application process. You'll need to provide your personal information and contact details, plus business information including articles of incorporation and your trade name registration.

Written by

Tim Falk

Writer

Tim Falk is a freelance writer for Finder. Over the course of his 20-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio

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