Best free business bank accounts in Canada

Business bank accounts help you manage your day-to-day business spending, but often come with high monthly fees and transactional costs that can quickly add up. But a free business bank account gives many of the same benefits without the same costly day-to-day fees.

The good news is that you can find a no monthly fee business bank account from Canadian digital banks, fintechs and traditional banks. While paying no monthly fee can be a positive, you’ll also need to watch out for other costs like transaction fees, e-Transfer fees, currency conversion costs and more.

We want to help you keep your business costs low. That’s why we researched over 40 business bank accounts from financial institutions across Canada to curate this list of the best free business bank accounts to help you save.

Quick view: 8 best free business bank accounts in Canada

• Best overall free business bank account: BMO eBusiness Plan
• Best free business account for rewards: Loop Global Business Banking Account
• Best free business bank account for multiple currencies: Airwallex Business Account
• Best free business bank account for competitive FX rates: Wise Business
• Best free business bank account for international payments: Jeeves Business Account
• Best free business bank account for earning cashback: Venn Business Banking Account
• Best free business savings account: Meridian Business Advantage Plus Savings Account
• Best no-fee US dollar business account: Innovation Federal Credit Union No-Fee USD Business Account

Finder Score	Monthly Account Fee	Multi Currency Accounts	FX Fee
Best overall free business bank account
8.9 Great BMO eBusiness Plan	8.9 Great	$0	CAD	Varies	View details Compare product selection Compare	loading	Why we like it Tired of bank fees eating into your bottom line? The BMO eBusiness Plan could be the business bank account you've been searching for. This account is designed to suit small business owners and has no monthly fee or minimum balance requirement. 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. Pros & cons Pros $0 monthly account fee No minimum balance requirements Unlimited Moneris and electronic transactions Cons You'll need to pay for deposits Not suitable for businesses looking to take advantage of premium banking features
Best free business account for rewards
7.9 Great Loop Global Business Banking Account	7.9 Great	$0	CAD, USD, GBP, EUR	0.1% - 0.5%	Go to siteView details Compare product selection Compare	loading	Why we like it Loop offers competitive payment and money management solutions for global businesses. Manage all your business banking needs from one account, including corporate cards, payments, foreign exchange, loans and capital funding, as well as setting up sales in multiple currencies. Why it's one of the best: $0 account fee. This account charges no monthly account fee. Multi-currency accounts. Easily open CA, US, UK and EU domiciled accounts to skip conversion fees, get paid faster and make free global payments. No FX credit cards. Eliminate FX fees with a Loop credit card. Spend in CAD, USD, GBP and EUR and earn points to use toward travel and experiences. Access up to a $1 million credit limit. Pros & cons Pros Earn reward points for your business spending Hold and spend funds in multiple currencies Competitive foreign exchange rates Cons Only one free plan available Read the fine print for details of other fees No Apple Pay or Google Pay
Best free business bank account for multiple currencies
8.2 Great Airwallex Business Account	8.2 Great	$0	CAD, USD, GBP, EUR + 17 more	0.5% - 1%	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.	Go to siteView details Compare product selection Compare	loading	Why we like it Airwallex allows you to open and manage multiple global accounts with no monthly account fees. This free business account also lets you hold and spend 20+ currencies and transfer 60+ currencies internationally while avoiding costly conversion and transaction fees. Why it's one of the best: Send, receive and hold many currencies. With one global account, hold and spend 20+ currencies, including AUD, CAD, DKK, CZK, CHF, GBP, HUF, MXN, NOK, RON, SEK, ZAR, EUR, HKD, CNY, USD, JPY, NZD, SGD, IDR and ILS. Transfer around 60 currencies internationally. Get a $500 sign-up offer. Take advantage of a $500 sign-up offer in FX conversions. Access other banking products. Send global money transfers, issue multi-currency corporate cards, and seamlessly manage your business with expense management and accounting integration tools. Pros & cons Pros No monthly account fee Hold and spend 20+ currencies Transfer 60+ currencies internationally Transparent fees and FX rates Cons No ATM access No physical banking card available Currency conversion fees of 0.5% - 1%
Best free business bank account for competitive FX rates
8.9 Great Wise Business	8.9 Great	$0	CAD, USD, GBP, EUR + 20 more	0.33%	Go to siteView details Compare product selection Compare	loading	Why we like it Wise is a well-known name in the world of international moking it easy to get paid in the local currency and avoid FX fees. If your business makes and receives international payments on a regular basis, you need an account that makes it easy to hold and exchange multiple currencies. Why it's one of the best: 70+ countries. Pay staff and suppliers in over 70 countries around the world. 40 currencies. hold funds in 40 different currencies, including CAD, USD, GBP and EUR. Competitive exchange rates. Get the mid-market exchange rate when you send money overseas. Pros & cons Pros Get the mid-market exchange rate Hold funds in nine currencies User-friendly platform Cons Transfer fees apply Doesn't accept cash or cheque deposits
Best free business bank account for international payments
8.6 Great Jeeves Business Account	8.6 Great	$0	CAD, USD, EUR, GBP + 2 more	From 0.20%	View details Compare product selection Compare	loading	Why we like it Jeeves offers free business accounts to help you manage global banking. You get access to six different multi-currency business accounts through your one login where you can deposit, send, spend and receive funds across the globe. Why it's one of the best: $0 account fee. This account charges no monthly account fee. Multi-currency accounts. Access BRL, CAD, EUR, GBP, MXN and USD accounts through one login. Low fees. Only pay when you convert currencies and send payments. There are no account setup fees, monthly charges or overdraft fees. Pros & cons Pros Hold and spend funds in multiple currencies Competitive foreign exchange rates Secure funds in encrypted accounts Access credit cards for your business Cons You'll pay to make transactions Currency conversion fees will apply
Best free business bank account for earning cashback
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 offers a versatile banking package for small to medium businesses that operate with multiple currencies. It's free to open accounts in four currencies (CAD, USD, GBP, EUR), allowing you to get paid in the local currency where you do business. Why it's one of the best: Earn cashback when you spend. Earn 1% cashback on corporate spend when you spend on all corporate purchases with your Venn credit card. Save with a GIC. Open a GIC and earn interest on your money. 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 Send same-day online payments to 180+ countries Easy online signup process Send funds in 30+ currencies Earn cash back on spending Cons Not available for sole proprietors or partnerships Not available in Quebec Can't accept credit card payments
Best free business savings account
8.7 Great Meridian Business Advantage Plus Savings Account	8.7 Great	$0	CAD, USD	Varies	View details Compare product selection Compare	loading	Why we like it If you're searching for a free business savings account where you can park unused business funds and watch them grow, the Meridian Business Advantage Plus Savings Account offers a tiered interest rate ranging from 1.5% to 2.35%. Why it's one of the best: No monthly account fee. You won't have to pay a monthly account fee. Earn tiered interest. Rates range from 1.5% to 2.35%, depending on how much money you have in your account. Unlimited free transactions. Manage your money on your own terms without worrying about additional fees. Pros & cons Pros Competitive interest rates Unlimited free transactions and transfers No minimum balance requirements Cons Tiered rate means you may not qualify for the highest advertised rate unless you have the required amount in savings You'll need to join the credit union as a member
Best no-fee US dollar business account
8.6 Great Innovation Federal Credit Union No-Fee USD Business Account	8.6 Great	$0	USD, CAD	Varies	View details Compare product selection Compare	loading	Why we like it With the Innovation Federal Credit Union No-Fee USD Business Account, you can control when you convert your money to US dollars – which means you can take advantage of the daily market rate. You can quickly and easily deposit US cheques digitally, plus you'll pay no transaction fees and earn interest as well as rewards. Why it's one of the best: No monthly account fee. You won't have to pay a monthly account fee. Manage US dollars. Choose when you want to convert your CAD to USD, plus easily deposit US cheques digitally. Earn interest and cash dividends. Earn up to 0.1% interest on your balance, plus earn cash dividends through Innovation's Member Rewards program. Pros & cons Pros Convert your USD when you want Unlimited free transactions and transfers Earn interest Earn cash dividends Cons The interest rate is fairly low at up to 0.1% You'll need to join the credit union as a member

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• Methodology: How we picked the best free business bank accounts in Canada

  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 8.

  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.

How to find the best free business bank account in Canada

While there’s no “one size fits all” best free business chequing account, the right account for your company will depend on factors like how many transactions you anticipate making each month, the types of transactions and how you manage your money.

That’s why the first step to finding the best free business bank account is to ask yourself some questions to decide what your business needs from a financial institution.

Do you need many transactions in multiple currencies? Would access to credit be helpful? Or do you just want a no-frills business bank account?

To help, here is a list of factors that influence cost and suitability:

No monthly account fee requirements

Some business bank accounts come with no monthly fee. Other accounts charge a monthly fee, but the fee is waived if you keep a minimum account balance in the account. Be sure to check when and if fees are waived and whether it’s realistic to keep money in the account to avoid monthly account fees.

Included transactions

Check to see how many transactions you can perform each month without incurring any additional fees. For instance, there may be limits on the number of e-transfers you can send, the number of cheques you can deposit or the amount of cash you can deposit. Does the business bank account you are considering offer enough monthly transactions to suit the needs of your growing business?

Other fees

Read the fine print to find out if there are any other fees attached to your free business bank account, such as:

• Per-transaction fees when you exceed your monthly transaction limit
• e-transfer fees
• Cash deposit fees
• Cheque deposit fees
• In-branch transaction fees

Account accessibility

Think about the type of banking transactions your business requires. Do you manage your finances completely online or through mobile banking? Or do you regularly deal in cash and need convenient branch and ATM access? Do you require a business bank account with multiple currency options or an account that offers large or international money transfers?

Knowing how your business will use the business account is key to finding an account with appropriate access.

Interest rate

If you’re opening a business savings account or a hybrid chequing account that pays interest on your balance, compare interest rates between accounts. Remember that some accounts have tiered interest rates — in other words, a higher interest rate for larger balances — so you may not get the highest advertised rate.

Cashback and other rewards

Some business bank accounts allow you to earn reward points or cashback on your spending. Alternatively, signing up for an account might entitle you to discounts on other business banking products, such as a waived annual fee on a business credit card.

CDIC coverage

Make sure the provider you choose is a member of the Canada Deposit Insurance Corporation. This offers peace of mind by ensuring deposits of up to $100,000 are covered if your bank goes under.

Customer support

Finally, make sure you can access customer support, when you need it. Check what days and hours support is available, as well as the tools used to reach a customer support representative. Remember, full-service, traditional banks will usually offer more robust customer service options and hours, but this service comes at a price. Balance out the need for support with the ongoing cost of this banking product.

Business bank accounts that waive monthly fees

Most business bank accounts from major banks come with a monthly fee. But if your balance stays above a certain level each month, that monthly fee will often be waived. Check out the table below for a list of business bank accounts from the Big Five with waived monthly fees.

Keeping a sizable account balance will not only help you save on fees, but also ensures you have cash on hand to cover unexpected expenses. But having so much money just sitting there can also limit the growth of your business, and you may be better off parking at least some of that balance in an interest-earning business savings account.

Do any of Canada’s Big Banks offer a free business bank account?

Yes, BMO offers the BMO eBusiness Plan, which comes with a $0 monthly fee and is our pick for the overall best free business bank account in Canada. Other than that account, all other business accounts from the Big Five Banks come with a monthly fee of at least a few dollars to over one hundred dollars.

Free business chequing accounts from digital banks vs major banks

So, should you open a fee-free business bank account with a digital bank or stick with a major bank? The answer: It depends on your business banking needs.

If you manage your business banking online, a digital bank or fintech account could be perfect. These accounts typically have no monthly fees, support unlimited transactions and offer user-friendly online and mobile banking.

What digital bank business accounts don’t usually offer is convenient branch access or a large ATM network, and they also may not accept cheques or cash deposits.

So if you need to do lots of in-person banking, you may be better off going with a major bank.

How to open a no-fee business bank account

If you’d like to open a free business bank account in Canada, the application process varies from bank to bank. Some banks and fintechs offer a completely online application, while others will require you to visit a branch or chat with a business banking representative over the phone.

You’ll need to be the age of majority in your province or territory, and your business needs to be registered and operate in Canada. You and anyone else who signs on the account will need to provide:

• Your name and date of birth
• Your SIN
• Your phone number, email address and mailing address
• Two pieces of ID (one indicating your name and address and another indicating your name and date of birth)

You’ll also need to provide business documents, but these vary depending on the structure of your business.

• Sole proprietors: Business registration or trade name registration.
• Partnerships: Partnership registration, partnership agreement, trade name registration or Master Business Licence.
• Corporations: Multiple documents may be required, such as articles of incorporation/association, trade name registration, notice of assessment for income tax and certificate of corporate status.

Bottom line

Most free business bank accounts in Canada allow you to manage your day-to-day spending for your business without having to worry about monthly fees. By taking the time to compare products and services while hunting for a low or no-cost business bank account, you will find a financial tool that helps manage your business spending while giving you access to features that can help you grow your business.

FAQs about no-fee business bank accounts

• What business bank accounts have no fees?

  Several business bank accounts in Canada have no monthly fees, including options from digital banks and traditional banks. There are chequing and savings accounts available, while many banks also offer business chequing accounts with waived monthly fees when you meet a minimum balance requirement.

  However, even if there's no monthly fee, keep in mind that there may be other account fees for specific transactions. Check the fine print for full details of any fees that apply.

• Which business bank account is best?

  Our pick for the best overall business bank account in Canada is the RBC Digital Choice Business Account. It comes with a low fee of only $6 per month and tons of perks to help you manage your business' finances with ease.

  Of course, the best business bank account will really depend on your specific business needs. Consider how many transactions you perform each month, whether they're digital or in-person transactions and whether you want any other perks or rewards. You can easily compare more of the best business bank accounts in Canada in our full guide here.

• Can a non-resident open a business bank account in Canada?

  Yes, non-residents can open a bank account in Canada. However, this varies from one bank to the next, so check with your chosen bank to find out if non-residents are eligible to open an account.

• Is there a BMO free business account?

  Yes. The BMO eBusiness Plan has no monthly fee and supports unlimited Moneris and electronic transactions. The BMO Business Builder 3 and Business Builder 4 accounts also offer waived monthly fees when you satisfy minimum balance requirements.

• Does EQ Bank offer a business bank account?

  EQ Bank does not currently offer a free business account but is planning to launch its Business Account soon, where you'll be able to earn 3% on your entire balance and get unlimited transactions.

  In the meantime, if you're looking for a free business bank account where you can earn interest on your balance, consider either the Scotiabank Right Size Savings for Business account, where you can earn an interest rate between 1.5% and 2.15%, or the Tangerine Business Savings Account, where you can earn between 1.95% and 2.55%.

• Are there any free business bank accounts specifically for not-for-profit organizations?

  While there are several accounts offered by Canada's Big Banks that are specifically designed for nonprofits, they're not free. You'll have to pay a monthly fee of anywhere from $2 to $11 depending on the account you choose. You can learn more about bank accounts for nonprofits in our full guide here.

To make sure you get accurate and helpful information, this guide has been edited by Romana King as part of our fact-checking process.

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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