The best business bank accounts make it easy to manage all your day-to-day transactions at the lowest possible price. And with the rise of online banking for business, you can now do your banking digitally.
But where can you find the best online business bank account in Canada? And will you be better off going with a traditional bank or an online-only bank or fintech instead? Keep reading to find out.
Online banking for business refers to the suite of online financial products and services banks, credit unions and fintechs provide to Canadian businesses. It allows you to manage your business finances remotely through a website or mobile app, with no need to visit a bank branch in person.
You can use online business banking to:
Check balances
Pay bills
Transfer money domestically and internationally
Deposit cheques via a mobile app
Manage user account access
Track your spending and expenses
Benefits of online banking for business
24/7 access. You can access your accounts and perform transactions 24/7, so you can do your banking whenever and wherever is convenient for you.
Saves time. It’s quick and easy to perform online business banking transactions, and there’s no need to physically visit a branch and wait in line.
Simplified bookkeeping. Built-in expense tracking and management tools, plus integrations with leading accounting software platforms, make it easy to manage your money and stay on top of reporting obligations.
More control. You can use online business banking to set up user permissions, set spending limits and keep track of all your business expenses.
How much does online banking for business typically cost?
Most business banking accounts in Canada come with a monthly fee. The size of the fee usually depends on how many transactions the account supports each month — the greater the number of transactions, the larger the monthly fee. However, this monthly fee may be waived if you keep your account balance above a minimum level.
The Scotiabank Select Account for Business is a perfect illustration of this, as shown in the table below.
Plan A
Plan B
Plan C
Unlimited
Monthly fee
$20
$40
$75
$120
Minimum balance required for monthly fee rebate
$20,000
$35,000
$45,000
$75,000
Transactions
25
70
125
unlimited
Deposit items
50
60
85
unlimited
Cash deposits
$6,000
$8,000
$10,000
$30,000
If your business only performs a limited number of transactions per month, you can typically expect a monthly fee of around $20 or less. However, there are also some free business bank accounts that have no monthly fees and no fees for electronic transactions. But fees may apply for in-person transactions, so you’ll need to check the fine print before deciding on the right low-fee business account for you.
Online business banking from traditional banks
Let’s explore the online business banking solutions provided by the Big Five.
RBC
RBC Online Banking for Business is designed for businesses with one online banking user. It offers 24/7 account access, bill payments, direct deposits, wire payments and e-Transfers. You can also use it for tax payments and filing. Small businesses can also manage their money, track spending, send payments and deposit cheques through the RBC Mobile app.
But if you have multiple digital banking users and you need to transact in multiple currencies, RBC Express Online Banking is the bank’s enterprise-grade offering. It supports an unlimited number of users, lets you make payments in foreign currencies, and adds advanced features like bulk payments, higher e-Transfer limits and the ability to assign banking tasks to employees. An RBC Express Mobile app is also available.
TD
There are a few options to choose from if you do your online business banking with TD.
TD EasyWeb Online Banking is an option for small business owners, allowing you to track your spending, pay bills, pay your taxes and more. For larger businesses, TD Web Business Banking is a commercial banking solution with advanced features like payroll management, international wire transfers and customized reporting.
Then there’s TD Business Central, the bank’s new online banking portal for businesses. It’s still in development, but it offers features such as bill payments, large Interac e-Transfers, and managing account users and setting up customizable permissions.
You can also use the TD app to:
Check your balance and track spending
Send payments and e-Transfers
Set up recurring payments
Deposit cheques
BMO
If you run a small business with straightforward banking requirements, you can use BMO Online Banking to manage your money. This allows you to set up multiple account users, pay bills, send Interac e-Transfers and review up to 7 years of credit card and deposit account transactions.
But if your needs are more complex, BMO Online Banking for Business is your go-to platform. It provides more advanced features such as unlimited users, multiple payment approvals, international wire transfers, customizable reports and account monitoring.
Whichever platform you choose, each has its own companion mobile app so you can manage your money on the go.
Scotiabank
Scotiabank online banking for business offers a choice of two digital platforms.
You can use the Scotia OnLine platform for basic banking needs like checking balances, paying bills, sending e-Transfers and also accessing your personal account.
But the second platform, ScotiaConnect, is strictly business and designed for commercial banking. It adds advanced features like bulk e-Transfers, setting customized access and approval levels for different employees, wire payments, payroll solutions and detailed transaction reports.
You can also use ScotiaConnect Mobile Banking for Business to perform tasks like paying bills, checking account balances and sending transfers.
CIBC
CIBC offers two options for businesses to choose from.
CIBC Online Banking for Business offers a simple and straightforward platform for basic banking needs. Paying bills, sending e-Transfers, managing business credit cards and using the Global Money Transfer service can all be done via this platform.
CIBC SmartBanking for Business adds advanced features like wire transfers and EFTs, cross-currency transfers, payroll, payment approvals and comprehensive reporting tools. And if you choose this platform, you can manage your money via mobile with the CIBC Mobile Business app.
Online business banking from online-only providers
Recent years have seen the emergence of digital banks and fintechs that offer a range of business banking services. Here’s what some of the major players can provide for your business.
Airwallex
You can manage your Airwallex Business Account by a user-friendly online interface. Once you log in you can check balances, send transfers, issue multicurrency cards, convert currencies, view reports and manage expenses.
Airwallex also provides an app with access to some essential account features. You can use it to check balances, track transactions and manage your card.
Float Financial
Float’s online platform provides full access to all account features. You can use it to pay bills, issue cards, manage expenses, access real-time reporting and perform CAD/USD currency exchanges.
Float also offers an expense management mobile app that you can use to capture receipts, submit reimbursements, access your card details and request new cards.
Jeeves
Jeeves online banking for business provides a platform for managing your free business account. Once you log in you can issue cards, send and receive domestic and international payments, track expenses and more.
The Jeeves mobile app allows you to view card balances, add receipts and add memos to your transactions.
Keep
You can use Keep’s online portal to convert currencies, send money from multicurrency accounts, upload receipts, issue corporate cards and set card limits.
Keep currently does not have a mobile app.
Loop
Loop online banking for business allows you to check your balances, track and manage expenses, open international accounts, pay suppliers in Canada and around the world, invoice customers and convert currency.
Loop does not have a mobile app.
Tangerine
Tangerine is an established digital bank with user-friendly online and mobile banking platforms. You can use Tangerine online business banking to check your Business Savings Account balance, transfer funds and manage your personal account. You can also enjoy a completely digital sign-up process through the Tangerine app.
Venn
You can sign up for Venn online business banking in around five minutes. You can then use the online interface to set approvals and controls, issue cards to employees, manage expenses, send local and international payments, pay bills, generate custom invoices and send payment requests.
Venn does not currently offer a mobile app.
Wise
Wise offers streamlined online and mobile platforms to manage your Wise Business account. You can use them to send fast international payments, track team spending, make batch payments, integrate with accounting software, set up recurring payments and more.
Are traditional banks better than fintechs for online business banking?
There are a few good reasons why you might want to consider a traditional bank instead of a fintech for online business banking. For starters, you get the security and peace of mind of dealing with an established bank. You can walk into a branch and talk to a small business advisor when needed, you can access a large ATM network, and traditional banks offer a full suite of business banking services.
On the flipside, fintechs are catching up in terms of the banking services they offer, with business loans and credit cards now widely available alongside deposit accounts. They also offer streamlined online and mobile platforms for quick and easy money management, and competitive solutions for common pain points like international payments. And because they don’t operate physical branches, they generally offer lower fees.
Should I manage my business’s finances online or in person at a bank?
It’s up to you and what you feel comfortable with. These days you can more or less do all of your banking online if you want. Paying bills, depositing cheques, managing payroll, tracking your spending — all that and more can now be handled via online or mobile banking.
The main benefit of online banking is of course the time it saves you. After all, who wants to take time out of their working day to physically travel to a bank branch, stand in line and wait to be served? Online banking provides access to your account 24/7, not just during business hours. And in some cases, you can enjoy fewer fees if you do all your business banking online.
But there are some benefits to doing your banking in person. If your business regularly accepts cash payments, you’ll need to be able to deposit cash into your account for low or no fees. And if you prefer good old-fashioned face-to-face customer service, plus the ability to build a relationship with bank staff and get personalized advice, you might prefer to bank in person.
Ultimately, banking online is the most convenient and cost-effective option. But the right choice for you will depend on the type of transactions you need to perform and your banking preferences.
Key features to look for in online business banking
Look for the following features when choosing an online business bank account in Canada.
Supported transactions
The best online business bank account for you will support the type of transactions you need to perform. Look for an account with unlimited electronic transactions, and check whether the account supports in-person transactions like cash deposits if needed.
Monthly fee
Does the account come with a monthly fee or does it offer free business banking? If a fee applies, can it be waived if you keep your balance above a minimum level?
Ease of use
Check user reviews and online tutorials to get a feel for how user-friendly a bank’s online and mobile banking portals are. They should make it quick and easy to perform the types of banking tasks you do every day.
International payments
If your business regularly deals with customers and suppliers outside of Canada, check what international payment solutions are available. What currencies can you use for international transfers? What currency conversion fees and exchange rate markups apply when you switch currencies? Does your provider offer multicurrency accounts so you can hold, send and receive funds in different currencies?
Accounting software integration
Accounting software integration with platforms like Xero and QuickBooks makes it simple to stay on top of your bookkeeping. Check whether your bank supports your preferred accounting platform.
Rewards and perks
Can you earn cashback or other rewards when you spend money on your corporate card? Does your bank or fintech offer personalized advice for small businesses or advice tailored to your specific industry?
Customer support
Finally, check how and when you can contact customer support if needed. Can you talk to a real person or will you have to deal with an AI chatbot?
Security tips for online banking
Set up multi-factor authentication. This provides an extra layer of security for your account and funds.
Set employee permissions. If you have a multi-user account, set permissions to control what sort of transactions each employee can perform. You can also establish individual spending limits for different staff members.
Use strong and unique passwords. Create passwords with a combination of letters, numbers and special characters, and don’t repeat passwords across multiple platforms.
Educate staff. Make sure you keep your staff up-to-date with the best safety practices and ensure that they know about common online threats.
Update software. Make sure your devices have the latest anti-virus software and operating systems installed so that you remain protected against cyber security threats.
Monitor your account. Check your transaction history regularly so you can spot any suspicious or fraudulent activity.
Can I open a business bank account online in Canada?
Yes, digital banks and a growing number of traditional brick-and-mortar banks allow you to open a business bank account online. You’ll need to fill out an online application with your personal and business details, then upload your supporting documents and proof of ID.
However, some banks will require you to visit a branch and provide proof of ID in person before your account can be activated.
Documents required to open an online business bank account
The documents you’ll need to supply will vary depending on the bank you choose and your business structure.
If you’re a sole proprietor, you’ll typically need to provide your trade name registration certificate or master business licence along with proof of ID. If you’ve been operating for more than 12 months, additional documents like your latest business notice of assessment may also be required.
If you’re opening an online business bank account for a corporation, you’ll also need to provide articles of incorporation. Additional paperwork such as a certificate of status, financial statement or annual report may also be requested.
Check with your bank for details of the required paperwork before you start the application process.
Here’s what you need to do to open an online business bank account in Canada.
Choose an account.Compare business accounts from online-only and traditional banks to find the account that offers all the features you need.
Start your application. Visit the bank’s website and click the link to open a new account.
Provide your personal and business information. Provide your name, date of birth and contact details. You’ll also need to provide information about your business structure, time in business and industry you operate in.
Provide proof of ID. You and any other authorized signatories of the account will need to provide a valid government-issued ID.
Upload supporting documents. Depending on the structure of your business, you may need to supply business registration or trade name registration details, a partnership agreement or articles of incorporation/association.
Start banking. Sign up for online and mobile banking, download and install your bank’s mobile app, and make your first deposit to the account.
Online banking for business offers convenient and easy money management, freeing up more time for you to focus on running your business. Compare online business banking accounts and platforms from a range of traditional and challenger banks before choosing the right account for your needs.
FAQs about online banking for business
Yes, online-only banks and many traditional brick-and-mortar banks will now allow you to open a business account online. However, some banks may require you to visit a branch in person and provide proof of ID before your account can be activated.
In some cases, yes. Many banks allow you to manage small business accounts through the same online banking portal you use to manage your personal account. But if you run a larger company with more complex banking needs, your bank may have a separate online business banking platform.
Yes. Online business banking provides access to your account 24/7. You can log in online or via a mobile app to pay bills, transfer funds, check your balances and more.
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.
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