Can I open a business bank account in Canada if I live in another country?

Yes, you do not need to be a Canadian resident to open a business bank account in Canada. However, eligibility requirements vary depending on the bank or financial institution you choose, so check with your provider to find out if you're eligible.

Can I open a business bank account online in Canada?

Yes. Fintechs like Wise allow you to open your account online or via a mobile app. Some traditional banks are also making it increasingly easy to apply online, but many still require you to visit a branch to verify your identity before you can open an account.

Are multi-currency business accounts free?

Multi-currency business accounts don't typically come with account maintenance fees, but you may pay fees when you transfer money internationally. Most providers also charge a fee worth a small percentage of the mid-market exchange rate when you convert currencies.

Are there business bank accounts for Canadian residents?

Yes, most Canadian banks offer accounts, credit cards, lending products and other solutions designed for business owners. Check out our business banking guide to learn more.

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Business bank accounts for non-Canadian residents

The simple guide to opening a business bank account as a foreign resident, including how to choose the right account.

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