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RBC business banking guide: How to choose the right RBC business account

Compare RBC business banking solutions to find the right account for your company.

As the biggest of the Big Five, RBC offers a wide range of banking services for Canadian businesses. In this guide, we’ll take a detailed look at business chequing and savings accounts that RBC offers to help you find the best RBC business account for your needs.

List of RBC business account options

RBC offers six business accounts:

RBC Digital Choice Business Account Package

RBC Digital Choice Business Account

$6
Monthly Account Fee
CAD only
Multicurrency Accounts
Varies
Currency Conversion Fee
This day-to-day business chequing account is designed for companies that do most of their banking online. It's easy to track your spending and pay employees or suppliers via RBC Mobile Banking. You can also send 10 Interac e-Transfers per month.

It has a monthly fee of $6 and supports unlimited electronic debit and credit transactions from your account, no limit on electronic cheque deposits and unlimited credit and debit transactions through Moneris.

  • Unlimited electronic debits and credits
  • Unlimited Moneris and electronic cheque deposits
  • Manage your account with an easy-to-use mobile app
  • $6 monthly fee
  • Not suitable if you need to send lots of e-Transfers
  • Fees for cash and paper deposits
Monthly Account Fee $6
Multicurrency Accounts CAD only
Currency Coversion Fee Varies
GIC Available Yes

RBC Flex Choice Business Account Package

RBC Flex Choice Business Account

$7
Monthly Account Fee
CAD
Multicurrency Accounts
Varies
Currency Conversion Fee
This RBC small business account has no minimum or monthly transaction limits, so you only pay for the transactions you perform each month. There's a $0.75 fee per electronic deposit and a $1.25 fee for each paper transaction.

In return for the $7 monthly fee, you can make electronic and in-branch transactions as needed plus access other RBC business banking benefits like fuel savings at Petro-Canada.

  • Only pay for the transactions you perform
  • Flexible access to online and in-branch banking
  • 40% discount on selected digital transactions
  • Not suitable for businesses that perform a lot of transactions
  • $7 monthly fee
  • $1.50 fee to send an e-Transfer
Monthly Account Fee $7
Multicurrency Accounts CAD
Currency Coversion Fee Varies
GIC Available Yes

RBC Ultimate Business Account Package

RBC Ultimate Business Account

RBC Ultimate Business Account

$100
Monthly Account Fee
CAD
Multicurrency Accounts
Varies
Currency Conversion Fee
This RBC business account is designed for businesses that require a lot of transactions on a daily basis. It supports unlimited electronic debits and credits, 500 outgoing Interac e-Transfers per month and up to $25,000 cash deposits per month. Those features come at the cost of a $100 monthly fee, but the fee is waived if you keep your account balance above $75,000.

With bonus Avion points on selected business credit cards plus a set-up fee waiver when you sign up for RBC Express Core Services, there are plenty of good reasons to check out this RBC account.

  • Unlimited electronic transactions
  • Convenience of in-branch and digital transactions
  • Up to $25,000 cash deposits per month
  • Monthly fee can be waived
  • $100 monthly fee
  • Not suitable for small businesses with limited transaction needs
Monthly Account Fee $100
Multicurrency Accounts CAD
Currency Coversion Fee Varies
GIC Available Yes

RBC Royal Business Community Account

RBC Royal Business Community Account

RBC Royal Business Community Account

$3.75
Monthly Account Fee
unknown
Multicurrency Accounts
unknown
Currency Conversion Fee
If you run a non-profit organization like a local charity or sports club, the RBC Royal Business Community Account is designed to help you manage your day-to-day banking needs. It supports up to 10 free debits and 5 free credits per month, after which, each transaction costs $0.60.

You can also deposit up to $1,000 in cash each month, and it's easy to manage your account via in-branch, online and mobile banking. There is a $3.75 account fee, but it's waived for the first three months.

  • Fee waived for first 3 months
  • Get 25 free cheques when you open your account
  • Convenient access to digital and in-branch banking
  • $3.75 monthly fee
  • Fees apply if you exceed monthly transaction limits
  • Not suitable if your organization performs a large volume of transactions
Monthly Account Fee $3.75
GIC Available Yes

RBC US Dollar Business Account

RBC US Dollar Business Account

RBC US Dollar Business Account

$9
Monthly Account Fee
unknown
Multicurrency Accounts
unknown
Currency Conversion Fee
If you regularly send and receive payments in US dollars, this RBC business account can help you save on foreign exchange costs. It allows you to hold and spend funds in USD, so you can access your US currency as needed or convert it back into Canadian dollars whenever the best exchange rate is available.

Just be aware that there's a US$9 monthly fee—which is waived if your balance is US$2,500 or higher—and a US$1.25 fee for every debit or credit.

  • Avoid foreign exchange fees
  • Monthly fee waived if you meet the minimum balance requirement
  • Access US cash at over 200 ATMs
  • US$9 monthly fee
  • Transaction fees also apply
Monthly Account Fee $9
GIC Available Yes

RBC Online Foreign Currency Account

RBC Online Foreign Currency Account

RBC Online Foreign Currency Account

$25
Monthly Account Fee
Not listed
Multicurrency Accounts
Varies
Currency Conversion Fee
If your business sends and receives payments in currencies other than CAD and USD, you might want to consider an RBC Online Foreign Currency Account.

You can hold funds in the currency of your choice and convert into CAD when needed or whenever the best rate becomes available. There's no minimum balance requirement to worry about either, but you will need to pay a monthly fee as well as transaction fees.

  • Save on foreign exchange costs
  • No minimum balance requirement
  • Easy online account management
  • 1 free debit per month
  • $25 monthly fee
  • $10 fee for account transfers
  • $17 fee for incoming wires
Monthly Account Fee $25
Multicurrency Accounts Not listed
Currency Coversion Fee Varies
GIC Available Yes

How does RBC online business banking work?

RBC Online Banking for Business offers convenient account access 24/7. Designed for small businesses, RBC’s online banking portal lets you:

  • Track spending. Use RBC Online Banking for Business to check your account balance and keep track of your transactions. You can check up to 7 years’ worth of transaction history.
  • Make payments. You can send Interac e-Transfers and set up recurring payments to employees and suppliers.
  • Send international money transfers. RBC supports international wire transfers in over 30 currencies.
  • File taxes. The Online Tax Filing feature lets you review and submit your business tax return.
  • Manage payments. The Pay & Sync feature lets you reconcile business payments and accounts receivable.

If your business requires unlimited online banking users, you can manage your business account through RBC Express Online Banking. This enterprise-grade online banking platform lets you delegate banking tasks, manage multiple accounts and access extensive monitoring and reporting tools.

RBC mobile business banking

If you need to manage your money on the go, you can also access your business account via the RBC Mobile app. Free to download for Android and iOS devices, the app lets you:

  • Check your account balance
  • Track your spending
  • Pay bills
  • Send e-Transfers
  • Deposit cheques
  • Request payments
  • Lock a lost card
  • Receive spending alerts and insights using the NOMI AI tool

You can also download the RBC Express Business Banking mobile app to access the RBC Express platform on the go.

Does RBC offer business savings accounts?

Yes, there are three RBC business savings account options available:

RBC Business Essentials Savings Account

This account has no monthly fees and pays tiered interest on your savings, with rates ranging from 2.50% to 3.10%, depending on your account balance. You also get 2 free debits or cheques per month.

RBC Business Premium Investment Account

This RBC business savings account is designed for commercial-sized businesses with $100,000 or more to invest. You get unlimited electronic credits to your account, no monthly fee and tiered interest of 2.40% to 4.90%, depending on your account balance.

RBC AgriInvest Account

Available for eligible agricultural businesses that participate in the AgriInvest program, this account lets you take advantage of matching contributions from the federal government. There’s no monthly fee or minimum balance requirement to worry about, the account supports unlimited transactions and you can earn 1.70% interest on your balance.

What are RBC business account fees?

RBC business account fees vary quite a bit based — from $6/month up to $100/month — based on the account you choose.

Accounts that support a limited number of monthly transactions tend to come with low monthly fees, but you’ll need to pay extra for any transactions that exceed your monthly limit. Generally, the more transactions an account supports each month, the higher your monthly fee will be.

RBC will also waive the monthly fee on some accounts when you keep your daily balance above a minimum threshold.

Here’s a breakdown of RBC business account fees:

AccountMonthly feeCan the monthly fee be waived?
RBC Digital Choice Business Account Package$6No
RBC Flex Choice Business Account Package$7No
RBC Ultimate Business Account Package$100Yes—waived if your balance is $75,000 or higher
RBC Royal Business Community Account$3.75Yes—for the first three months only
RBC US Dollar Business AccountUS$9Yes—is waived if your balance is US$2,500 or higher
RBC Online Foreign Currency Account$25No

How to open an RBC business account

It’s easy to open an RBC business account by completing the following steps:

  1. Visit the RBC website (click the “Go to site” on this page) and navigate to the page of the account you want to open.
  2. Select Sign me up.
  3. If you’re an existing RBC personal banking customer, you can speed up the application process by logging into online banking. If not, you’ll need to complete the next steps.
  4. Enter your name and email address.
  5. Provide details of your business type and structure.
  6. Provide your personal information.
  7. Visit a branch to verify your identity and activate your account. You’ll need to provide government-issued ID as well as a business registration document (such as articles of incorporation, a certificate of existence or your master business licence).

Eligibility requirements

To open an RBC business account, you will need to:

  • Be over the age of majority
  • Be opening an account for your business
  • Be a Canadian resident with a company that is registered in Canada
  • Be running a sole proprietorship or a private corporation

How do RBC US and cross-border business accounts work?

RBC US and cross-border business accounts make it easy to send and receive payments in local currencies in countries where your business operates. For example, if you operate in the USA and have a US Dollar Business Account, you can receive payments from customers in US dollars and pay your staff and suppliers in US dollars.

These cross-border business accounts let you save on foreign exchange costs. Rather than converting a USD payment into CAD then potentially back to USD at a later date, you can hold funds in USD.

This allows you to avoid paying currency conversion fees and exchange rate markups, and you can also wait for an attractive exchange rate to become available before switching currencies.

It’s also worth noting that RBC offers two specialist US business accounts for Canadians:

  • US Business Checking. Avoid foreign transaction fees with this RBC business account that supports unlimited transfers, 100 monthly debits, US check deposits and no-fee access to over 50,000 US ATMs. A $150 monthly fee applies.
  • US Business Money Market Savings. This account pays interest on your surplus USD funds and entitles you to 6 withdrawals per month. The $5 monthly fee is waived if you meet the $1,000 minimum balance requirement.

OwnrHow does the RBC partnership with Ownr work?

Ownr is an online platform that provides a wide range of tools and resources to help you start and manage a business. Services Ownr can help you with include:

  • Registering and incorporating your business
  • Accessing important legal documents
  • Creating business plans
  • Storing your business paperwork online

As part of this partnership, if you register or incorporate your business with Ownr, you can get cash back when opening an RBC business bank account. You’ll save $49 as a sole proprietorship and $300 for incorporation.

However, take note that Ownr services are only available in Ontario, Alberta, Quebec and British Columbia.

MonerisRBC and Moneris

RBC business banking clients will be able to earn a credit of up to 1 year of fees waived for the Moneris GO (PAX A920) device or the Moneris GO Plus (DX8000) device. The offer is dependent on the volume of transactions within the first 90 days.

If you want to take advantage of this offer, you’ll have to opt in before the offer expires on January 15, 2025.

Once you opt in to this RBC and Moneris partnership, you can provide your customers the convenience of paying in-store, online or via mobile payments using their credit or debit cards.

RBC merchants will also get access to money processed through Moneris on the next day at no additional cost. Funds can be deposited directly into your RBC business account so you can manage your money anytime 24/7, with no extra processing steps.

What other business products does RBC offer?

Not looking for a business chequing or savings account? RBC also offers:

  • GICs. GICs come with guaranteed returns and terms of up to 10 years. You can also access interest-linked and equity-linked GICs.
  • Business credit cards. There are five RBC small business credit cards to choose from as well as commercial credit cards.
  • Business loans and lines of credit. RBC offers term loans, Canada Small Business Financing Program loans, lines of credit, business overdrafts, asset-based lending, equipment leasing and more.
  • International trade solutions. RBC Trade Specialists can help you find international markets for your business, provide mentoring services and help you connect with partners around the world.
  • Business advice. RBC offers business advice and support services to help you start or grow your business.

Is RBC a good bank for businesses?

Yes, RBC is a good banking option for many Canadians businesses. It’s also a popular choice. According to a report from the Canadian Federation of Independent Business (CFIB), RBC had the greatest small business market share (19%) of all banks in 2022, ahead of Scotiabank (17%) and TD (16%).

A subsequent report from the same research series revealed that RBC is also the top-ranking Big Five bank for customer satisfaction among small businesses. But it’s worth mentioning that RBC ranked fourth overall, with the top spot going to credit unions generally.

Ultimately, there are plenty of similarities between the Big Five Banks in terms of the business bank accounts and products available. The best bank for your business might be one that offers an account that supports the right number of transactions for your business with the lowest monthly fee.

Alternatively, you might base your choice on user-friendly online and mobile banking apps, the provider’s full range of business banking products or whether customer service is prompt and helpful.

Get started with a RBC business account

Bottom line

If you’re searching for a business chequing account for day-to-day banking or a business savings account to help boost your bottom line, RBC is certainly well worth a look. It offers a full range of business banking products and services, and you also get the security of dealing with a Big Five bank. But before you open an RBC business account, make sure you compare accounts from a wide range of banks to find the right one for your business.

Frequently asked questions about RBC business banking

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Tim Falk is a freelance writer for Finder. Over the course of his 15-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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