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

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 Flex Choice Business Account Package
• RBC Ultimate Business Account Package
• RBC Royal Business Community Account
• RBC US Dollar Business Account
• RBC Online Foreign Currency Account

Finder Score	Monthly Account Fee	Multi Currency Accounts	FX Fee
RBC Digital Choice Business Account
8.7 Great RBC Digital Choice Business Account	8.7 Great	$6	CAD only	Varies	Go to siteView details Compare product selection Compare	loading	Why we like it 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 outgoing 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. Pros & cons Pros Unlimited electronic debits and credits Unlimited Moneris and electronic cheque deposits Manage your account with an easy-to-use mobile app Cons $6 monthly fee Not suitable if you need to send lots of e-Transfers Fees for cash and paper deposits
RBC Flex Choice Business Account
8.5 Great RBC Flex Choice Business Account	8.5 Great	$7	CAD	Varies	Go to siteView details Compare product selection Compare	loading	Why we like it 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. Pros & cons Pros Only pay for the transactions you perform Flexible access to online and in-branch banking 40% discount on selected digital transactions Cons Not suitable for businesses that perform a lot of transactions $7 monthly fee $1.50 fee to send an e-Transfer
RBC Ultimate Business Account
8.5 Great RBC Ultimate Business Account	8.5 Great	$100	CAD	Varies	View details Compare product selection Compare	loading	Why we like it 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. Pros & cons Pros Unlimited electronic transactions Convenience of in-branch and digital transactions Up to $25,000 cash deposits per month Monthly fee can be waived Cons $100 monthly fee Not suitable for small businesses with limited transaction needs
RBC Royal Business Community Account
8 Great RBC Royal Business Community Account	8 Great	$3.75	CAD only	Not listed	View details Compare product selection Compare	loading	Why we like it 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. Pros & cons Pros Fee waived for first 3 months Get 25 free cheques when you open your account Convenient access to digital and in-branch banking Cons $3.75 monthly fee Fees apply if you exceed monthly transaction limits Not suitable if your organization performs a large volume of transactions
RBC US Dollar Business Account
8.4 Great RBC US Dollar Business Account	8.4 Great	$9	USD	Not listed	View details Compare product selection Compare	loading	Why we like it 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. Pros & cons Pros Avoid foreign exchange fees Monthly fee waived if you meet the minimum balance requirement Access US cash at over 200 ATMs Cons US$9 monthly fee Transaction fees also apply
RBC Online Foreign Currency Account
Not scored yet RBC Online Foreign Currency Account	Not scored yet	$25	Not listed	Varies	View details Compare product selection Compare	loading	Why we like it 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. Pros & cons Pros Save on foreign exchange costs No minimum balance requirement Easy online account management 1 free debit per month Cons $25 monthly fee $10 fee for account transfers $17 fee for incoming wires

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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 — 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:

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 and 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.

How 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.

RBC 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:

• Business Trust Account. An in-trust account designed to help you manage funds you’re holding on behalf of your clients.
• 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.

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Frequently asked questions about RBC business banking

• How do I get a void cheque for an RBC business account?

  If you need to print a void cheque for your business, you can do so via online banking or the mobile app. If you're on a computer, you can sign in to RBC Online Banking, select Account Services and then View and Print Void Cheque. Select the account you want before hitting View and Print.

  If you're using the app, sign in and select the account you want. Select Details, tap Get a Void Cheque and then Download.

• Can I open an RBC business account online?

  Not completely. While you can apply for many accounts online, you'll need to visit a branch in person to verify your identity and activate the account. You can confirm your ID by providing a government-issued photo ID and a business registration document (such as articles of incorporation, a certificate of existence or your master business licence).

• Are there special RBC business account offers available?

  Yes. From time to time, RBC will run promotional offers and special deals to encourage new customers to open an account. These may include welcome cash bonuses, annual fee waivers on business credit cards and discounts on other business banking products. Check the RBC website for the latest offers.

• Is there a minimum deposit required to open an RBC business account?

  Generally, no. However, some accounts will require you to maintain a minimum balance to waive the account's monthly fee. For example, the US$9 monthly fee on the RBC US Dollar Business Account is waived if you hold a balance of US$2,500 or more.

• What RBC business account fees do I need to know about?

  RBC business accounts generally come with a monthly fee—the more transactions the account supports per month, the higher the fee will generally be. However, the monthly fee is waived on some accounts if you meet a minimum balance requirement.

  You'll also need to keep an eye out for transaction fees, which vary greatly from one account to the next. Depending on the account you choose, specific transactions may always attract a fee, or you may be entitled to a certain amount of free transactions each month before fees kick in. Check the fine print closely for details of any fees that apply.

Written by

Tim Falk

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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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