RBC Digital Choice Business Account Package review
- Monthly Account Fee
- $6
- Multi Currency Accounts
- CAD only
- Currency Conversion Fee
- Varies
Our verdict
Enjoy unlimited electronic debits and credits with this account if you do most of your business banking online, but watch out for fees on in-person transactions.
The RBC Digital Choice Business Account Package is designed for businesses that do most or all of their banking digitally. It supports unlimited electronic credits and debits, cheque deposits and Moneris deposits, all for a competitive monthly fee of $6. 10 Interac e-Transfers per month are also included.
So if the vast majority of your business banking transactions can be completed via online and mobile banking, this account is well worth a look. But if you regularly need to deposit cash or you need to send frequent e-Transfers, you may want to consider other options.
Pros
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Unlimited electronic debit and credit transactions
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Unlimited Moneris and electronic cheque deposits
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Designed for businesses that rely on digital banking
Cons
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$6 monthly fee
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Fees for cash deposits and paper deposits
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Not suitable for businesses that need/prefer in-branch banking
RBC Digital Choice Business Account Package: The basics
- Unlimited electronic transactions. The RBC Digital Choice Business Account comes with unlimited electronic debit and credit transactions. This includes online bill payments, pre-authorized payments and point-of-sale transactions.
- Unlimited electronic cheque deposits. You can make unlimited cheque deposits via the RBC Mobile app and RBC ATMs.
- Unlimited Moneris deposits. This account is set up to accept debit and credit payments via the Moneris payment processing system. Moneris provides clients with faster access to funds, meaning you can typically get your Moneris business payments the next day, every day, at no extra cost.
- Moneris GO Offer. Eligible merchants get 4 months free rental on Moneris POS terminals. Plus, earn cashback of up to $500 with Moneris and RBC.
- 10 Interac e-Transfers per month. You can send 10 Interac e-Transfers per month without incurring any fees.
- $6 monthly fee. This RBC business account comes with a fee of $6 per month.
What are the benefits of the RBC Digital Choice Business Account?
- Designed for digital banking. This account is designed for businesses that do the majority of their banking online or via mobile. So if most of your transactions are digital and you rarely, if ever, need to deposit physical cash or visit a branch, the Digital Choice account might suit your business.
- Debit and credit card payments. With no limits on Moneris deposits, you can accept as many debit and credit card payments from your customers as your business requires.
- RBC Mobile Banking. You can manage your account online or via the RBC Mobile Banking app, which makes it easy to check your transaction history, pay bills and transfer money.
- Deposit insurance. RBC is a member of the Canada Deposit Insurance Corporation, so deposits of up to $100,000 in this account are eligible for CDIC protection.
- Fuel savings. By linking an eligible RBC business debit or credit card to your Petro-Canada card, you can save 3 cents per litre when you purchase gas at Petro-Canada locations.
- Xero Offer. New clients can get a 1-month free trial plus 50% off for the next 6 months on Xero accounting software.
- Ownr Offer. If you’re thinking of starting a business and are in Ontario, Alberta, BC or Quebec, Ownr offer a quick and easy business registration for as little as $49.00. Plus, get up to $300 back when you open a new RBC business bank account.
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What are the drawbacks of the RBC Digital Choice Business Account?
- Monthly fee. If you want a no-fee business account in Canada, you’ll need to consider other options.
- Cash deposit fees. You'll pay a $5 fee per $1,000 of cash deposited at a branch, or a $2.25 fee per $1,000 deposited at an ATM or via RBC's Night & Day Deposit service. As a result, if your business regularly accepts cash payments, the RBC Digital Choice Business Account may not suit your needs.
- Paper transaction fees. Each paper deposit and credit transaction attracts a $2.50 fee.
- Only 10 Interac e-Transfers per month. This account only supports sending 10 Interac e-Transfers per month, which won’t suit some businesses.
- Need to visit a branch. You’ll need to visit an RBC branch to verify your identity before you can open an account.
Is RBC legit?
The Royal Bank of Canada is one of the Big Five banks and Canada’s largest bank in terms of market capitalization. Founded in Halifax in the 1860s, it is now headquartered in Toronto.
RBC operates in 29 countries and serves over 17 million banking clients around the world and operates in 29 countries. RBC is a member of the Canada Deposit Insurance Corporation and operates a network of more than 1,200 branches across the country.
What should I know before I apply?
You’ll need to meet the following criteria if you want to open an RBC Digital Choice Business Account Package:
- Must be the age of majority in your province or territory
- Must be opening an account for your business, not someone else’s
- Must be a Canadian resident
- Your company must be registered in Canada
- Your company must be a sole proprietorship or a private corporation
While you can apply for an RBC Digital Choice Business Account Package online, you may need to visit your nearest RBC branch to verify your identity and activate your account. Alternatively, you can book an in-person appointment at your local branch to open an account, or open it over the phone with an RBC advisor.
To prove your identity you will need to provide a form of government-issued ID, such as a driver’s licence or passport. You’ll also need to provide a business registration document, such as articles of incorporation, a certificate of existence or your master business licence.
How do I open an RBC Digital Choice Business Account Package?
You can open an account by completing the following steps:
- Navigate to the RBC Digital Choice Business Account Package page on the RBC website and click “Sign me up”.
- Make sure you meet all the eligibility criteria and click “Continue”.
- Specify whether you’re a new or existing customer.
- Provide your name and email address.
- Provide details about your business type and structure.
- Enter your personal information.
- Visit a branch to verify your identity and activate your account.
Compare other business banking accounts
Bottom line
The RBC Digital Choice Business Account Package is worth a look if your business largely relies on digital rather than in-person banking. Make sure you’re aware of all fees that apply to account transactions, and compare the Digital Choice Account with other business banking accounts before deciding if it’s right for you.
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