Opening a business account in Canada is easy. Whether you\u2019re a sole proprietor or you operate a larger business that includes payroll and employees, a business bank account can help you manage your day-to-day business finances smoothly.<\/p>
Keep reading to discover everything you need to know about how to open a business bank account in Canada, including options that let you open an account online.<\/p>
Yes, it\u2019s definitely possible to open a business account online with both banks and fintechs. In fact, it\u2019s becoming more common to open a business account online, including at some of Canada\u2019s Big Five Banks<\/a>, like RBC and CIBC.<\/p> Fintechs and digital banking platforms also allow you to open business accounts online. You simply need to provide your personal and business details in an application form, then upload proof of ID and any required documents.<\/p> Online business banking platforms are best suited to businesses that do most of their banking digitally. Some providers that offer online business accounts include Airwallex<\/a>, Jeeves<\/a> and Tangerine.<\/p> It\u2019s also worth mentioning that some traditional brick-and-mortar banks openly market online business account applications, but, in practice, require you to visit a bank branch at some point in the process. In those cases, you\u2019ll typically be able to submit an online application, but will then be required to visit a branch to prove your identity and provide your business documents.<\/p> Here\u2019s a summary of select banks and fintechs that let you open a business account online in Canada:<\/p>Which banks and fintechs allow you to open a business account online?<\/h4>