What are the best business bank accounts for international payments in Canada?

For Canadian businesses trading globally, having the right bank account can make a big difference. When you’re paying suppliers, receiving client payments and managing multiple currencies, the wrong account can cost more in fees and exchange‑rate margins than the features are worth. But, like with most things, when it comes to business bank accounts, there’s rarely a one-size-fits-all.

That’s why we’re taking a look to see what some of the Canadian banks have to offer, and comparing their account offerings with an online alternative, Wise Business, to help you find the account that best fits your unique needs.

What makes a good business bank account for international payments?

The best accounts go beyond basic banking. Here’s what to look for and why it matters:

What to consider when choosing a business account for global payments

Comparing the best business bank account options in Canada

Before diving into each bank in more detail, here’s how their main international features compare:

Overview of international features across major Canadian providers

RBC business accounts for international payments

RBC offers a wide range of tools for Canadian businesses making and receiving international payments, with options for both occasional and high-volume transfers.

Key features:

• International wire transfers – Send payments to vendors and suppliers worldwide through RBC Online Banking or RBC Express
• Batch and automated payments – RBC Express and RBC PayEdge allow bulk payments and integration with accounting software
• Multi-currency accounts – Hold USD or other major currencies in Canada, and choose when to convert funds
• US and European account access – Open USD accounts or accounts in major European currencies for local transactions
• Online management – Set up recurring payment templates, track transactions, and export payment data for reporting

TD Business Banking and global payments

TD offers a range of cross-border and foreign exchange services for Canadian businesses that need to send or receive international payments, with support for over 25 currencies and online access through Web Business Banking.

Key features:

• International wire transfers – Send CAD or foreign currency payments to over 25 currencies via Web Business Banking
• Foreign currency accounts – Hold and manage USD or other major currencies to reduce conversion costs
• TDFX platform – Access real-time FX rates and execute trades directly for high-volume currency transactions
• Foreign currency bank drafts and cash – Purchase drafts or cash in over 50 foreign currencies

CIBC business accounts and foreign payments

CIBC supports international payments, including CIBC Global Money Transfer (GMT) to 130+ countries with a 0 CAD CIBC transfer fee. Pay online or in‑app; many transfers arrive within one business day.

Key features:

• CIBC Global Money Transfer – No transfer fee⁹ for sending to 130+ countries, with preferred FX rates for business clients
• USD and CAD funding options – Send from Canadian Business Accounts or USD Current Accounts
• High transfer limits – Send up to 100,000 CAD⁹ per transaction and per day.
• Multi-currency delivery – Recipients can receive funds in local currency or USD (where eligible)
• Fast delivery – Many transfers arrive in as little as one business day

BMO’s business banking options for cross-border payments

BMO offers a mix of traditional wire transfers and its own BMO Global Pay service for sending smaller-value international payments more quickly in the destination currency and at a potentially lower cost. Payments can be made to over 30 countries, often arriving within 1–2 business days, and in some cases, within minutes¹⁰.

Key features:

• BMO Global Pay – Built into Online Banking for Business; available for eligible payments up to 100,000 CAD¹⁰
• Wide destination coverage – Send to 30+ countries, including India, Germany, and the UK, in local currency or make wire payments in over 40 currencies¹¹.
• Fast delivery – Many transfers arrive either in minutes or within 1–2 business days¹⁰
• Clear exchange rates – See the rate upfront before confirming your payment
• Cross border banking – Do business in the US with a US BMO account and transfer money easily between your CAD and USD accounts

Understanding the true cost of international transfers

When comparing business bank accounts for global payments, the published wire fees only tell part of the story. The real cost of sending or receiving money internationally often includes hidden charges in the exchange rate and other processing fees.

FX markups

Most banks don’t give you the mid-market exchange rate like the one you see on independent sources like Reuters or Google. Instead, they add a percentage margin to the rate, known as an FX markup. Even a small margin of 2–3% can be more expensive than the flat wire fee, especially for high-value transfers.

For example, if you send 50,000 CAD overseas with a 2% FX markup, you’ll pay about 1,000 CAD in hidden conversion costs, on top of the stated wire fee.

Bundled fees in the exchange rate

Some providers advertise “no transfer fee” but recover costs by widening the exchange rate. While this might look cheaper upfront, it makes it harder to see exactly how much you’re paying. The result? You may get fewer funds on the other side, and the total cost can be higher than a service that charges a transparent fee but uses the real market rate.

Receiving costs and currency conversion

Fees don’t just apply when sending money. Incoming wires can also attract charges, both from your own bank and the sending bank. If the incoming payment is in a foreign currency, your bank may automatically convert it into CAD using their own FX rate, adding another hidden margin.

How to compare actual costs

To get a true comparison:

• Check the mid-market exchange rate at the time of transfer using a reputable source (Google or Reuters)
• Ask your bank or provider to disclose their exact exchange rate for your transaction
• Add the FX markup to the published wire fee for a complete cost picture
• Consider the speed of delivery, especially if you’re working with overseas suppliers or payroll deadlines
• Look at the currency holding options — a multi-currency account can help you avoid repeated conversion costs

What’s the best business bank account for international payments in Canada?

If you value in-branch support, a familiar relationship and bundled services like credit or payroll, a traditional business account with one of the Big Five might suit you, even if fees and exchange rates are not the most competitive.

If transparency, lower costs and multi-currency tools matter more, an online option like Wise Business can help you save on exchange rate markups while simplifying cross-border payments. Many businesses choose a hybrid approach, using a bank for domestic needs and a specialist, like Wise, for international transfers to get the best of both worlds.

Sources:

1. Business accounts and services
2. Wire Payments in RBC Online Banking for business – Fees and Cut-Off Schedule
3. Business Account Service Charges and Fees
4. Business Account Service Fees | CIBC
5. BMO Business Checking account
6. Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
7. Wise Business Fees & Pricing: Only Pay for What You Use
8. Online Foreign Currency Account - RBC Royal Bank
9. Send money internationally with CIBC Global Money Transfer for Business
10. Global Pay: International Business Payments - BMO Canada
11. International Banking: Solutions for Growth - BMO Canada