NBC Business Account Review: Features, Fees & Requirements

The National Bank of Canada (NBC) has roots in francophone communities and offers a range of business banking solutions to help manage daily transactions and growth. This article will guide you through the features, fees, and usability of a National Bank business account, and alternatives for international transfers.

NBC Review: Quick Overview

NBC: Key Features

NBC’s package structure allows businesses to scale costs based on transaction volume. The Digital Package ($7/month) offers unlimited electronic transactions and cheque deposits by ABM, mobile app, or scanner—perfect for a fully online experience. This can be ideal for businesses that operate remotely or have minimal need for in-branch services.

Other packages (Hybrid, Premium, etc.) vary by transaction limits and physical deposit allowances, with the Premium tier offering unlimited electronic and Interac e-Transfers for CAD $95/month or CAD $80 with a Platinum Business Mastercard or minimum CAD $80,000 balance. These higher tiers may appeal to businesses handling large transaction volumes or requiring more in-person banking flexibility.

NBC also offers USD accounts with no foreign exchange fees and other foreign currency accounts (15 currencies) tailored to businesses with international dealings.¹ For companies managing cross-border trade or receiving payments from overseas customers, it reduces the need for constant currency conversions.

Ease of Use

National Bank’s online banking business account platform provides powerful tools: real-time statements, transaction exports (up to 100 accounts), digital deposits, wire transfers, supplier payments, and foreign exchange, all accessible via the app or web. The interface is designed with business owners in mind, offering clear navigation and quick access to core features.

Some customers appreciate the ability to integrate NBC’s online banking with their accounting systems, streamlining record-keeping and reducing manual data entry.

Customer Service

NBC offers expert SME support, which offers specialized teams from various industries to help customers choose banking solutions tailored to their needs. A hands-on advisory approach can be especially valuable for start-ups or growing businesses that need guidance on financing, credit, and cash flow management.

Support is available through multiple channels, including phone and in-branch assistance, and some services can be arranged by appointment to reduce wait times. However, customer reviews indicate occasional issues with responsiveness, particularly at certain branches. While online support tools are available, including a help centre and secure messaging, these may not always resolve urgent concerns as quickly as desired.

NBC Fees

NBC’s business account fees depend on the chosen package:

• Digital Package: $7/month (unlimited electronic transactions, 12 Interac e-Transfers).
• Hybrid Package: $8/month (6 transactions, 2 Interac e-Transfers).
• Premium Package: $95/month (unlimited transactions, unlimited e-Transfers), reduced to $80/month with a Platinum Business Mastercard or waived with $80,000 balance.¹

International transaction fees may apply for physical transactions processed by agents. Wire transfers and foreign exchange services are available through online banking, though costs can vary by destination and currency.

Businesses that frequently send funds abroad should compare these rates with providers like Wise, which often offer more competitive pricing for international transfers.

Wise Business Could Help Your Company Save on Global Payments

NBC Benefits and Considerations

What are the benefits of NBC?

NBC delivers versatile business account options that scale with your transaction needs. The online banking tools allow seamless management of transactions, deposits, and foreign exchange. Multi-currency accounts add value for businesses operating across borders, and customers benefit from structured and expert support through the BusinessFlex team.

What are the potential challenges of NBC?

Cost-conscious businesses might find the monthly package fees a hurdle, especially as transaction volumes increase. While the digital platform is robust, in-branch experiences vary, which may affect customer satisfaction. If international transactions are a priority, NBC’s FX fees and wire transfer costs could be less competitive than alternatives like Wise.

Conclusion: Is NBC the Best Choice?

The National Bank of Canada’s business accounts offer flexibility for entrepreneurs who want a mix of essential banking tools, digital convenience, and in-person service. With varying transaction limits and monthly fees, and international fees that may apply, it’s important to compare account tiers to ensure you’re getting the best value for your business needs.

Small business owners looking for simple day-to-day banking and growing companies with more complex cash flow requirements will find that NBC’s range of accounts and additional services, like merchant solutions and financing options, can provide a solid foundation for managing their business finances. Always review the fee schedule and account features carefully to match them with your usage patterns before committing.

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments. Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Use Wise Business >>

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers
• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local
• Business Debit Card: Invite your employees to order a debit card for free, and pre-set their spending limit. Add them to your Business account with controlled access and track their spending in one place.
• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local
• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met
• Free invoicing tool: Generate and send professional invoices
• No minimum balance requirements or monthly fees: Canada based businesses can open an account for free. Learn more about fees here

Sources:

1. Open a Business Bank Account | NBC
2. NBC Review | Trustpilot