RBC vs Wise Business: Which Option Makes More Sense for Canadian Businesses?

When your business needs to move money internationally or manage multiple currencies, choosing between a traditional bank like RBC and an alternative banking solution like Wise Business can have real consequences for cost, speed, and flexibility. This article explores how both platforms stack up, from key features to costs, to help you decide which is the better fit for your business needs.

RBC vs Wise Business: Quick Overview

RBC vs Wise Business: Key Features

Both RBC and Wise Business offer valuable tools, but they serve different types of businesses. Let’s look at the key features of each to see how they compare.

RBC: Key Business Features

RBC offers several business chequing packages with different fee structures and features based on transaction volume. Accounts come with access to RBC Express, which allows for multi-user management, and the bank provides a range of financial products, including credit cards and loan and merchant services.

Beyond everyday banking, RBC also offers:

• RBC Express: An online platform with multi-user access and advanced cash flow tools, ideal for complex business structures.
• Credit products: Business loans, credit cards, and merchant services to support growth and financing needs.
• Branch and ATM services: Deposit and withdraw cash, manage cheques, and handle transactions in person.
• Dedicated support: In-branch and phone support for businesses that value face-to-face service.

This makes RBC a strong option for companies that operate mainly within Canada, handle cash regularly, or want access to a wide range of traditional banking services.

Wise Business: Key Features

Wise Business is designed for companies that work internationally and need simple, transparent tools for managing money across borders. With Wise, you can:

Where Wise stands out is in its built-in tools that streamline international finance without requiring additional software. These include:

• Hold and convert 40+ currencies in one account.
• Get local bank account details (such as USD, EUR, GBP) to receive payments from clients abroad.
• Integrate seamlessly with accounting platforms like QuickBooks and Xero.
• Control access with multi-user permissions for teams.
• Invoice and accept payments in different currencies.
• Spend globally with the Wise Business debit card, which automatically uses the real exchange rate for purchases in 160+ countries — helping reduce costs on overseas expenses.

The Wise platform is entirely online, with a clean and intuitive interface that makes international payments, expense tracking, and reconciliation quick and straightforward. It’s particularly well-suited for digital-first companies, freelancers, and businesses with clients, contractors, or employees abroad.

Comparing Costs Between RBC vs Wise Business

Monthly Account Fees

Business owners should consider how monthly fees can affect their overall cash flow, especially when bundled with transactions or account maintenance charges.

• RBC business accounts typically charge monthly fees, ranging from around $6 to over $100, depending on the account tier.² These fees often include a base number of transactions, with additional charges for exceeding limits. Some accounts offer rebates if you hold a minimum balance or bundle services.
• Wise business charges no ongoing monthly fees after a one-time setup fee of $55 CAD.¹ Once unlocked, you gain access to currency balances, local bank details, and international payments without ongoing subscription costs.

Foreign Exchange Rates

For businesses dealing in multiple currencies, FX rates are one of the most overlooked yet costly aspects of cross-border payments.

• RBC applies a foreign exchange markup on top of the mid-market rate. This markup is usually embedded in the rate you’re offered, and can often be 4-6% more expensive, especially when using an RBC credit card for international purchases.³ These hidden fees can make a big difference for businesses transacting in large volumes or across multiple currencies.
• Wise, on the other hand, uses the real mid-market exchange rate and charges a small, transparent fee starting at 0.48%, depending on the currency.¹ The full cost of the transfer is always displayed upfront, so there are no surprises. For businesses looking to reduce FX losses, this model can offer substantial savings.

Wire Transfers & International Payment

Speed, reliability, and cost all matter when sending or receiving money internationally. Traditional banks and fintech platforms handle these processes very differently.

• RBC supports global wire transfers, but the service comes with fees, typically $35 to $45 per transaction, depending on the destination and whether it’s incoming or outgoing.⁴ Additionally, intermediary banks may charge handling fees, further increasing costs.
• Wise avoids traditional wire networks by using its one infrastructure, which keeps transfer fees lower and delivery times faster. Most payments arrive within a few hours to 1-2 business days, and the pricing is highly competitive, often just a fraction of what you’d pay at a traditional bank.

Wise Business Could Help Your Company Save on Global Payments

Payment Methods and Accessibility

The way your business sends, receives, and manages money can significantly impact your business, especially if you deal with international clients, remote teams, or high transaction volumes. Both RBC and Wise offer different tools for managing payments, but their methods and accessibility differ based on business needs.

RBC

RBC offers broad access to payment and cash handling services, including:

• Business credit cards with expense tracking tools
• Cheque-writing capabilities
• Deposit and withdrawal at ATMs or in-branch
• Point-of-sale and merchant terminal support

This makes RBC ideal for businesses that operate primarily within Canada and need face-to-face banking, cash services, or physical card use.

Wise Business

Wise is entirely online, but designed for efficiency and automation:

• Send and receive payments internationally with full transparency
• Accept payments in multiple currencies via local bank details
• Reconcile payments quickly with built-in tools and accounting integrations
• Spend globally with the Wise Business debit card, which automatically converts currencies at the real exchange rate, helping you save on international expenses
• No cheque or in-branch services, making it better suited for digital-first companies or businesses without cash-handling needs

Which Platform Is Best for Your Business

Here’s how to decide which banking platform is best for your business:

Choose RBC if your business:

• Frequently handles cash deposits or in-person transactions
• Requires loans, credit cards, or in-branch support
• Operates primarily within Canada and values traditional banking relationships

Choose Wise Business if your business:

• Sends or receives international payments regularly
• Has clients, contractors, or employees in multiple countries
• Prefers a digital-first experience with fewer fees and better transparency

Final Thoughts

When weighing RBC vs Wise Business, it really comes down to the structure and location of your business operations.

• RBC delivers a wide array of traditional financial products and support, making it a practical option for companies that operate primarily within Canada and value face-to-face service and branch access.
• Wise Business offers a lean, international-focused solution that strips away the complexity of global payments, making it better suited for modern businesses that operate across borders.

If you’re looking to reduce currency conversion costs and streamline global payments, Wise Business offers a clear cost advantage, particularly when considering RBC’s credit card conversion rate or wire transfer fees. For traditional business needs like cash handling, loans, and in-person services, RBC remains a reliable option.

Sources:

1. Pricing | Wise Business
2. Business Banking Products & Advice | RBC
3. RBC International transfers | Wise US
4. Additional Account Services | RBC