Your guide to small business accounts at Vancity

Vancity is Canada’s largest community credit union, offering business accounts that make everyday banking straightforward while contributing to local communities through profit-sharing and sustainable initiatives. Its products are designed for organizations of all sizes, from sole proprietors to established enterprises.

In this guide, we’ll cover Vancity’s business accounts features and fees, and introduce Wise Business as an alternative for companies that need transparent, flexible international money management.

Overview of Vancity small business accounts

Vancity began in 1946 when a group of Vancouver residents created a credit union to serve people and businesses overlooked by traditional banks. Today, it’s grown into Canada’s largest community credit union with more than half a million members.

Its business banking services extend beyond chequing and savings accounts. Members can access financing, cash management tools, credit cards, and foreign exchange services, along with guidance from dedicated advisors.

As a co-operative, Vancity also reinvests 30% of annual profits1 back into members and community initiatives through its Shared Success program.

Types of Vancity small business accounts

Everyday Business Chequing accounts

Independent Business Account: A good fit for small businesses and those that send or receive frequent e-Transfers. This account includes free Interac e-Transfers and costs 6.50 CAD per month², though the fee is waived with a minimum balance of 1,500 CAD³. You also get one free transaction for every 500 CAD³ you hold in the account.

Business Full-Serve Package: Best for organizations that prefer in-branch service. You can choose a monthly tier that includes 20, 35, 50, 75, or 125 transactions⁴. Fees start from 15 CAD2 and Interac e-Transfers are 0.90 CAD4 each, while extra transactions cost 0.85 CAD⁴.

Business Self-Serve Package: Built for businesses that handle most of their banking online or by phone. Plans also include a wide range of electronic transactions per month, ranging from 20 to 75⁵, with monthly fees starting at 8 CAD². Extra transactions and Interac e-Transfers are charged the same as the Business Full-Serve package at 0.85 CAD and 0.90 CAD⁵, but there is an additional 1.25 CAD² fee for any in-branch transactions.

Business USD Chequing⁶: Designed for businesses that earn or spend in US dollars, there is no monthly fee, and the account includes one free everyday transaction per month. After that, in-branch or phone withdrawals and transfers cost 0.70 USD each, while cheques and pre-authorized payments are 0.50 each USD. Although Interac e-Transfers and debit card access are not available, the account lets you convert between CAD and USD when moving money, helping protect against exchange rate fluctuations.

Funds can be transferred easily between Canadian and US dollar accounts through online banking or the mobile app.

Business Savings accounts

Business Jumpstart Savings. A flexible choice for setting aside cash while still keeping it accessible, this account helps businesses earn more as their balance grows, with progressive interest rates up to 3.00%⁸ on large deposits. There’s no monthly fee⁷, and members benefit from free online transfers and anytime access to funds. In-branch withdrawals or payments are available for 5 CAD⁸ each.

Business USD Savings. For businesses that hold US dollar funds, this account eliminates the need for constant foreign exchange. Again, there’s no monthly fee for this account either⁷, and transactions are priced at 0.75 USD⁹ each. Interest is paid in USD, with tiered rates up to 0.04%⁷ depending on your balance. It’s a useful option if you regularly work with US clients or suppliers and want to reduce currency conversion costs.

Community & not-for-profit accounts

Community Service Package. Designed for registered non-profit organizations, this account offers straightforward day-to-day banking with no monthly fee. It includes up to 40 free transactions per month¹⁰, so it’s a practical choice for smaller community groups with predictable banking activity. Once the free allowance is used, standard transaction fees apply.

Trust Accounts (lawyer, notary, realtor). Available for lawyers, notaries, and realtors, these accounts have no monthly fee for basic transactions11. Interest earned helps fund three statutory foundations in British Columbia that provide legal research, legal aid, legal education, law reform and law libraries to the public.

Vancity small business account types and features

Account fees and transaction limits

Monthly account fees

• Everyday Business Chequing: 6.50 CAD-15 CAD+/month², depending on your chosen package. Some fees are waived with a 1,500 CAD minimum balance.
• Business USD Chequing: No monthly fee⁶
• Business Savings: No monthly fee²
• Community and Trust Accounts: No monthly fee for standard use¹⁰.

Transaction limits

• Independent Business: One free transaction for every 500 USD^{3 balance.}
• Full-Serve and Self-Serve Chequing: 20–125 included transactions^4,5, depending on tier.
• Business Savings: Free online transfers but in-branch withdrawals/payments are pay-per-use^8,9.
• Community Service Package: Up to 40 free transactions each month10, then standard fees apply.

Overdrafts and additional charges

• Overdraft protection: Available on chequing accounts for an added fee.
• Extra transactions: 0.60 CAD-1.25 CAD per item, depending on the chosen account.
• Interac e-Transfers: Free with the Independent Business Account²; $0.90 on most other plans.
• Business Savings: 5 CAD per in-branch CAD transaction on the Jumpstart account8; USD Savings 0.75 USD per item⁹.

Vancity small business account fees and limits

Advantages of a Vancity small business account

Banking with Vancity comes with a few benefits that set it apart from traditional banks. As a member-owned credit union, businesses are part of a co-operative model where profits are reinvested back into members and local communities. Your deposits not only provide banking security for yourself, but also contribute to sustainable projects, affordable housing, and local economic growth.

Vancity also offers a wide choice of accounts to fit different business needs. Whether you prefer in-branch service, self-serve digital banking, or need to handle funds in US dollars, there is an option available. Accounts are covered by the Credit Union Deposit Insurance Corporation of British Columbia, which provides full deposit protection. Businesses also benefit from access to financing and local account managers who can provide tailored advice.

Limitations of a Vancity small business account

While Vancity offers flexibility and community benefits, transaction allowances are capped, and once you exceed the included limit, fees can accumulate. Interac e-Transfers are free only with the Independent Business Account, while most other accounts charge 0.90 each. Savings accounts are free to hold while the Jumpstart account applies charges for in-branch activity, which may not suit businesses that rely on teller services.

Vancity’s services are also tied to British Columbia, so businesses operating nationally may find the geographic reach limited. International payments are not a core feature, which can create challenges for companies that work with suppliers or clients abroad. For organizations with higher transaction volumes or global payment needs, these limitations can reduce convenience and increase costs.

Wise Business as an alternative

For businesses that trade or pay suppliers internationally, Wise Business offers an alternative to traditional credit union accounts. It’s free to register, and for a one-time fee of 55 CAD10 you can unlock account details to receive money in 24 currencies, including CAD, USD, GBP, and EUR. That means you can get paid like a local in multiple countries without needing to open separate bank accounts abroad.

Wise always uses the mid-market exchange rate, which is the rate you often see on Google. This helps you avoid the markups banks typically add.

Fees are shown upfront and start from 0.48%10. You can hold and convert money in over 40 currencies, which makes paying international invoices or moving funds between currencies straightforward and cost-effective.

Wise Business also supports bulk payments, multi-user access, and integration with accounting tools like Xero and QuickBooks. This helps your team streamline payments, manage expenses, and reconcile accounts — all from one platform.

Conclusion

Vancity offers a range of business accounts that cover everyday banking, savings, and community-focused needs. As a co-operative, it also reinvests profits into local initiatives, which adds value beyond banking.

But despite its many advantages, there are still some limitations for business owners to consider. Transaction allowances can feel restrictive, e-Transfers may add extra costs on certain accounts, and support for global payments is limited. For businesses with wider payment requirements, these gaps can make daily operations less convenient.

Wise Business provides another option. It offers local account details in multiple currencies, transparent fees from 0.48%10, and the mid-market exchange rate with no hidden markups. Registration is free, with a one-off 55 CAD fee10 to unlock full account features, giving companies a way to manage money more easily across borders.