5 Best business bank accounts in Canada for UK businesses to consider

If you plan to take your UK business to Canada, getting your banking setup right is key to a smooth start. One of the first things you’ll need to do is open a business bank account to handle payments, taxes, and supplier costs. Having the correct account from day one can help you manage cash flow efficiently and build credibility with local partners and clients.

To help you find the best fit, we’ve rounded up some of the best business bank accounts in Canada and compared their fees, features, and eligibility criteria.

If you’re still in the early stages of expanding, consider a digital option like Wise Business. It lets you hold and send money in multiple currencies at the real mid-market rate, helping you manage cross-border payments easily and cost-effectively. Wise Busines can help you start trading in Canada right away, even before your business fully relocates.

Register for Wise Business 💼

Best business bank accounts in Canada: overview

The Canadian business banking market is dominated by the “Big Five” banks (for example, Royal Bank of Canada (RBC), Toronto‑Dominion Bank (TD), Canadian Imperial Bank of Commerce (CIBC), Bank of Montreal (BMO) and Scotiabank) plus other national lenders.

These institutions provide full-service business banking, including chequing (current) accounts, business savings accounts, foreign-currency (FX) accounts, and specialist packages. In broad strokes, Canadian business accounts tend to fall into three categories:

• Transaction/checking accounts (UK current accounts): used for day-to-day business operations such as paying suppliers, receiving revenue, and running payroll.
• Savings or reserve accounts: to store funds, earn interest, or manage rainy-day cash.
• Foreign-currency or multi-currency accounts: for businesses conducting international trade, holding USD or other currencies or managing cross-border payments.

If you’re a UK business planning to operate in or expand to Canada, you’ll want to compare business bank accounts in Canada carefully. This means looking at monthly fees, number of included transactions, FX (or CAD) account options and opening requirements.

And while opening a local Canadian bank account is often necessary (especially if you relocate), it’s also worth using a digital provider like Wise Business in tandem to handle cross-currency transactions more cost-effectively and efficiently.

Below is a comparison table of four major Canadian bank providers plus Wise Business.

Provider	Business account options	Key features of the core business account	Fees	Opening requirements
RBC (Royal Bank of Canada)	Business checking. USD business account, savings	Digital Choice Business: unlimited e-debits/credits. \ \ Unlimited digital cheque deposits. \ \ No minimum balance¹.	From CAD $6/month for a Digital Choice account¹.	Standard business ID. \ \ Business number \ \ Incorporation documents².
TD (Toronto-Dominion Bank)	Every Day Business Plan A: suitable for smaller transaction volumes³.	For the Everyday Plan, for example, it is $19/month (CAD) with 20 deposits and 50 items. \ \ Higher-transaction plans up to ~$125/month³.	Business registration (sole proprietorship, corporation, etc.). \ \ ID \ \ Business number³.	Business registration \ \ Beneficial owner details. \ \ Business number³.
CIBC (Canadian Imperial Bank of Commerce)	Basic Business Operating, \ \ Unlimited Business Operating, \ \ Foreign-currency accounts.	Basic Business Operating Account®: low monthly fee, pay-per-use transactions⁴.	The monthly fee starts at CAD $6 for basic business operations⁴.	Business registration, \ \ Beneficial owner details, \ \ Business number.
Scotiabank	Basic Business Account \ \ Right Size Account \ \ Foreign currency⁵	Basic Business Account: monthly fee $10.95 CAD, waived if balance over $8,000⁶. \ \ Transactions are included for every $1,500 held⁶.	Monthly fee: CAD $10.95 (or waived if minimum balance maintained)⁶.	Business registration Standard ID/documentation.
Wise Business (Digital multi-currency)	Single multi-currency account. \ \ Hold, send, receive 40+ currencies (including CAD, USD)⁷	Hold and convert many currencies at the mid-market rate. \ \ Local account details for CAD, USD, etc. \ \ Batch payments, team cards, and integrations⁸	No ongoing subscription \ \ One-time setup ≈ CAD $55 for full local account details⁸. \ \ Currency conversion fees from ~0.48% and ATM withdrawal rules apply.	Business registered in supported country (including Canada) \ \ ID \ \ Business registration docs, beneficial owners.

Choosing a bank account with flexible foreign currency options can make all the difference, particularly if you’re invoicing in GBP or CAD or working with Canadian suppliers.

Traditional banks offer plenty of benefits, including:

• A strong domestic network and reliable local support
• Access to relationship managers for smoother compliance and payroll
• Integrated tools for handling taxes and supplier payments

Still, a digital multi-currency account like Wise Business can be useful for cross-border transfers. For the best of both worlds, consider using a traditional bank for local operations and Wise Business for international payments. This combination can help you get your business up and running quickly, whilst also reducing costs from FX fees too.

Comparing business bank accounts in Canada: criteria

When choosing the best business bank accounts in Canada for startups or growing businesses, it’s important to look beyond brand names and focus on what truly fits your business model and growth stage. Each provider, whether it’s a traditional bank or a digital option like Wise Business, comes with unique advantages.

For startups or a growing business, it’s best to pick an account that fits your daily needs now but can also scale with your business. The main criteria to help you compare your options effectively should cover:

• Eligibility: To open a business account, you’ll typically need proof of registration, ownership details, and valid ID. UK-based businesses expanding to Canada may also need incorporation or tax documents for both regions.
• Features and services: The best accounts simplify money management with online banking, expense tracking, overdraft support, and dedicated assistance. Some also include extras like accounting integrations or merchant payment tools.
• Fees: Watch for monthly fees, transaction charges, and transfer costs. These can add up quickly. For cross-border businesses, exchange rate markups are especially important to compare.
• Integrations: Choose accounts that integrate with tools like Xero, QuickBooks, or Sage to save time on admin. Digital-only providers such as Wise Business also offer multi-user access, API support, and smooth accounting compatibility.

Below, we’ll explore the top Canadian banks and see how their business accounts compare.

Royal Bank of Canada (RBC)

RBC has a variety of business banking options including checking/transaction accounts, savings accounts, and U.S.-dollar/foreign-currency business accounts (for example their US Dollar Business Account). This is helpful if your business needs FX or USD-denominated account functionality (for cross-border trade).

Key features¹	Fees²
Online and mobile banking, unlimited electronic debit/credit transactions on some packages. U.S.-dollar accounts to facilitate cross-border USD flows. Cash deposit options, ATM deposits, cheque deposits.	CAD $6/month 10 outgoing e-transfers per month included; CAD $1.50 each after CAD $2.50 each for paper debit/credit transactions CAD $5.00 per $1,000 (in-branch); CAD $2.25 per $1,000 (ATM/Night & Day) ~2.5%–3% on international payments/cards (no dedicated multi-currency holding account)

Trustpilot Score: 1.3 of 5.00 (of 1666 reviews)¹⁰

Eligibility: To open an account, businesses must provide standard registration documents, a business number, and identification for all beneficial owners. RBC’s U.S. Dollar Account requires no minimum opening deposit, though regular fees apply.

Integrations: RBC integrates smoothly with Moneris for merchant POS deposits. It offers unlimited deposits under the Digital Choice package and supports major accounting tools like QuickBooks and Xero.

Best for: Suitable for small to mid-sized Canadian businesses and e-commerce stores that handle frequent local transactions, need access to USD banking, and prefer in-branch support. Pairing it with a dedicated FX provider can make international transfers more cost-effective.

Toronto‑Dominion Bank (TD)

TD offers business chequing/transaction accounts, savings accounts, U.S. dollar business chequing accounts for firms doing cross-border work.

Key features³	Fees¹¹
Unlimited electronic transactions in higher-tier plans. Free online and mobile banking with TD EasyWeb and TD app. Interac e-Transfers, wire transfers, and bill payments supported. Option to open CAD and USD business accounts.	CAD $5/month US Dollar Business Plan A: CAD/US $19/month US Dollar Business Plan B: CAD/US $39/month US Dollar Business Plan C: CAD/US $72/month

Trustpilot Score: 1.4 out of 5.00 (of 2736 reviews)¹²

Eligibility: Legal business documentation (Articles of Incorporation or registration) required. Some U.S. dollar business plans may need minimum deposit items and transactions.

Integrations: TD Bank integrates with major accounting tools like QuickBooks, Xero, and Sage, as well as POS systems such as Moneris. It also supports payroll services like ADP and Ceridian, plus APIs for custom business integrations.

Best for: Startups or SMEs in Canada already doing or planning moderate U.S./CAD cross-border trade, who want full-service bank support and are likely to maintain higher transaction volumes.

CIBC (Canadian Imperial Bank of Commerce)

Like the other top banks, CIBC also offers a range of business checking and savings accounts, including USD business accounts for companies with cross-border needs. The bank provides digital and in-branch support, with flexible plans for startups, growing businesses, and established enterprises.

Key features¹⁴	Fees⁴
Unlimited electronic transactions in higher-tier plans. Free online and mobile banking via CIBC SmartBanking™ for Business. Interac e-Transfers, wire transfers, and bill payments supported. Option to open CAD and USD business accounts. Overdraft protection and merchant services available.	CIBC Basic Business Operating Account: CAD $6/month. CIBC Unlimited Business Operating Account: CAD $65/month (includes unlimited transactions). USD Business Operating Account: USD $25/month. Transaction fees vary by plan (e.g., CAD $1.25 per additional transaction in basic plans).

Trustpilot score: 1.2 out of 5.00 (of 1769 reviews)¹³

Eligibility: Requires standard business registration documents (Articles of Incorporation or Master Business Licence) and valid ID for all signing authorities.

Integrations: CIBC integrates with QuickBooks, Xero, and Sage, and connects with Shopify and popular POS systems. Its SmartBanking™ platform also syncs with cloud accounting tools for real-time financial insights.

Best for: Small to medium-sized businesses and startups seeking a traditional Canadian bank with reliable online tools, strong local support, and access to both CAD and USD accounts.

Scotiabank

Scotiabank has a broad range of business banking options including chequing/transaction accounts, savings plans, and both CAD and USD business accounts. This makes it a viable choice for small businesses with local and cross-border needs.

Key features	Fees
Automatic bank feeds and full accounting-software integration via partnerships with Xero and QuickBooks¹⁵. Online and mobile banking tools with business-specific features via ScotiaConnect™. CAD and USD business account availability⁶.	CAD $6 monthly fees CAD $10.95/month (waivable if balance ≥ CAD $8,000) Select Account for business (Plan A/B/C/Unlimited): CAD $20/$40/$75 /$120

Trustpilot score: 1.1 out of 5.00 (of 1337 reviews)

Eligibility: The accounts are available in Canadian and U.S. dollars for international businesses. To open an account, you need standard business documentation such as registration/incorporation paperwork and identity verification of owners.

Integrations: Scotiabank supports automatic data feeds to Xero, and enhances connectivity with QuickBooks and other accounting platforms via API-enabled services through Scotia TranXact™.

Best for: Works quite well for Canadian small- to medium-sized businesses that want full-service branch access combined with solid digital tools and may occasionally need USD or cross-border functionality. If your business is heavy on multi-currency transactions, however, you may still want to complement Scotiabank with a specialist FX-enabled account.

Wise Business Account

Wise Business is a global money platform offering multi-currency accounts tailored for freelancers, startups, and SMEs trading internationally. Unlike traditional banks, Wise specializes in borderless banking. It lets you hold, send, and receive payments in 40+ currencies with local account details in major regions including CAD, USD, GBP, EUR, AUD, and more.

Key features¹⁸

Fees¹⁸

Hold and manage 40+ currencies in one account. Receive money with local account details in up to 8+ currencies (including CAD, USD, GBP, EUR, AUD). Send payments to 140+ countries at the real mid-market exchange rate. Multi-user access and role-based permissions for team management. API access for automated payouts and integrations. Business debit card (where available) for international spending.

No monthly maintenance fees. Currency conversion from 0.43% per transaction. Free in most currencies (small fee for USD wires) One-time fee (~CAD $14) Low fixed + % fee, visible upfront

Trustpilot score: 4.4 out of 5.0 (of 272,702 reviews)¹⁷

Eligibility: Any registered business, freelancer, or sole trader can open a Wise Business account online. You’ll need standard verification documents such as business registration details, ID of the business owner(s), and proof of address. No minimum deposit or local presence in Canada required.

Integrations: Wise Business integrates easily with QuickBooks, Xero, and FreeAgent. This allows automatic reconciliation of payments and expenses. It also gives API support for custom finance automation, as well as connection to Shopify and Stripe for e-commerce and payment management.

Best for: Wise Business suits freelancers, startups, and SMEs dealing with international clients or suppliers who want to reduce FX costs and manage global payments efficiently. It’s not a full-service bank (no loans or overdrafts), but it’s a great option for borderless payments, currency flexibility, and transparent fees. This makes it a perfect companion or alternative to a traditional Canadian business account.

Consider a non-banking alternative with Wise Business

If your UK business is expanding into Canada, a digital solution like Wise Business can be a smart, flexible starting point. This could be your stepping stone before setting up a full traditional bank account. Traditional banks usually require in-person verification or local incorporation, but Wise lets you open an account online with minimal documentation.

You can open a UK Wise Business account and then easily create local account details in CAD, helping you manage payments, invoices, and FX conversions. This also means that you can start trading with Canadian clients and suppliers right away, even before officially relocating or registering your business in Canada.

Compared with traditional banks, Wise Business stands out for its:

• Flexible account setup: No need for a Canadian address or physical branch visit.
• Multi-currency support: Hold and manage over 40+ currencies with local account details in 8+ major ones (including CAD, USD, GBP, and EUR).
• Transparent FX rates: Send and receive money globally at the real mid-market rate. There are no hidden markups or inflated exchange margins.
• Lower fees: No monthly account fees; just low, upfront transaction costs.
• Easy integrations: Syncs with accounting tools like Xero, QuickBooks, and FreeAgent, plus e-commerce platforms like Shopify and Stripe.

This makes it clear that Wise Business makes it easy to bridge your UK and Canadian operations. It brings a professional banking experience without the usual red tape. It’s a smart, budget-friendly choice for startups exploring the Canadian market or managing clients across borders.

How to choose the right bank account in Canada

Listed below are some factors you should evaluate when choosing a Canadian bank for your business: \

• Define your priorities: Decide whether low fees, easy access, FX support, or relationship management matter most.
• Check account types and flexibility: Choose an account that fits your current needs but can scale as your business grows.
• Compare fees carefully: Review monthly, transaction, and international transfer fees, especially for frequent cross-border payments.
• Evaluate digital tools and integrations: Ensure compatibility with platforms like QuickBooks, Xero, or Shopify to save time.
• Consider FX and global payments: Pick an account with competitive exchange rates, or pair your bank with Wise Business for cheaper transfers.
• Review eligibility and documentation: Have your business registration, tax info, and ID ready, especially if expanding from the UK.

A good look at these factors can help you decide the best business bank account in Canada that supports both your daily operations and long-term growth.

💡 Explore our complete guide to open a business bank account in Canada

Grow your business in Canada with Wise Business

Building your presence in Canada starts with smart financial moves. Traditional banks offer strong local support. At the same time, Wise Business can give you global flexibility without any hiccups. Whichever route you choose, set yourself up with an account that helps your business grow seamlessly, at home and abroad.

Register for Wise Business ✍️

Sources:

1. Digital Choice Business Account
2. Service Fees Guide (PDF)
3. Small Business Bank Accounts
4. Business Accounts Overview
5. Business Banking Solutions
6. Basic Business Account Details
7. Hold Fees (CAD to USD)
8. Pricing Overview
9. RBC US Business Account
10. RBC Reviews
11. Business Bank Accounts
12. TD Bank Reviews
13. CIBC Reviews
14. Business Banking Overview
15. Partnership with Xero
16. Select Account for Business
17. Scotiabank Reviews
18. Wise Reviews
19. Wise Business vs Personal (Canada)

Sources checked on: 20/10/2025