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Banking

Best Business Bank Accounts in Canada

Before you send or receive payments on behalf of your business, you’ll need a dedicated business account to allow you to manage your finances most efficiently. However, if you’re new to doing business in Canada, or if you’re a non-resident or expat there, you might find it challenging to select the right account to cover all your needs.

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Updated 29-9-2025

This guide will cover both how to open a business account and which banks or providers are best for expats and non-residents. 

We’ll cover some major Canadian bank options as well as specialist providers like Wise Business which has multi-currency account features with no monthly fees, mid-market exchange rates and perks like accounting integrations to cut down on admin.

Wise Business

Wise Business lets you hold 40+ currencies in one place, and get paid in 20+ currencies to allow you to connect easily with customers globally. When you need to send transfers to suppliers or contractors, you get the mid-market rate with low, transparent fees, with payments to 140+ countries which can arrive quickly or even instantly. Plus you can order the Wise Card for yourself and your team to make business spending and expense management effortless. Wise Business also has accounting integrations, batch payments for running international payroll, and access to an API to streamline workflow. And if you need to send high value payments you could get fee reductions and support from a dedicated large amount transfer team.

Can a foreigner open a business account in Canada?

Yes. A foreigner can open a business account in Canada.

If you have a Canadian registered business you can choose to open a business account with a bank like Scotiabank, or a specialist provider like Wise.

Not all Canadian banks allow non-resident account opening, and it’s common to find that as a non-resident you need to talk your situation through with a banker to help establish if there’s an account that suits your needs. 

Whether or not you can find a fit depends on your residency and entity type. In this guide we’ll focus on the business accounts available for non-residents of Canada so you can decide which is best for your specific needs.

Best business bank accounts in Canada:

To help you select the best business bank accounts in Canada for your specific needs, we’ve compared a range of account options from specialist providers, alongside major Canadian banks. 

Methodology: We’ve picked low fee accounts which support applications from Canadian business owners including non-residents, and looked at international features and fees including supported currencies and transfer costs, to help the owners of Canadian based businesses trading globally find a good fit. 

We’ve used Wise and Airwallex as specialist providers which are not banks, as well as Scotiabank, BMO and RBC to give an idea of the bank features offered.

Here’s a comparison on important features and fees, with more detail on each option right after.

Provider/BankEligibility Key feesSupported currenciesInternational transfer fees
Wise Business AccountBusiness owners in Canada and many other countries55 CAD account opening fee for full feature access
No monthly fee
40+ currencies supported to hold
Receive 8+ currencies with local account details, and 20+ with SWIFT details
Low, transparent fee from 0.48%
Airwallex Business AccountBusiness owners in Canada and many other countriesNo account opening fee
Monthly fees from 0 CAD – 99 CAD/month
20+ currencies supported to receive and holdNo fee for local transfers to 120+ countries
SWIFT transfers to 200+ countries for 20 CAD – 35 CAD
Interbank rate + 0.5% or 1% depending on currencies 
Scotiabank Right Size for Business AccountBusiness owners in Canada – applications in branch only, additional eligibility rules may apply No account opening fee
Monthly fees 6 CAD/month
CADVariable fees for digital payments
In branch – 0.2% + destination fee of 7.5 CAD – 15 CAD
Exchange rate markups are likely to apply
BMO Business Start AccountApplications managed in branch only, speak to your banker for eligibility rulesNo account opening fee
Monthly fees 6 CAD/month
CADUp to 50 CAD for outgoing wire payments
Exchange rate markups are likely to apply
RBC Flex Choice Business AccountApplications managed in branch only, speak to your banker for eligibility rulesNo account opening fee
Monthly fees 7 CAD/month
CADFrom 15 CAD for outgoing wire payments
Exchange rate markups are likely to apply
*Details correct at time of research – 20th August 2025. About Wise pricing: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Wise Business Account

💡 Great for: No ongoing fees, with 40+ supported currencies, and mid-market rate currency conversions

Use a Wise Business Account to hold 40+ currencies, and set up account details for your business in 20+ currencies, allowing customers to pay you in their preferred currency conveniently. If you need to send payments overseas, transfers are quick or instant and use the mid-market rate with low fees from just 0.48%, making this a great option for Canadian businesses which trade internationally.

Plus get business friendly perks like business debit and expense cards to use overseas without foreign currency transaction fees, batch transfers and integrations with your favourite accounting software and save time on admin. Choose from Xero, QuickBooks, FreeAgent and more.

Account fees: No monthly fee, 55 CAD account opening fee for full feature access

Support currencies: 40+ currencies supported to hold, receive payments in 8+ currencies with local account details, and 20+ currencies with SWIFT details

International payments: Low, transparent fee from 0.48%

Exchange rates: Mid-market exchange rate

Eligibility criteria: Business owners in Canada and many other countries

Required documents: Proof of ID and address,  business registration documents – details of beneficial owners also required

Airwallex Business Account

💡 Great for: Companies taking customer card payments in multiple currencies, with ways to hold and receive 20+ currencies easily

The Airwallex Business Account is popular with ecommerce and fully digital businesses as it offers a great selection of ways to get paid by customers by bank transfer and with local and global cards. You can choose the most basic account which has no monthly fee, or an account with ongoing costs which unlocks more features and lower per transaction charges. 

All Airwallex accounts have features like corporate cards which can be eligible for cash back on spending, multi-currency account features and expense management tools.

Account fees: No account opening fee, service fees from 0 CAD – 99 CAD/month

Support currencies: 20+ currencies supported to receive and hold

International payments: No fee for local transfers to 120+ countries, SWIFT transfers to 200+ countries for 20 CAD – 35 CAD

Exchange rates: Interbank rate + 0.5% or 1% depending on currencies 

Eligibility criteria: Business owners in Canada and many other countries

Required documents: Proof of ID and address,  business registration documents – details of beneficial owners also required

Scotiabank Right Size for Business Account

💡 Great for: Budget friendly CAD business account with a low monthly fee and per transaction charges

The Scotiabank Right Size for Business Account is recommended for newer businesses which need a small number of in branch transactions monthly, but which can’t manage all their finances online. There’s a low monthly fee, and then a per transaction fee which goes down the more monthly transactions you need. If you find the account is no longer serving your needs you can trade up without additional costs to transfer to a new account product.

Scotiabank’s general account policies state that non-residents can apply, but only in branch.

Account fees: No account opening fee, Monthly fees 6 CAD/month

Support currencies: CAD

International payments: Variable fees for digital payments. In branch – 0.2% + destination fee of 7.5 CAD – 15 CAD. 18 CAD fee for incoming payments 

Exchange rates: Exchange rate markups are likely to apply

Eligibility criteria: Business owners in Canada – applications in branch only, additional eligibility rules may apply 

Required documents: Proof of ID and address, business registration documents – details of beneficial owners also required

BMO Business Start Account

💡 Great for: CAD account with no minimum balance, low monthly fees and some transactions included for no extra cost

The BMO Business Start Account has a low 6 CAD fee monthly, and then you get 7 transactions and 2 Interac payments for free. Additional fees apply per transaction if you exceed this amount, but this can be a good fit for new and growing businesses with simple transaction needs. Accounts are in CAD only, although you can send and receive international payments for a fee.

BMO does not publish their policies on allowing non-resident applications, as you need to talk your needs through with a member of the banking team to establish your suitability for BMO products.

Account fees: No account opening fee. Monthly fees 6 CAD/month

Support currencies: CAD

International payments: Up to 50 CAD for outgoing wire payments, 16 CAD for incoming payments

Exchange rates: Exchange rate markups are likely to apply

Eligibility criteria: Applications managed in branch only, speak to your banker for eligibility rules

Required documents: Proof of ID and address, business registration documents – details of beneficial owners also required

RBC Flex Choice Business Account

💡 Great for: Pay as you go CAD account with unlimited free deposit and a low monthly fee

The RBC Flex Choice Business Account may be a good pick for customers looking to deposit cheques as there are no fees, with discounts available on cash deposits too. There’s a 7 CAD monthly fee and then you pay per transaction making this a suitable account for new businesses which don’t need to make large volumes of transactions monthly.

RBC does not have published guidance on whether non-residents can apply for this account. Applications are managed through personal bankers who can help you establish if the account is suitable based on your residency and entity type.

Account fees: No account opening fee. Monthly fees 7 CAD/month

Support currencies: CAD

International payments: From 15 CAD for outgoing wire payments, 17 CAD fee for incoming wires over 50 CAD in value

Exchange rates: Exchange rate markups are likely to apply

Eligibility criteria: Applications managed in branch only, speak to your banker for eligibility rules

Required documents: Proof of ID and address, business registration documents – details of beneficial owners also required

How to choose the right account for your business

It’s important to choose the right account for your business to cut the costs of financial transactions and make sure you have access to all the services your business might need right now and in the future. 

Canadian banks tend to offer checking and saving accounts which are split by business size, with some tailored to new companies and startups, and others more for growing and established organizations. When you decide which account is best for your needs, you’ll need to consider the following points:

  • Ongoing account fees: Ongoing fees can eat into your profits. Canadian banks often have fees of around 6 CAD for basic accounts, while specialist providers may offer accounts with no monthly charges.
  • Account transaction fees: Other costs apply to most accounts, depending on how you transact. Look at the fees for common transactions carefully to make sure you know what to expect.
  • Feature availability: Check the account has all the features you need. Digital accounts may not support cash deposits for example, while Canadian banks tend not to offer multi-currency features.
  • Eligibility: Some banks limit accounts to Canadian residents with businesses registered in Canada, while digital providers may be more flexible.
  • Currency options: If you need to hold, send or receive foreign currencies you may benefit from a multi-currency account with ways to get paid in foreign currency without converting back to CAD – options like Wise can be a good pick.
  • International payments: Paying contractors, suppliers and overseas employees can be costly. Choose a provider which supports low cost transfers with good exchange rates to save on fees.

How to open a business bank account in Canada:

The exact process to open a business account in Canada can depend on the provider or bank you select. However, the process is usually quite uniform.

Here’s how to open a business bank account in Canada in a few simple steps.

Step 1: Understand the requirements

If you’re opening an account with a Canadian bank you’ll need to check that you’re eligible to apply, based on your residence and business type. Some banks do not publish their policies on offering accounts to non-resident customers, so you may need to talk directly to a member of branch staff to understand your eligibility.

Specialist providers like Wise do have their own eligibility requirements, but these may be more flexible, depending on your personal situation.

Step 2: Gather your documents

All banks and specialist providers need to see some paperwork to support your application. This usually includes:

  • Proof of ID like your passport – a secondary ID document may also be needed
  • If you’re a foreigner in Canada you may need to show proof of legal residency if relevant
  • Social Insurance Number
  • Proof of address like a utility bill
  • Business registration documents – the requirements here vary according to entity type

In most cases you also need to provide information and documents for beneficiary owners – anyone with a large stake in your business – and directors. Check with your preferred bank or provider directly so you know what’s needed.

Step 3: Submit your application 

Banks usually ask you and any co-applicants to visit a branch in person to submit your application. You can make an appointment in advance and a member of the team will take you through the application process. Take along your documents to show for verification.

If you choose a digital first provider, the application, verification and onboarding process is normally done online.

Step 4: Fund your account and start to transact

Once your account is verified – which may be instant or may take a few days – you can fund your account and start to transact. If you’ve applied online, your account materials like a debit card will be mailed to your registered address.

Conclusion

Canadian business owners have a good choice of account options depending on entity type and transaction requirements. You can choose an account from a Canadian bank or a specialist provider like Wise. Ultimately, the best option for your business will depend on your specific business type and residency status.

If you’re a Canadian resident and need checking or cash deposit services, a business account from a bank like Scotiabank might be a good choice. Or if you’re running a company with a more international outlook, a provider like Wise Business could be an excellent pick for multi-currency payment solutions, low fees and the mid-market rate when you send, spend or exchange currencies.

Canadian business account FAQs

Can a non-resident open a business bank account in Canada?

Yes. A foreigner can open a business account in Canada. If you have a Canadian registered business you can choose to open a business account with a bank like Scotiabank, or a specialist provider like Wise .

Can I use a personal bank account for business purposes?

Some entity types must have a dedicated business account by law – but even if you’re a sole trader or freelancer, opening a business bank account can be an excellent option. Having a dedicated business account makes it easier to view and manage company transactions, track performance and access business friendly features.

How much money is needed to open an account?

There’s not usually a fee to open a bank account but monthly fees of 6 CAD or more can apply, with per transaction costs on top of this.

Useful resources

Author

Claire Millard

About the author

Claire Millard is a content and copywriter with a specialty in international finance and 10 years experience working in-agency and as a contractor, with some of the most innovative financial service organisations in the world. Her work has featured in The Times and The Telegraph, as well as industry magazines and leading personal finance blogs.

Having lived in 5 different countries over the past 10 years, Claire is particularly interested in helping expats, travellers and anyone else living an international lifestyle to navigate the complexities of managing money across currencies, even if it means spending most of her working life squinting at a screen trawling the Ts&Cs and interpreting bank small print.