Canadian business bank fees, 2026
The monthly fee, e-Transfer, cash deposit, FX and interest terms of 13 Canadian business accounts, the Big 5 banks, National Bank, Desjardins and the online accounts that compete with them, read at each provider’s own pricing page or fee guide on Sep 28 2026. Free to cite with a link to this page.
Key findings
- Solo consultant
Up to $240 a year apart
$0 a month at Venn, Wealthsimple, EQ Bank, Airwallex against $20 at CIBC, Scotiabank.
Assumes 15 electronic transactions including 5 e-Transfers sent, no cash, no USD. Accounts that cannot handle the whole profile are left out.
- Growing service business
Up to $480 a year apart
$0 a month at Wealthsimple against $40 at Scotiabank.
Assumes 40 electronic transactions including 15 e-Transfers sent, plus $2,000 of cash in one ATM deposit a month, no USD. Accounts that cannot handle the whole profile are left out.
- Importer converting US$10,000 a month
Up to $3,709 a year apart
$63.45 a month at Venn against $372.50 at CIBC, Scotiabank.
Assumes 20 transactions including 10 e-Transfers sent, plus the FX spread on US$10,000 (about CA$14,100 at 1.41). Accounts that cannot handle the whole profile are left out.
- Interest on the operating balance
4 of 13 accounts pay any
Venn (2% on CAD and USD), Wealthsimple (1.25% to 2.25% by status), EQ Bank (2.25%), Wise (2.22% CAD, 3.40% USD, opt-in and variable). None of the Big 5, National Bank or Desjardins plans pays interest.
The biggest single cost is currency conversion. No bank publishes a spread for account conversions or wires; RBC, BMO, Scotiabank and National Bank publish 2.5% on foreign card purchases, and that rate is used for every bank row. For a business converting US$10,000 a month, 2.5% is about CA$353 of a bank monthly bill of up to $372.50, against $63.45 all-in at Venn.
The fee schedule, account by account
Entry plan of each provider, plus Venn’s Plus, Pro and Custom plans, CAD, before tax. Each row links to the page it was read from.
| Account | Monthly fee | Fee waived at | Transactions | Interac e-Transfer | Cash deposits | FX markup | Interest | In Quebec |
|---|---|---|---|---|---|---|---|---|
| Venn Essentials plan | $0 | No fee to waive | Unlimited; outgoing EFT, ACH, SEPA and UK Faster Payments $2 each on Essentials; SWIFT and Fedwire $10; receiving free | Free, send and receive; sends capped at $3,000 a day for a sole proprietor, $10,000 for a corporation | Not accepted (no cash or cheques) | 0.45% (0.35% Plus, 0.25% Pro) | 2% on CAD and USD; 2.75% CAD and 3.00% USD on net-new balances funded by Oct 15 2026, held to Jul 15 2027 | No |
| Venn Plus plan | $40 | Not offered; 14-day free trial, one per business | Unlimited; local EFT, ACH and SEPA free; wires $8; 10 users | Free, send and receive | Not accepted (no cash or cheques) | 0.35% | 2% on CAD and USD; 2.75% CAD and 3.00% USD on net-new balances funded by Oct 15 2026, held to Jul 15 2027 | No |
| Venn Pro plan | $100 | Not offered; 14-day free trial, one per business | Unlimited; local EFT, ACH and SEPA free; wires $6; 20 users | Free, send and receive | Not accepted (no cash or cheques) | 0.25% | 2% on CAD and USD; 2.75% CAD and 3.00% USD on net-new balances funded by Oct 15 2026, held to Jul 15 2027 | No |
| Venn Custom plan | Not published (talk to sales) | Not published | Unlimited; local EFT, ACH and SEPA free; wires $6; 21-plus users | Free, send and receive | Not accepted (no cash or cheques) | 0.25% | 2% on CAD and USD; 2.75% CAD and 3.00% USD on net-new balances funded by Oct 15 2026, held to Jul 15 2027 | No |
| Wealthsimple Business chequing | $0 | No fee to waive | Unlimited; free CRA payments; outgoing wire $15 (CAD only) | Unlimited and free, send and receive | Free at Canada Post; $10 minimum, $3,000 per deposit | CAD only; incoming USD converted at the standard FX fee (1.50% under $10,000); prepaid Visa 0% FX | 1.25% to 2.25% by status; +0.5% with $2,000 of direct deposits in 30 days, capped at 2.25% | Yes, with a federal business number |
| EQ Bank Business Account | $0 | No fee to waive | Unlimited free EFTs, bill payments (CRA included) and mobile cheque deposits; no wires | 50 out and 100 in free, then $0.50 | Not accepted; ATM withdrawals with the prepaid Business Card | Conversion rate not published (shown after sign-in); Business Card 2.00% on foreign purchases | 2.25%; Business US Dollar Account 2.50% | No |
| Airwallex Explore plan | $0 | No fee to waive | Local CAD and USD transfers free; SWIFT $20 to $35; international transfers over local networks $1 to $10 each from Oct 12 2026 | Send and receive, up to $25,000 per transfer; no fee published | Not accepted | 0.5% majors, 1% others | None | Yes (Revenu Québec MSB licence) |
| Wise Wise Business | $0; one-time $55 set-up fee | No fee to waive | Free CAD EFT, Interac and direct debits; no bill payments or domestic wires | Free, send and receive; up to $25,000 | Not accepted (no cash or cheques) | From 0.19%; CAD to USD 0.48% at $1,000 and $10,000 | 2.22% CAD, 3.40% USD, opt-in and variable; not available in Quebec | Yes (no interest) |
| Loop Basic plan | $0 (Plus $79, Power $299) | No fee on Basic | Unlimited free EFT, ACH, SEPA and wires; CAD operating account (beta) with PADs | Receive only, free by Autodeposit; sending not supported | Not listed | 0.47% (0.27% Plus, 0.12% Power); 0% on card spend in a held currency | None listed | Yes; cards not issued to Quebec sole proprietors |
| RBC Digital Choice Business Account | $6 | Not offered (Ultimate $100, waived at $75,000) | Unlimited electronic debits and credits; paper $2.50 each | 10 free, then $1.50 | $5 per $1,000 at a branch, $2.25 at an ATM or Night and Day | 2.5% on card conversions | None | Yes |
| TD Business Digital Account | $6 | Not offered (Essential $35 at $45,000) | Unlimited electronic transactions and deposit items; assisted $2.50 each | 10 free, then $1.50 | $5 per $1,000, none included | About 2.5% on card purchases (Interac rate plus 0.035) | None | Yes |
| BMO Essential Business Account | $5 (opened since Mar 9 2026; $0 if opened before) | Not offered (Enhanced $50 at $35,000; Elite $75 at $75,000) | Unlimited electronic and ATM; in-branch $5 each | 6 free, then $1.50 | Not included; $2.50 per $1,000 | 2.5% on debit card purchases | None | Yes |
| CIBC Everyday Business Operating Account | $20 ($25 in a month with full-service use) | $20,000 minimum daily balance | 30 including e-Transfers, then $1.00 self-service ($1.25 full-service) | Counted in the 30; past the package, $1.50 per e-Transfer sent plus the transaction fee | $3,000 a month included, then $2.25 to $2.50 per $1,000 | Not published | None | Yes |
| Scotiabank Select Account for business, Plan A | $20 | $20,000 minimum daily balance | 25 transactions and 50 deposit items, then $1.25 to $1.50 each | 20 sent free a month through Scotia OnLine, then $1.00; receiving free | $6,000 a month included (coin excluded), then $2.60 per $1,000 | 2.5% on debit card purchases | None | Yes |
| National Bank Digital Package | $7 | No balance waiver; $0 while you hold the $125-a-year Platinum Business Mastercard | Unlimited electronic in CAD; assisted $5 each | 12 free, then $1.50 plus the transaction fee | Not included; $2.50 per $1,000 at an ABM, $5.00 in branch | 2.5% on Business Client Card purchases | None | Yes |
| Desjardins Digital plan | $5.95 (an online banking fee may apply) | Not offered | Unlimited digital; cheques $3.50 each, teller transactions from $3.50 | Unlimited, counted as digital; receiving free | $2.25 per $1,000 in bills; teller deposits $3.50 | Not published | None | Yes |
What a year of banking costs
Here is the arithmetic on three typical profiles, using each plan's published schedule above. Fees are monthly, CAD, before tax, with cash deposited at an ATM in one deposit a month. Bank FX is taken at 2.5%, the markup RBC, BMO, Scotiabank and National Bank publish on foreign card purchases; no bank publishes a spread for account conversions.
Solo consultant
15 electronic transactions including 5 e-Transfers sent, no cash, no USD
| Account | Month | Year |
|---|---|---|
| VennEssentials; any outgoing EFTs add $2 each | $0 | $0 |
| Wealthsimplecorporations only | $0 | $0 |
| EQ Bank | $0 | $0 |
| AirwallexInterac fee not published | $0 | $0 |
| BMO5 e-Transfers within the 6 included | $5 | $60 |
| Desjardinsan online banking fee may apply | $5.95 | $71 |
| RBC | $6 | $72 |
| TDBusiness Digital; 10 e-Transfers included | $6 | $72 |
| National Bank | $7 | $84 |
| CIBC$0 with $20,000 on deposit | $20 | $240 |
| ScotiabankSelect Plan A; $0 with $20,000 every day | $20 | $240 |
Growing service business
40 electronic transactions including 15 e-Transfers sent, plus $2,000 of cash in one ATM deposit a month, no USD
| Account | Month | Year |
|---|---|---|
| Venncash needs a bank account beside it; outgoing EFTs $2 each on Essentials | $0 | $0 |
| Wealthsimplecash free at Canada Post; corporations only | $0 | $0 |
| National Bank$7, 3 extra e-Transfers, $5 cash at an ABM | $16.50 | $198 |
| RBC$6, 5 extra e-Transfers, $4.50 cash at an ATM | $18 | $216 |
| BMOEssential: $5, 9 extra e-Transfers, $5 cash | $23.50 | $282 |
| TDBusiness Digital: $6, 5 extra e-Transfers, $10 cash | $23.50 | $282 |
| CIBCEveryday $20, 11 extra at $1.00 (the cash deposit counts), and about 4 of them e-Transfers sent at $1.50 more (up to $47.50 if all 11 are); $0 with $20,000 | $37 | $444 |
| ScotiabankSelect Plan B flat (Plan A $40 to $44 with the cash deposit counted); $0 with $35,000 | $40 | $480 |
Importer converting US$10,000 a month
20 transactions including 10 e-Transfers sent, plus the FX spread on US$10,000 (about CA$14,100 at 1.41)
| Account | Month | Year |
|---|---|---|
| Venn0.45% FX on Essentials, no fee; any outgoing EFTs add $2 each | $63.45 | $761 |
| Loop0.47% FX on Basic; e-Transfers received, not sent | $66.27 | $795 |
| Wise0.48% FX as quoted at CA$10,000; $55 once, USD payouts CA$1.61 each | $67.68 | $812 |
| Airwallex0.5% FX, no fee; Interac fee not published | $70.50 | $846 |
| RBC$6 plus $352.50 FX; 10 e-Transfers included | $358.50 | $4,302 |
| TDBusiness Digital: $6 plus $352.50 FX | $358.50 | $4,302 |
| National Bank$7 plus $352.50 FX | $359.50 | $4,314 |
| BMO$5, 4 extra e-Transfers, $352.50 FX | $363.50 | $4,362 |
| CIBC$20 plus $352.50 FX (CIBC publishes no FX rate) | $372.50 | $4,470 |
| ScotiabankSelect Plan A: $20 plus $352.50 FX | $372.50 | $4,470 |
How the data was collected
Every fee was read on Sep 28 2026 at the provider’s own account page, pricing page, help centre or fee guide, linked from each row of the schedule; BMO’s site does not load for automated reading, so its pages and fee guide were read in a full browser session that day. Venn’s card pays 1% cashback on the first $5,000 of card spend a month on Essentials, $25,000 on Plus and without a cap on Pro and Custom, which no fee column here captures. The plan shown is the entry plan a typical small business would open. The yearly figures multiply each monthly total by twelve and assume the transaction mix stated on each profile, with cash deposited at an ATM. No bank publishes an FX spread for account conversions or wires, so the 2.5% that RBC (business fee guide, 02/2026), BMO, Scotiabank and National Bank publish on foreign card purchases is used for every bank row in the cost profiles, including CIBC, which publishes no figure. LedgerLogic earns a referral fee from Venn and Airwallex; that changes no figure on this page.
How to cite this data
You are welcome to quote, chart or republish these figures. Please credit LedgerLogic with a link to this page:
LedgerLogic (2026). Canadian business bank fees, 2026. Fees verified Sep 28 2026 by Sebastien Prost, CPA. https://www.ledgerlogic.ca/tools/business-banking/fees
Fees change. We re-read every provider at least quarterly and update the verified date above; the CSV always matches this page.
Sebastien Prost, CPA. Fees verified Sep 28 2026; page published 2026-09-24, updated 2026-09-28.