Compare the best business accounts in Canada (2025)

Whether you're a startup founder or a seasoned entrepreneur, managing your finances effectively is key to growth. Traditional business bank accounts in Canada – like those from RBC, TD Canada Trust, and CIBC – have served businesses for decades. However, modern fintech platforms like Airwallex redefine how businesses manage finances in today’s global economy.

What is a business account?

Whether offered by a traditional bank or a modern fintech like Airwallex, a business account is essential for managing business finances, keeping personal and business funds separate, and streamlining tax compliance. Unlike personal accounts, business accounts often provide tailored features such as higher transaction limits, payroll management, and multi-currency capabilities.

For businesses looking to scale globally, modern business accounts like Airwallex provide advanced alternatives to traditional business bank accounts, enabling greater flexibility and efficiency.

5 things to consider when opening a business account

Choosing the right business account is critical in setting your company up for success. Here are five key factors to evaluate:

1. Fees. Look for a business account with low or no monthly fees, especially if you're just starting and cash flow is tight. Avoid penalties for not maintaining a minimum balance. Consider how you will use your account and whether you’ll likely operate within the bank’s parameters for no-fee or low-fee usage. Review your expected transaction volume, average balance, and specific service needs to avoid unnecessary fees.

2. Scalability. As your business grows, so will your banking needs. Choose a business account that can handle complex transactions, including international transfers, card creation, and spend management – services you may need as you expand internationally.

3. Offers and discounts. Many financial providers offer incentives to help small businesses get started. For example, Airwallex allows you to earn up to 1% cash rebates on local card spend in CAD, providing a valuable way to save as you manage your business expenses. 

4. Visibility and transparency. Track money movement. Look for a business account that offers real-time transaction tracking and fraud detection services, so you always know where your money is and can make informed decisions. This visibility can help you manage cash flow more effectively and limit risk.

5. Customer support. A responsive customer support team is essential for quickly resolving issues. Look for a provider that offers accessible support through live chat, phone, or email, especially when you need guidance.

Consider factors such as fees, scalability, and customer support to choose the account that best suits your current and future business needs.

The top business bank and business account providers in Canada

Before diving into how to open a business bank account, let’s take a look at the top providers in Canada – both traditional and modern fintech platforms. Canada is home to a mix of traditional banks and modern fintech platforms offering business accounts tailored to various needs:

• Traditional banks: Providers like RBC, TD Canada Trust, BMO, and CIBC offer comprehensive business banking solutions, including financing options, cash management tools, and international payment support. These options are ideal for businesses requiring in-person services or complex credit solutions.

• Modern fintech platforms: Airwallex is a digital-first platform offering global business accounts with multi-currency support, expense management, and competitive fees – making it a standout choice for businesses aiming to scale internationally.

Traditional business bank accounts vs. the Airwallex Business Account

Let’s take a closer look at how traditional Canadian banks compare to the Airwallex Business Account across key features and fees.

How to open a business bank account in Canada

Opening a business bank account with a traditional bank in Canada requires careful preparation and gathering of necessary documents. Unlike modern fintech platforms like Airwallex, traditional banks often involve in-person visits and additional paperwork. Here’s a guide to help you navigate the process. 

Who can open a business bank account in Canada?

You can open a business bank account if you are:

• A director of the company.

• An authorized signatory, officially documented in your company records.

• The owner of a sole proprietorship or partnership.

Documents needed to open a business bank account

Banks in Canada require several documents to verify your company’s legitimacy and comply with Anti-Money Laundering (AML) regulations. Here’s what you’ll need:

1. Business documents

• Certificate of Incorporation or Articles of Incorporation (for corporations).

• Business registration certificate (for sole proprietors or partnerships).

• Board resolution authorizing account opening (for corporations).

2. Personal identification

• Government-issued ID (e.g., passport, driver’s license) for directors and authorized signatories.

• Proof of residential address (e.g., utility bill or bank statement) for company directors and signatories.

3. Additional supporting documents:

• Business Number (BN) issued by the Canada Revenue Agency (CRA).

• Proof of source of funds (e.g., invoices, shareholder investments).

• Operating licenses (if applicable).

• Completed account application form (signed by authorized signatories).

The required documents may vary slightly from bank to bank, and additional documents may be requested depending on your business structure and industry.

Traditional business accounts vs. modern business accounts

Now that you understand how to open a business bank account with a traditional bank let’s explore how traditional banks compare to modern fintech platforms like Airwallex. Fintech solutions often streamline the process, requiring fewer documents and offering a fully online account setup – making it faster and more convenient for businesses to get started.

Traditional business accounts (from banks like RBC, TD, etc.)

☐ Certificate of Incorporation or equivalent (e.g., Articles of Incorporation, Master Business License)

☐ Business Registration Number (proof of business registration)

☐ Government-issued ID (e.g., Canadian Passport, Driver's License) for authorized signatories

☐ Proof of Principal Place of Business (e.g., utility bill or lease agreement)

☐ Completed application form (may require an in-person visit)

☐ Initial deposit (often required)

Airwallex Business Account

☐ Certificate of Incorporation

☐ Business Registration Number

☐ Government-issued ID for authorized person(s) and beneficial owners

☐ Completed application form (fully online)

Key differences when opening an Airwallex business account

Airwallex simplifies the process with:

• Fewer document requirements.

• Fully online application – no in-person visits or branch appointments.

• No need for additional documents unless required by specific business types (e.g., marketplaces or live streaming).

Why open a global business account with Airwallex?

If you're a Canadian business looking to go global with a flexible fintech solution, Airwallex can help. Airwallex enables you to reach new markets without the hassles associated with traditional banks. 

With a completely digital setup, you can skip the bank queue and open an account in minutes – no physical paperwork or branch visits are needed. Airwallex provides local currency accounts with bank details in over 60 countries, making it easier than ever to expand your business internationally. 

And since we focus on efficiency, you benefit from transparent pricing and reduced fees. 

Key features of the Airwallex business account

• It's fast and easy to set up. Open an account in minutes, skip the bank queue, and start accessing local currency accounts with bank details in 60+ countries.

• Save on FX fees. Settle in the currency you hold, avoiding conversion fees. For conversions, access interbank rates across 60+ currencies and save up to 80% on FX costs.

• Integrated financial solutions for growth. Unlike other fintechs focusing only on FX, Airwallex offers a comprehensive suite that includes expense management, card issuance, and API solutions for custom integrations. Scale your entire financial operation seamlessly.

• Tailoring for Canadian businesses. Airwallex addresses regional needs like compliance with local regulations, support for customer-preferred payment methods, and specialized tools for Canadian markets. Local partnerships and features unique to these markets ensure smooth, compliant transactions and greater convenience.

• There are no hidden fees. Airwallex’s transparent fee structure eliminates surprises. With no account opening or maintenance fees, you can focus on growth without worrying about sneaky costs.

• Developer-friendly integrations. Canadian businesses can integrate Airwallex solutions quickly with developer-focused tools, SDKs, and API documentation, making it easier to sync with existing systems than traditional and regional banks.

Whether your business wants to reduce cross-border transaction costs or simplify global operations, Airwallex offers a streamlined, tech-driven alternative for scaling internationally.

What Canadian businesses say about Airwallex business accounts

Canadian businesses are embracing Airwallex for its efficiency and cost-saving features. Here’s how companies like RYSE and Dalstrong are leveraging Airwallex to support their growth: 

• RYSE optimizes its cross-border finances and saves big with Airwallex 

• Dalstrong partners with Airwallex to simplify and scale its global operations

• PartnerStack revolutionizes B2B relationships with Airwallex

The bottom line?

The right financial partner should streamline operations, reduce costs, and support your success. Airwallex offers a unique combination of features, competitive pricing, and robust technology, making it an excellent choice for businesses seeking to expand globally.

Frequently asked questions

1. What qualifies as a business account?

A business account is designed for companies of all sizes to manage payments, receive customer funds, handle payroll, and other financial operations. To open a business account, you'll need to provide your company registration details and the identity documents of your directors.

2. What’s the difference between a business account and a business bank account?

A "business bank account" is typically offered by traditional banks, while a "business account" can also be provided by fintech companies like Airwallex. Traditional bank accounts often come with high fees, slow onboarding, and limited multi-currency options, while fintech solutions offer faster setup, lower costs, and integrated financial tools.

3. Which bank is best for business accounts in Canada?

The best bank account depends on your business needs. Traditional banks such as RBC, TD Canada Trust, Bank of Montreal, and CIBC serve large enterprises needing physical branches and loan access. However, fintech solution providers like Airwallex offer competitive rates, faster processing times, and user-friendly interfaces, making them ideal for businesses focused on global transactions and digital efficiency.

4. Can I open a business account alongside a business bank account?

Yes, many businesses use both a traditional bank account and a fintech account. This combination allows access to traditional banking infrastructure and credit options while benefiting from the cost-effective international transfers and advanced features fintech solutions provide.

5. Do I need a business account as a sole proprietor?

Although sole proprietors are not legally required to open a separate business account, they are highly recommended to simplify bookkeeping, separate personal and business finances, and maintain better financial visibility.

6. How much does it cost to open a business bank account?

Many Canadian banks have varying fees for business accounts, such as monthly maintenance fees or minimum deposit requirements. Airwallex, however, charges none of these traditional fees, making it a cost-effective alternative.

7. What is the difference between a personal and a business bank account?

A personal account is for individual use, such as personal savings and daily transactions. A business account is meant for business operations, with features that cater to commercial needs, such as higher transaction limits and multi-user access.

8. Should I link my personal bank account to my business account?

While linking personal and business accounts can simplify transfers, it’s essential to maintain a clear separation between personal and business finances for accounting accuracy and tax purposes.

How secure is Airwallex for my business finances?

Airwallex is regulated in multiple jurisdictions and complies with strict financial and data security standards, ensuring the safety of your money and data. For more information, visit our help center. 

Note: This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice and makes no express or implied representations/warranties/guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, please contact us at [email protected].