Business banking in Canada how to open an account, fees and options

Snapshot

A registered Canadian business can open an account with one of the big banks, a credit union, or a fintech account such as Float, Wise Business or Airwallex. Costs run from zero fee digital accounts to flat monthly plans, with transaction counts and cash handling often charged on top.

Can a non resident open: Possible but harder, unclear in general, verify with the provider
Typical timeline: A day or two for a local business, longer for foreign owners
Free account available: Yes, for example the BMO eBusiness Plan
Most providers: Many business accounts

Fees and features as of 10 June 2026Last reviewed 10 June 2026

General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.

As of 10 June 2026, opening a business bank account in Canada means choosing between the big banks such as RBC, TD, BMO, Scotiabank, CIBC and National Bank of Canada, a local credit union, or a fintech account such as Float, Wise Business or Airwallex. You will show identification for the owners and signers, along with the business registration or incorporation documents. A local company can often open an account in a day or two, while a foreign owned business usually takes longer. Confirm current requirements and fees with the provider before you apply.

How business banking works in Canada

Business banking in Canada is led by a small group of large banks, supported by credit unions and a growing set of fintech accounts. The big banks offer branch access, lending and full service accounts with tiered monthly plans, where the fee depends on the number of transactions and the amount of cash handling you need. Credit unions can suit a local business that values in person service. Fintech accounts such as Float, Wise Business and Airwallex focus on lower fees, multi currency holding and faster online onboarding, though they are not full branch banks. As of 10 June 2026, examples of published pricing include the BMO eBusiness Plan at 0 dollars a month and the RBC Digital Choice Business Account at 6 dollars a month. Confirm current terms with the provider.

Who can open a business account

Sole proprietors, partnerships and corporations registered in Canada can open a business account. The bank will ask for identification for each owner or signer, usually for anyone holding 25 percent or more of the business, plus the registration or incorporation documents. Foreign owners can sometimes open an account, but the checks are heavier and some banks ask for an in person visit or a Canadian presence, so confirm the current rules with the provider.

Traditional banks compared with neobanks

Traditional banks give you branches, cash handling, lending and a full product range, with monthly plans priced by transaction volume. Fintech accounts trade the branch network for lower or zero monthly fees, multi currency holding and quick online setup, which can suit a company that operates mostly online or pays suppliers abroad. Many businesses use a big bank account for cash and lending and add a fintech account for international payments. Compare on the costs that match how you actually operate.

Requirements and documents

The exact list varies by provider, but most ask for the same core items. Verify with the provider

Business registration documents, such as articles of incorporation or a master business licence, plus your business number.
Two pieces of government issued identification for each owner or signer who holds 25 percent or more of the business.
Director and ownership details, including names, addresses and the ownership structure, and confirmation of the business address.

How to open an account

Choose a provider that fits how you operate, comparing monthly fees, transaction limits, cash handling and multi currency needs.
Gather your incorporation or registration documents, your business number and identification for each owner and signer.
Apply online or in branch, complete the identity and ownership checks, then confirm the current fees before the account goes live.

Compare business accounts available in Canada

These providers accept business customers in Canada. Fees and eligibility shown as of 10 June 2026. Confirm current terms with the provider before applying.

Compare business accounts →

Questions about business banking in Canada

Who can open a business bank account in Canada?

A registered Canadian business can open an account, including sole proprietors, partnerships and corporations. You show identification for owners and signers, plus registration documents for the business. Foreign owners can sometimes open an account but the process is more involved. Verify the current rules with the provider, as of 10 June 2026.

How much does a business account cost in Canada?

Monthly fees range from zero at some digital and fintech accounts to flat monthly plans at the big banks, with transaction counts, cash handling and Interac transfers often charged on top. As of 10 June 2026, examples include the BMO eBusiness Plan at 0 dollars a month and the RBC Digital Choice Business Account at 6 dollars a month. Confirm current pricing with the provider.

Can a non resident open a business account in Canada?

It is possible for a Canadian registered business, but it is harder for foreign owners, and some banks ask for an in person identity check or a Canadian presence. The position is unclear in general, so verify the current rules with the provider, as of 10 June 2026.

How long does it take to open a business account in Canada?

A local business can often open an account in a day or two, while a foreign owned company can take longer because of extra identity and ownership checks. Timelines vary by provider, so confirm before you apply, as of 10 June 2026.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 10 June 2026. Confirm current terms with the provider before applying.