Business account costs in Canada come mainly from the monthly plan fee, the number of transactions included, cash handling, and transfer charges. The big banks price plans by transaction volume, while some digital and fintech accounts charge no monthly fee.
- Typical monthly fee
- Free to about 120 dollars a month
- Transactions
- Often a set number included, then per item
- Zero fee option
- Yes, for example the BMO eBusiness Plan
- Charged in
- Canadian dollar (CAD)
General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.
How business account fees work in Canada
Fees fall into a few groups. A monthly plan fee is the headline cost at the big banks, and the plan you pick sets how many transactions are included before per item charges apply. Cash handling is priced separately, which matters for a business that deposits notes and coin. On top of these sit transfer costs, such as wires, currency conversion away from the mid market rate, and Interac transfers beyond any free allowance. As of 1 May 2026, the BMO eBusiness Plan is listed at 0 dollars a month, the RBC Digital Choice Business Account at 6 dollars a month, and the Scotiabank Basic Business Plan at 12.95 dollars a month with the fee waived above a 5,000 dollar minimum balance. Confirm current pricing with the provider.
Monthly plans and transaction counts
The big banks price plans by transaction volume, so a low cost plan suits a business with few transactions and a higher plan suits one with many. Some plans waive the monthly fee if you keep a minimum balance, which ties up cash. Digital and fintech accounts such as Float tend to charge no monthly fee, which keeps the base cost predictable for a newer company.
Cash handling, transfers and currency costs
Cash deposits, wires and currency conversion can cost more than the monthly plan for some businesses. A company that pays suppliers abroad should compare the cost per transfer and the exchange rate margin, since fintech accounts such as Wise Business and Airwallex often price these more cheaply than a traditional wire. Match the account to how you actually move money.
What drives the cost
Three things drive what a business account costs in Canada, as of 1 May 2026. Verify with the provider
- The monthly plan fee and the number of transactions it includes before per item charges apply.
- Cash handling and any minimum balance needed to waive the monthly fee.
- Transfer costs, such as wires, currency conversion and Interac transfers beyond the free allowance.
How to compare on fees
- Estimate your monthly transactions and cash handling, then match them to a plan rather than the headline fee alone.
- Compare the monthly fee against any minimum balance waiver, since a zero fee account can still tie up cash.
- Confirm the current fee schedule with the provider before you apply, as pricing changes.
Compare business accounts available in Canada
These providers accept business customers in Canada. Fees and eligibility shown as of 1 May 2026. Confirm current terms with the provider before applying.
Compare business accounts →Questions about business account fees in Canada
How much does a business bank account cost in Canada?
Is there a business account with no monthly fee in Canada?
What is a transaction fee on a Canadian business account?
Are international transfer fees high in Canada?
Fees, features, and eligibility change and vary by region. This page was last reviewed on 1 May 2026. Confirm current terms with the provider before applying.