Snapshot
RBC Business and Wise Business compared on the points that usually decide a business account: account type, monthly fee, currency support, eligibility and where each one is available.
RBC Business figures as of 8 June 2026Wise Business figures as of 18 June 2026Last reviewed 25 June 2026
General information, not financial, legal, or tax advice. There is no single best account. The right fit depends on your business. Verify current terms and eligibility with each provider before applying.
RBC Business and Wise Business suit different businesses. Use the comparison below to weigh account type, fees, currency support and eligibility against how your company operates, then confirm the latest terms with each provider. Figures are shown as of 8 June 2026 for RBC Business and 18 June 2026 for Wise Business.
RBC Business vs Wise Business at a glance
| Feature | RBC Business | Wise Business |
|---|---|---|
| Account type | Business chequing account | Electronic money account, not a traditional bank deposit account. Wise is an electronic money institution. |
| Who it suits | Canadian businesses that want a major bank with branches, a range of account packages and the option to bundle savings, lending and cross border services | Businesses that pay or get paid across borders and want low cost currency conversion and local account details in several currencies. |
| Monthly fee | The Digital Choice Business Account is about 6 Canadian dollars per month. Other packages carry higher fees that can be waived with a minimum balance. As of 8 June 2026. Verify with RBC. | No monthly fee. A one time setup fee applies and varies by country, for example 50 pounds in the United Kingdom, 31 US dollars in the United States, 50 euros for European Economic Area businesses, 99 Singapore dollars in Singapore, and 65 Australian dollars in Australia. As of 18 June 2026. |
| Transaction fees | Each package includes a set number of transactions. Standard fees apply to transactions above the included number. As of 8 June 2026. See the RBC business fees schedule. | Transfers and conversions are charged a usage based fee that varies by currency and route. Receiving in some currencies is free while others carry a small fee. As of 18 June 2026. Verify current pricing with Wise. |
| FX fees | Foreign exchange and international payment charges apply per the RBC schedule. RBC also offers cross border banking between Canada and the United States. As of 8 June 2026. | Conversion uses the mid market rate plus a published fee that varies by currency pair, often a fraction of a percent. As of 18 June 2026. Verify the current rate for your pair with Wise. |
| Minimum deposit | No minimum opening deposit stated for the basic packages. Fuller packages waive the monthly fee only when you keep a minimum balance. As of 8 June 2026. | No minimum opening deposit is published. A one time setup fee applies. Verify with Wise. |
| Multi currency | RBC offers United States dollar business accounts and cross border services alongside Canadian dollar accounts. As of 8 June 2026 | Yes. Hold and convert many currencies and receive with local account details in several markets. As of 18 June 2026. |
| Integrations | Online and mobile business banking, linked savings and lending, and cross border banking. As of 8 June 2026 | Accounting integrations including Xero and QuickBooks, plus batch payments and an API. Verify current integrations with Wise. |
| Eligibility | Canadian businesses. You can begin online and then verify identity with government issued identification and a business registration document. As of 8 June 2026. Verify with RBC. | Registered businesses in supported markets. Feature availability and supported entity types vary by country. Verify eligibility with Wise. |
| Broadly available in | Canada | Many markets including the United Kingdom, the United States, the European Economic Area, Australia, New Zealand, Japan, and Singapore. Feature availability varies by country. As of 18 June 2026. |
Use the table to weigh the differences. RBC Business and Wise Business tend to differ most on account type and currency support, so match those to how your business moves money, then confirm the latest fees and eligibility with each provider.
Open a business account
Both providers accept business customers in their supported markets. Fees and eligibility shown as of 8 June 2026 for RBC Business and 18 June 2026 for Wise Business. Confirm current terms with the provider before applying.
Read the RBC Business review → Visit Wise Business →Questions about RBC Business and Wise Business
Which is better for my business, RBC Business or Wise Business?
It depends on your needs. The table on this page compares RBC Business and Wise Business on account type, fees, currency support, eligibility and availability using each provider's published terms. Weigh those against how your business operates, then confirm current terms with each provider. This is information, not advice.
Can I open both RBC Business and Wise Business?
Often yes, subject to each provider's eligibility rules. Some businesses keep more than one account, for example one for everyday banking and another for currency conversion. Check eligibility with each provider before applying.
Are the fees on this page current?
Each figure is shown with the date it was recorded. RBC Business figures are shown as of 8 June 2026 and Wise Business figures as of 18 June 2026. Fees and eligibility change, so confirm current terms with each provider before you apply.
Fees, features, and eligibility change and vary by region. This page was last reviewed on 25 June 2026. Confirm current terms with each provider before applying.