Is the DBS Multi Currency Account not available in Canada? Here’s an alternative
With DBS not catering to Canadian customers, the Wise multi currency account might be one you consider.
Whether you are setting up your business in Canada or looking to switch to a new account to suit your needs, it is important to note that business accounts come with many different features.
In this article we will examine a variety of online and digital business accounts. We will also be looking at some online accounts along with Canada’s biggest banks for business accounts. We will also take a look at Wise as an alternative for all your business banking needs. What’s more, it can be used with or without a business account.
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Documents needed to open a business account in Canada include:
Business registration with the government of Canada, which includes registration as a sole proprietorship, partnership or corporation;
Incorporation documents and/or bylaws;
A valid Canadian business number (CBN);
Proof of identity such as a driver’s license or passport;
Proof of residence such as a utility bill, lease agreement or mortgage statement;
Statement of operations or projected operating budget for the next year;
List of authorized persons associated with the company; and
Articles of incorporation (for corporations).
It is important to note that this list is non exhaustive. Other documents might therefore be required by banks or money service businesses depending on your situation and requirements.
Wise is a hassle-free money services business. The Wise business account can be used by businesses of all sizes.¹
You can pay employees, get paid and manage your cash flow overseas all in one place. You can also manage your money without dealing with high exchange rates, hidden charges and monthly fees.
The key features:
Account Feature | Fees² |
---|---|
Register for a Wise account | 42 CAD |
Sending money | From 0.43% |
Withdrawing 350 CAD month/account | Free (2 or less withdrawals) |
ATM fees over 350 CAD month/account | 1.75% +1.50 CAD per withdrawal |
Account Funding transactions | 2% |
Getting Wise debit card | 0 CAD |
Converting money | From 0.43% |
Holding 40+ currencies in your account | Free |
One of the most popular fintech companies, Paypal is designed for small to medium businesses. While it does offer an Enterprise solution, it is very customized. Here are the key features of the Paypal business account³ in Canada.
Key features:
Account Feature | Fees⁴ |
---|---|
Commercial transactions | 2.90% + fixed fee |
QR code Transactions - 10.01 CAD and above | 1.90% + fixed fee |
QR code Transactions - 10.00 CAD and below | 2.40% + fixed fee |
Percentage based fee for international commercial transactions | 0.80-1.00% |
Fixed fee for commercial transactions (based on currency received) | 0.30 CAD |
Campaign fee - store cash transactions | 8.00% |
Paypal fundraisers | No fee |
All other Donations | 2.90% + fixed fee |
Currency coversion | 3-4% |
Tangerine business savings account is designed to complement your existing business chequing account at another financial institution. Tangerine business savings is suited for business of all sizes.
The key features are:
The current interest rates since June 17th 2023 are as follows⁵
Balance | Interest |
---|---|
$0.00-$99,999.99 | 2.65% |
$100,000.00-$499,999.99 | 2.75% |
$500,000.00 or more | 3.25% |
Canada’s biggest banks have been around for over a century, and are therefore able to offer physical presence with easily accessible branches. These banks are therefore seen as some of the most reliable options. Like most financial solutions, they come with their own set of key features and points to consider.
RBC Business Essentials Savings Account is designed to help you earn interest on the funds you hold in the account. If you have unused funds at the end of the month this can be a good way to earn interest on your money. You also need an everyday business operating account to be able to move money between the two accounts. Let us take a look at some key features and the fees for this option:
Transaction | Fee⁶ |
---|---|
Debits/Cheques | 2 Free; 3.5 CAD each thereafter |
Credits/Deposits (beyond 999 per month) | 1.00 CAD each |
Items deposited | 1.00 CAD each |
Cash deposited | 10.00 CAD per 1,000 CAD |
This option from Scotiabank is a simple way to manage your Canadian and US Dollar funds. Let’s take a look at the key features and fees for this account. Since this is one of the big three banks this option suits businesses of various sizes.
Key features:
Account feature | Fees⁷ |
---|---|
Monthly fee | 10.95 CAD, waived with minimum balance of 8,000 CAD or over |
Transactions per month | 1 free transaction for every 1,500 CAD in the account. |
The TD Everyday Business Plan is suited for small businesses and they offer 3 different plans depending on the monthly balance you maintain and how much business you do. Let’s take a look at the key features and fees for the 3 plans depending on your budget and business requirements.
Key features:
Account feature | Fees for Every Day A/B/C Plans⁸ |
---|---|
Monthly Plan Fee | 19-72 CAD |
Fee rebate with minimum monthly balance | 20,000-45,000 CAD |
Transactions included per month | 20-120 |
Additional transaction fee | 1.25 CAD each |
Deposit items included per month | 50 |
Additional deposit item fee | 0.22 CAD each |
Cash deposits included per month | 5,000 CAD |
Additional cash deposit fee | 2.50 CAD per 1,000 CAD |
CIBC SmartBanking helps manage your cash flow from a single dashboard. This can be an option suited for small, medium and large businesses because of the amount of features available. Let’s take a look and also consider the fees.
Key features:
Account features | Fees⁹ |
---|---|
Pay Directly to Canadian accounts | 2.00 CAD per payment |
Pay with interac e-Transfer | Cost based on the business account |
Pay with wire payment | 20 CAD per payment |
Pay directly to US accounts | 10 CAD per payment |
Pay with online tax filing | 2 CAD per transaction |
Get paid with pre-authorized payment | 39 CAD per month |
Integrate Quickbooks, Xero or Ceridian | 5.00 CAD each per month |
With National Bank Foreign Currency Accounts you can receive funds and make payments in 13 major currencies. A small business could certainly use an account like this but typically medium and large businesses who are being paid in one of these 13 currencies would be a better fit. Let’s compare the features and fees for this option.
Key features:
Account Feature | Fees¹⁰ |
---|---|
Account opening | Free |
Monthly fee | 35.00 CAD¹⁰ |
Account closing within 90 days of opening | 16.00 CAD |
The RBC US Dollar Business Account is suited for businesses who are making and receiving payments in U.S. dollars. This includes small, medium and large businesses as long as you sell and buy products in US dollars or you pay employees or vendors who are based in the US. Let’s compare the key features and fees for this account.
Key features:
Account Feature | Fees¹¹ |
---|---|
Monthly fee | 9 USD (waived with a balance of 2,500 USD) |
Debits/Cheques | 1.25 USD each |
Credits/Deposits | 1.25 USD each |
Items deposited | 0.22 USD each |
Cash deposited (night and day deposit chutes) | 2.25 USD per 1000 USD |
Cash deposited (in branch) | 2.50 USD per 1000 USD |
The BMO Business Current Account is designed for small business because it offers a pay-as-you-go model for all your daily business banking needs. Let’s compare the key features and fees.
Key features:
Deposits/Transactions | Fees¹² |
---|---|
Branch deposits | 1.25 USD |
Pre-authorized credits/Eletronic Funds Transfer | 1.25 USD |
Account debit per transaction | Fees in USD¹² |
---|---|
Cheque | 1.25 USD |
Pre-authorized payment/electronic funds transfer | 1.25 USD |
Branch withdrawal | 1.25 USD |
Customer initiated transfer via branch or debit card | Free |
Monthly account admin fee | 6.00 USD |
Monthly eStatement with cheque images | Free |
Monthly paper statement | 4.00 USD |
Fee per statement cycle | 5.00 USD |
The TD US Dollar Basic Business Plan is designed for businesses transacting in U.S. dollars and would suit a small business best. Let’s take a look at the key features and fees.
Key features:
Account costs and transactions | Fees¹³ |
---|---|
Monthly Plan Fee | 5.00 USD |
Transactions included per month | 5 |
Additional Transaction Fee | 1.25 USD each |
Deposit items included per month | 5 |
Additional Deposit Fee | 0.22 USD each |
Cash Deposit Fee | 2.50 USD per 1,000 USD |
When comparing which business account is the best fit for your needs there are a few things to consider.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
With DBS not catering to Canadian customers, the Wise multi currency account might be one you consider.
Tangerine has a range of business accounts for various business needs. Read on to see if these accounts could help your business
Is the RBC USD business account the right one for you? Take a look at the key features, fees and other essential information to find out
TD Bank offers a wide range of business accounts to help start your business. Read on to see if one of these might work for you
BMO has various business accounts depending on your needs. Read on to see which one suits you best
Scotiabank offers a range of business accounts to fit your business needs. Are these accounts the right ones for you? Read on to find out