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Best Canadian business accounts: 7 options for growing global companies

Last update:

January 19, 2026

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If you’re expanding your business to Canada from the UK and need to make international business payments, navigating traditional banks can be a challenge:

Many require Canadian residency and local business registration
Most accounts only support CAD or CAD/USD, with limited multi-currency functionality
Monthly fees and high minimum balance requirements are common, alongside steep fees for international transactions

Fortunately, there’s a better way.

At WorldFirst, we make it simple to open a Canadian business payment account from abroad. With a free multi-currency World Account, you can hold CAD, make local payments, and receive funds like a Canadian business – all without needing a local entity.

What’s more, you can open an account entirely online, within minutes, and start doing business in CAD in 48 hours or less. This flexibility comes from WorldFirst not being a bank.

In this guide:

Why WorldFirst is the smarter choice for cross-border companies
6 Canadian business bank accounts compared
Frequently asked questions

Open a World Account today, for free, and start getting paid like a Canadian local in 48 hours or less.

Why WorldFirst is the best Canadian business account for cross-border companies

WorldFirst is a global payments provider with more than two decades of experience helping businesses move money across borders.

Backed by the scale and technology of Ant Group, and partnering with major international banking partners like Barclays, JP Morgan and HSBC, we’ve supported over 1.5 million businesses to expand into new markets across 210+ regions.

We built the World Account to serve the needs of global sellers, SMEs and sole proprietors, and to help them to simplify their international operations and global transactions. It makes it easy to hold and pay in foreign currencies, even without a local presence on the ground.

Opening a WorldFirst account is one of the easiest ways to start doing business in CAD. You don’t need to be in Canada or hold a Canadian business license to apply. Here’s why WorldFirst is the best choice for businesses needing a Canadian business account:

Power your global growth with one account

Get local currency accounts, fast payments and competitive FX – all in one place.

Open a CAD business account in minutes – no Canadian residency needed

With WorldFirst, you can open a full-featured CAD business account online, without setting foot in Canada or registering a local entity. Simply visit our signup portal. Then, upload your documents, hit submit and get approved – often in under 48 hours.

Your World Account comes with Canadian local account details, so you can send and receive payments like a domestic business. Collect CAD payouts from marketplaces and pay Canadian partners through local payment rails.

There’s no need for a sales track record or brick-and-mortar presence. If your business operates in a supported country, such as the UK, you’re eligible.

Hold CAD and 20+ currencies, and pay affordably in 100+

Unlike traditional methods like opening a business account with a bank, which lock you into a single currency such as CAD (and maybe USD), WorldFirst lets you hold over 20 major currencies all in one account. This way, you can hold and manage your spending in USD, GBP, EUR and CAD from one place.

You also get local account details for each currency, helping you move money faster and cheaper via domestic networks. And you can pay suppliers in over 100 currencies to 210+ destinations easily and affordably.

While traditional banks charge monthly maintenance fees, WorldFirst keeps things simple and affordable. Your World Account is free to open, free to hold and free to receive funds – with no ongoing charges. You only pay when you convert or move money, with transparent fees listed upfront.

And if your supplier also uses WorldFirst? Transfers are instant and free.

Get 50 virtual World Cards and up to 1.2% cashback

Every World Account includes access to 50 virtual World Cards, powered by Mastercard. They enable you to spend in 15+ currencies with zero FX fees when you pay from your balance.

Many businesses already use these virtual cards to segment their spending on suppliers, ads, software or logistics, or to easily get visibility on their spending in different currencies.

Earn up to 1.2% cashback on every eligible business expense, with no caps or limits. Set custom spending limits, freeze or cancel cards instantly, and keep your costs organised with one-click controls.

Find out more: Multi-currency virtual cards: 5 top options for global businesses

6 traditional Canadian business accounts compared

	WorldFirst	Traditional Canadian banks
Monthly fees	No monthly fees	Up to $150/month, often waived by meeting high daily or monthly minimum balance
Outgoing wire fees	Free payments to other World Accounts and £4 for other international payments See pricing page for current rates	Start at $15–50+ per transfer, plus intermediary bank fees, cable fees, conversion fees and additional charges
Currencies supported	Hold 20+ currencies Pay in 100+ currencies to 200+ destinations	CAD and, in some cases, USD Individual foreign currency accounts must usually be opened separately
Account opening	Entirely online with approval typically in 48 hours or less	Some accounts allow for partial online application, but most require in-person or telephone identity verification
Business location requirements	No Canadian residency or Canadian business registration required Open an account from anywhere	Typically require both Canadian residency and Canadian business registration Typically must visit a bank branch in Canada to activate account

If you’re still looking for a more traditional Canadian bank account, we’ve outlined some of the top options below. Note that almost all of these accounts require proof of Canadian business registration and a government ID confirming Canadian residency. The majority also require an in-person appointment at a local bank branch in order to apply or activate your account:

1. Bank of Montreal (BMO)

Bank of Montreal (BMO) Offers a variety of business accounts including an eBusiness Plan, Business Start, and four tiers of Business Builder accounts, each with different fees and restrictions.

Fees for cross-border business: Monthly account fees range from CAD$0–120 depending on account features. Outgoing wire transfers cost $40 plus a $10 communication charge and possible additional service fees. Additional fee information can be found here
Currencies: Plans are available in Canadian dollars only
Account opening procedure: Book an appointment and visit a branch or give BMO a call to open an account
Documents/requirements: Your company must be registered in Canada or the US and you need the following documents to apply: https://www.bmo.com/en-us/pdf/sb/sb-checklist.pdf
Additional notes: As is common with traditional Canadian business accounts, several account types have caps on the number of monthly transactions allowed. With BMO, the highest-tier plan only allows 160 transactions per month, while other account types cap transactions even lower.

2. Royal Bank of Canada (RBC)

The Royal Bank of Canada offers a variety of accounts for small business and corporations, including foreign currency accounts. Business account holders of all types can enroll in online banking to pay vendors in 25+ currencies online.

Fees for cross-border business: Monthly fees range from $0–150 depending on account type, with custom account fees for certain types of accounts including international business accounts. Outgoing wire fees range from $15–20 depending on transaction amount with a $10,000 limit, plus additional fees and intermediary bank fees
Currencies: Foreign currency accounts available, plus the option to pay in additional currencies from your CAD account
Account opening procedure: Applications for certain account types can be completed online, but accounts cannot be activated remotely. You must visit a bank branch in person to verify your identity, activate and start using your account.
Documents/requirements: Canadian Government-issued ID and Canadian business registration
Additional notes: You will likely need to register your business in Canada before becoming eligible for an account, though RBC offers some services to help with registration.

3. TD

TD offers a range of plans with different transaction limits and features, but regardless of account type, fees for outgoing international wire transfers are higher than average across the board.

Fees for cross-border business: Monthly fees range from $0–125 depending on account type. Outgoing wire transfer fees start at $50 regardless of transaction amount
Currencies: TD customers can also hold Foreign Currency Accounts in seven different currencies including GBP, EUR, AUD, JPY, CHF, NZD and HKD, but each account must be opened separately, in-person, at a TD bank branch.
Account opening procedure: Book an appointment to have an account specialist contact you or meet with an account manager in person at a TD branch
Documents/requirements: You need proof that your business is registered in Canada, such as Articles of Incorporation, Canadian ID, and Canadian Property Tax Assessment. Other requirements depend on the type of business
Additional notes: Select businesses and account types can apply to waive certain setup fees, or may qualify for rebates on select monthly and annual fees

4. CIBC

CIBC offers a range of business account options, with occasional cashback offers when you make international payments. Unlike many other traditional accounts, it is possible to open an account completely online.

Fees for cross-border business: Monthly fees range from $20–65 depending on account type, with fee waived when you meet a minimum daily balance of $20,000–$65,000. Fees for additional services listed here
Currencies: Send up to CAD $250,000 to over 130 countries with no transfer fees, or USD to 60 countries. You can also apply for a US current account to hold USD
Account opening procedure: Complete the application form online or contact the Business Client Advice Center
Documents/requirements: Depends on business type, but typically includes Canadian business registration, trade name registration, articles of incorporation, etc.
Additional notes: You can book a meeting with CIBC to learn more about other foreign currency account offerings

5. National Bank of Canada

The National Bank of Canada offers three different business packages for CAD accounts, the Digital, Hybrid, and Premium package. It’s also possible to open a USD account foreign currency accounts, or Business Investment Account (BIA).

Fees for cross-border business: Packages run from $7–95 a month, or you can get the fee waived if you meet minimum balance requirements. Outgoing wire transfers are $15 to US or Canada and $20 to all other countries, plus additional fees for online banking and other services. See the full fee list here
Currencies: Foreign currency accounts are available in 15 currencies including USD, CNY, EUR and SGD. Accounts must be applied for separately and come with their own monthly management fees
Account opening procedure: Choose your package and make an online request, then upload identifying information and business information. A member of the bank’s team will contact you within 2 working days to complete the application process and activate your account
Documents/requirements: Depends on business type. Full list here
Additional notes: Cash deposits and withdrawals are not permitted in foreign currency accounts

6. Scotiabank

Scotiabank offers three tiers of business accounts, Plan A, Plan B and Plan C. Each tier charges higher monthly fees but offers more free services and more transactions per month. Scotiabank also explicitly makes it simple to switch between account tiers as you grow, taking some of the headache out of choosing the right account type for your business.

Fees for cross-border business: Monthly fees for business accounts range from $20-120, waived if you maintain a certain minimum balance.
Currencies: You can also open additional foreign currency accounts in major international currencies (not listed). Foreign Currency Business Accounts must be opened in person.
Account opening procedure: You can apply online if you meet certain documentation requirements.
Documents/requirements: You must be a Canadian resident with a company registered in Canada to apply online. The application process takes about 15 minutes, and approval decisions are made using automated decision-making, or you can visit a bank branch for further assistance.
Additional notes: Easily switch between different business account tiers as you grow

Do business in Canada like a local with WorldFirst

Opening a CAD account using traditional banks can be challenging, with strict rules requiring in-person visits and a local presence. But with WorldFirst, you can open an account remotely, from virtually anywhere, and start conducting business in CAD and dozens of other currencies within 48 hours.

Open a World Account today, for free, and discover the easiest way to make and receive Canadian business payments.

Frequently asked questions (FAQ)

What should I look for in a Canadian business bank account?

Low transaction fees, mobile banking, and a debit card are essential. But if your business trades internationally, you’ll want more. Think multi-currency support, competitive FX rates, and the ability to send or receive global payments without jumping through hoops.

Do I need to visit a Canadian branch to open a business account?

For most traditional banks, yes. You’ll often need to prove Canadian residency, register a Canadian business, and show up in person with your documents in hand. That’s tough if you’re operating a startup, not-for-profit or sole proprietorship from abroad. With WorldFirst, you can open your account entirely online, with no flights or paperwork marathons necessary.

Can I send or receive international payments from a Canadian business account?

Some traditional accounts support international transfers, but it’s rarely seamless. You might be limited to CAD payments or required to open separate foreign currency accounts for each currency you need. If you deal with overseas suppliers, marketplaces or customers, check the fine print on conversion fees, payment limits and delivery times.

How do Canadian banks handle foreign currency or cheque deposits?

Some banks offer foreign currency accounts, but they usually come with setup fees, monthly charges and slow processing times. Cheque deposits can be tricky too, especially if they’re cross-border. If global payments are part of your daily operations, a multi-currency provider like WorldFirst can help you avoid the paperwork and move faster.

Are Canadian business accounts insured, and how does that compare?

Most accounts from Canadian financial institutions are protected under CDIC (Canada Deposit Insurance Corporation), which offers limited coverage in case of institutional failure. Global account providers like WorldFirst follow different regulatory frameworks depending on region. We partner with licensed, regulated banks and payment networks worldwide to help safeguard your funds and ensure compliance.

Sources:

Shawn Ma leads business development at WorldFirst UK, with a deep expertise in fintech, risk management and cross-border commerce.

Shawn Ma

Author

Head of Business Development, WorldFirst UK

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