RBC business account review (2025): features and fees

RBC offers two main business account tiers: Digital Choice at $6 CAD monthly for online-focused operations with unlimited electronic transactions, and Ultimate at $100 monthly for high-volume businesses needing paper transactions and cash deposits. While RBC provides strong domestic banking infrastructure and ecosystem integrations with Ownr and Moneris, businesses face ~2-3% foreign exchange markups and wire transfer fees for international transactions.

At a Glance

• Digital Choice: $6/month with unlimited electronic transactions and 10 free Interac e-Transfers

• Ultimate Account: $100/month (waivable with $75,000 balance) includes 500 e-Transfers and $25,000 free cash deposits

• FX costs: ~2-3% markup above mid-market rates for currency conversion

• Account opening: Typically requires in-person branch visit with up to 2-day approval

• Best for: Canadian businesses primarily operating domestically with occasional international needs

• Alternative consideration: Fintech platforms offer 0.5-1% FX spreads for cross-border operations

Key takeaways

• The Digital Choice account offers a low-cost entry point at $6 CAD per month, making it startup friendly.

• The Ultimate Business Account bundles unlimited transactions with higher deposit limits for high-volume operations.

• RBC provides ecosystem access to Ownr (incorporation) and Moneris (payments).

• For businesses with international needs, traditional banks apply 2 to 3% FX markups, which can add up quickly.

Choosing the right business account matters. A dedicated account helps separate personal and company finances – an essential step for managing taxes, tracking cash flow, and staying compliant with the CRA.

RBC is Canada's largest bank, serving businesses for decades with a wide branch network and bundled services. But does its digital-first Digital Choice plan or premium Ultimate tier meet the agility requirements of modern Canadian businesses?

This review breaks down RBC's business account options, fees, and features – and explores whether a fintech alternative might better serve your cross-border needs.

What is an RBC business account?

In Canada, a business bank account is a financial account designed specifically for business use. Banks and credit unions offer it to help companies manage revenue, expenses, payroll, and taxes. RBC, as a federally regulated financial institution, provides access to lending, deposits, and in-branch services alongside its account offerings.

RBC structures its business accounts around two main philosophies:

• Digital Choice: Built for businesses that operate primarily online, with affordable monthly fees and unlimited electronic transactions.

• Ultimate Business Account: A comprehensive package designed for high-volume or cash-heavy businesses that need paper transactions, large deposit limits, and premium support.

Most Canadian-registered businesses use a business bank account (or a fintech alternative) to remain compliant with CRA guidelines, ensure proper record-keeping, and manage finances more efficiently.

RBC business account key features

Digital Choice

The RBC Digital Choice Business Account costs $6 CAD per month. It includes:

• Unlimited electronic debit and credit transactions

• Unlimited electronic cheques and Moneris deposits

• 10 free Interac e-Transfers per month

This plan suits startups and small businesses that handle most transactions digitally and want to keep overhead low.

Ultimate Business Account

The RBC Ultimate Business Account Package costs $100 CAD per month (fee waived with a $75,000 CAD minimum daily balance). It includes:

• Unlimited electronic transactions and cheque deposits

• 500 Interac e-Transfers per month

• Up to $25,000 CAD in free cash deposits

• 100 paper transactions per month

This tier works well for established businesses with high transaction volumes or those that still rely on paper-based payments.

Ownr integration

RBC offers rebates on incorporation fees through its partnership with Ownr, which can help new businesses offset setup costs.

RBC Insight Edge

Data tools for spending analysis help business owners track where money flows and identify opportunities to cut costs.

Security

RBC provides fraud protection as part of its business account offerings, backed by its established infrastructure as one of Canada's Big Five banks.

RBC business account pros and cons

RBC business account pricing and fees

Common business account charges in Canada include monthly maintenance fees, transaction fees, FX markups, and minimum balance penalties. RBC's monthly fees range from $6 to $100 depending on the tier selected.

RBC business account user reviews

RBC's digital tools receive generally positive feedback, particularly its mobile app and online banking platform. The Ownr integration appeals to entrepreneurs looking for a streamlined incorporation process.

However, businesses with international operations often note friction around foreign exchange costs and wire transfer fees. When you convert currencies, banks usually apply a ~2 to 3% markup on top of the mid-market exchange rate – a cost that compounds quickly for companies making regular cross-border payments.

Service quality varies by branch, and some users report that opening an account requires an in-person visit, which can take up to two days for approval.

Exploring alternatives: RBC vs Airwallex

Traditional Canadian banks are ideal if you need lending, cash deposits, or in-branch service. But for cross-border transactions, modern fintech platforms can offer better rates and faster payments.

Airwallex provides local currency accounts with bank details in over 60 countries, allowing businesses to collect payments like a local without opening separate accounts abroad. Its proprietary network of local payment rails enables transfers to over 120 countries at no cost, with 95% of transfers settled within a day.

For Canadian businesses that sell internationally or pay overseas suppliers, this difference in FX rates and transfer fees can translate to significant savings.

Conclusion

RBC's Digital Choice account offers a pragmatic domestic option for Canadian startups and small businesses that primarily transact electronically. The $6 monthly fee and unlimited electronic transactions make it accessible, while the Ultimate tier serves high-volume operations that need cash deposits and paper transactions.

However, RBC's FX markups and wire transfer fees create friction for businesses operating across borders. If your company pays international suppliers, collects revenue in multiple currencies, or plans to expand globally, Airwallex removes that friction with lower FX spreads, free international transfers via local rails, and multi-currency accounts – all without monthly maintenance fees.

Ready to simplify your global financial operations? Explore how Airwallex can help your business grow without borders.

FAQ

• Does RBC charge for Interac e-Transfers for business?

  The Digital Choice plan includes 10 free Interac e-Transfers per month, while the Ultimate plan includes 500 per month. Additional transfers beyond these limits incur fees.

• How do I open an RBC business account?

  To open a business bank account with RBC, you'll typically need to visit a branch in person as part of the process. The approval process can take up to two days. You'll need to provide business registration documents, identification, and information about your company's operations. On the other hand, digital-first providers may offer online applications and may approve and activate your business account within 1–3 business days.

• What is the monthly fee for the RBC Digital Choice account?

  The RBC Digital Choice Business Account costs $6 CAD per month and includes unlimited electronic debit and credit transactions.

• How does RBC's FX markup compare to fintech alternatives?

  RBC applies a 2 to 3% FX markup above the mid-market rate, which can add up for businesses with international transactions. Fintech alternatives like Airwallex offer lower FX spreads, typically between 0.5 to 1% above the interbank rate, providing significant savings for cross-border operations.

Sources

• https://www.airwallex.com/ca/blog/how-to-open-a-business-bank-account

• https://www.rbcroyalbank.com/business/accounts/digital-choice-business-account.html

• https://www.rbcroyalbank.com/business/accounts/ultimate-business-account.html

• https://www.airwallex.com/ca/business-account/transfers