RBC business account vs Airwallex business account: Which is better?

Key takeaways

• Canada’s merchandise trade surplus with the US widened to $7.1 billion in March 2026, even as domestic eCommerce growth slowed to 2.8% amid new US import restrictions.¹

• RBC business accounts charge $6 to $100 a month, route international payments through SWIFT, and mark up foreign exchange 2% to 3% above mid-market rates.

• Airwallex business accounts charge $0 a month, price FX at 0.5% to 1% above interbank rates, and give Canadian businesses local banking rails in 20+ currencies across 21 countries, no SWIFT required.

The rules around moving money in Canada changed on September 8, 2025, when the Bank of Canada’s supervision under the Retail Payment Activities Act (RPAA) came into force, requiring payment providers to safeguard client funds properly.² That’s why it’s worth comparing RBC, a century-old chartered bank built around branches and cheques, against Airwallex, a digital-first platform built for cross-border payments, when you compare business bank accounts in Canada.

The bottom line: RBC vs. Airwallex

RBC is the right call if your business runs on physical infrastructure: cash deposits, cheques, in-branch service, and access to commercial lending. Airwallex is built for the opposite problem: a digital-first payments platform, not a bank, that moves money across borders in 20+ currencies across 21 countries at $0 monthly fees, no minimum balance, and FX markups of 0.5% to 1% instead of 2% to 3%, replacing a lot of manual banking friction with automated spend tracking and bookkeeping sync. Neither one is “better” in the abstract; it depends on whether your business needs a branch or needs borderless infrastructure.

RBC vs. Airwallex at a glance

Traditional bank packages come with monthly maintenance charges and, in most cases, a mandatory branch visit to open the account. Airwallex skips both: no maintenance fees, and the entire onboarding process happens online.

Key feature comparison between RBC and Airwallex

Pricing, fees, and foreign exchange markup

RBC prices its accounts in tiers, from $6 a month for the entry-level Digital Choice package to $100 a month for the Ultimate package, waived only if you keep a $75,000 daily balance.³ International wires add up fast: $45 for an outgoing wire, another $35 if the destination needs an IBAN you didn’t provide, and a 2% to 3% FX markup that alone can cost up to $750 on a $25,000 conversion. Factor in SWIFT’s intermediary deductions and the real cost of a transfer often runs past $845, even though RBC advertises its International Money Transfer service as “$0 transfer fees” (the fee isn’t gone, it’s baked into the exchange rate). (See our full RBC business account review for the complete fee breakdown.)

Airwallex charges $0 in monthly fees, has no transaction minimums, and marks up interbank rates by just 0.5% to 1%, avoiding the intermediary bank deductions that quietly eat into wire transfers. Our guide to same-day international transfers in Canada breaks down faster, more transparent alternatives to SWIFT. Here’s what that looks like on a real transfer: converting $1,000 to USD.

On a $1,000 transfer, that’s roughly a US$11 to US$15 difference in what actually lands in the recipient’s account. On larger, recurring international payments, that gap compounds fast.

Multi-currency and global account infrastructure

A USD account from a Canadian bank doesn’t solve your cross-border problem, because it’s still physically domiciled in Canada. RBC’s USD Business Account costs US$9 a month (waived with a US$2,500 daily balance) and charges US$1.25 per transaction, but it can’t connect to the ACH network, so every US customer payment still has to travel through SWIFT. To actually receive local US payments, you’d need a separate cross-border account with RBC Bank (US), which costs US$150 a month (US$175 with Business ACH) and requires manual registration through an account manager.

Airwallex Multi-Currency Accounts skip that step entirely: you can open multi-currency accounts online, with no local entity or physical presence required, each with dedicated local routing and account numbers in your business’s own name. That means a Canadian exporter can collect USD through local ACH, EUR through SEPA, and GBP through Faster Payments, holding funds in each currency and converting only when the rate works in their favour. No forced conversion, no double fee.

Integrations and bookkeeping automation

RBC Express, the bank’s treasury management platform, prices everything in modules: a $50 setup fee per module, a $50 fee for a physical RSA token, and $30 a month for a multi-user environment. ACH processing runs $0.85 per transaction pay-as-you-go, or $27 a month per account plus per-file and per-report charges, on top of a $100 penalty for rejected files. Wire administration adds another $20 per wire, plus $16 to send to the US and $30 internationally.

Connecting Airwallex to Xero or QuickBooks Online takes a few clicks: no setup fee, no per-transaction charge. Transactions sync and categorize as they happen, which means finance teams stop chasing CSV exports and start actually analyzing the numbers.

Card issuance and spend management

RBC’s business cards, like the Avion Visa Infinite Business, earn rewards on domestic spend but charge a 2.5% to 3% foreign transaction fee on anything international. Expense tracking is manual: employees save receipts, and finance matches them against statements by hand.

Employees can get virtual or physical multi-currency Airwallex Corporate Cards in minutes, with spending controls set per card. Because each card draws directly from the matching currency wallet, a USD purchase, like a SaaS subscription, debits the USD balance directly and skips the foreign transaction fee entirely. Airwallex Expense Management works the same way for receipts: employees snap a photo in the mobile app, and the system parses it, matches it to the right transaction, and pushes it straight to the general ledger. Nobody’s typing line items into a spreadsheet.

How to evaluate RBC vs. Airwallex for your business

The right answer depends on your transaction profile, not on which brand sounds more modern. A retail storefront that handles cash, coin orders, and in-person deposits genuinely needs a branch network and a bank like RBC behind it.

A business that operates online, sources internationally, or pays remote teams is a different story. That’s where traditional banking fees quietly add up. It’s worth checking our breakdown of wire transfer fees in Canada to see the gap in dollar terms.

The regulatory backdrop matters more than it used to, as well. Airwallex, registered as a Money Services Business with FINTRAC, now falls under the Bank of Canada’s supervision through the RPAA, which requires client funds to sit in designated trust accounts, separate from the company’s own operating capital. That safeguarding has no fixed dollar cap: it protects the full deposit balance if something goes wrong, unlike CDIC insurance, which tops out at $100,000. For growing companies moving real volume across borders, that’s a meaningful difference.

Is RBC or Airwallex better for different types of Canadian businesses?

Canadian eCommerce brands

Margins are already tight. eCommerce growth slowed to 2.8% in 2025, and losing the US de minimis exemption under US$800 added real shipping and compliance costs on top. A traditional bank account makes that worse. USD receipts get converted to CAD at a markup the moment they land, then converted back to USD when it’s time to pay a supplier. That’s two conversion fees on money that never had to leave USD in the first place. 

RBC can’t offer that. A USD account there still sits inside RBC’s Canadian rails, so Shopify and Stripe payouts land in CAD by default and get converted again when you pay a supplier in USD. Airwallex Multi-Currency Accounts connect directly to Shopify or Stripe in USD, EUR, or GBP, so you collect in the native currency, hold it, and pay suppliers without converting twice.

Professional services firms

Agencies, software consultancies, and remote teams billing US and European clients run into the same wall: a Canadian USD account can’t accept ACH, so every client payment routes through SWIFT with wire deductions and slower settlement. That makes RBC a weak fit for firms billing internationally, since every invoice eats a wire fee and an FX markup before it clears. Airwallex generates local US, UK, and European bank details instantly, so you can receive ACH or Faster Payments as if you had a local entity, without actually needing one.

Retail businesses

If your business runs on cash drawers, coin orders, in-branch deposits, and paper cheques, RBC is still the more practical fit. Unlimited Moneris deposits and in-person teller support solve real, physical problems that a digital-first platform doesn’t touch. Airwallex has no branches, no tellers, and no way to accept a cash deposit. It isn’t built to replace RBC here; it’s built for moving money across borders, not across a counter.

Startups

When runway is limited, onboarding speed matters. A traditional bank account can take weeks and usually needs a branch visit. Airwallex’s onboarding is 100% digital: you can set up an account online and have virtual cards and global account details ready in minutes, not weeks.

Verdict: Should you choose RBC or Airwallex?

Choose RBC if

• Your business operates physical stores that need in-person teller service, cash drops, coin orders, or cheque clearing.

• You need commercial lending: lines of credit, equipment financing, or a commercial mortgage.

• You’d rather manage banking through a relationship manager and an established domestic credit history.

Choose Airwallex if

• Your revenue comes from multiple currencies through platforms like Shopify, Stripe, or Amazon.

• You’re paying foreign contractors, software subscriptions, or overseas suppliers, and you’re tired of SWIFT fees and FX markups eating into every payment.

• You want to hand employees multi-currency cards on day one, skip manual receipt capture, and sync straight to QuickBooks or Xero, all without a monthly maintenance fee.

Still weighing your options? Our roundup of the best business bank accounts in Canada covers more choices beyond RBC and Airwallex.

How to open an Airwallex Business Account

The process is entirely digital and takes a few steps:

1. Create your account profile. Register on the Airwallex signup portal and select Canada as your primary jurisdiction.

2. Submit your corporate registration. Upload your Articles of Incorporation, provincial or federal, along with your nine-digit CRA Business Number.

3. Verify identity. Upload government-issued photo ID for directors and any beneficial owner holding 25% or more of the company.

4. Confirm business details. Outline your business activities, expected monthly volume, and main payment corridors.

5. Generate your Multi-Currency Accounts. Once verification clears, usually within 1 to 3 business days, log into the WebApp to activate local bank details across your active currencies.

Frequently asked questions about RBC vs Airwallex

Is Airwallex a licensed bank in Canada, and are my deposits safe?

No, Airwallex isn’t a bank. It’s a registered Money Services Business with FINTRAC (registration number M19395067), regulated under the Bank of Canada’s Retail Payment Activities Act (RPAA), which took full effect on September 8, 2025.⁴ Under the RPAA, Airwallex has to keep client funds in trust accounts, separate from its own operating capital, at regulated Tier-1 Canadian financial institutions. That safeguarding has no dollar cap, unlike CDIC insurance, which is limited to $100,000.⁵

What are the monthly fees for RBC business accounts?

They range from $6 for the Digital Choice plan to $100 for the Ultimate plan, and the Ultimate fee is waived if you maintain a $75,000 daily balance. RBC also has a pay-as-you-go Flex Choice plan at $7 a month, and a USD account at US$9 a month (waived at a US$2,500 daily balance).

Can I send and receive local US ACH transfers with an RBC USD business account?

No, a standard RBC USD business account is domiciled in Canada, so it can’t send or receive ACH transfers directly. Everything routes through SWIFT, with fees on both ends. To get ACH access, you’d need a separate cross-border account with RBC Bank (US), which costs US$150 a month (US$175 with Business ACH).

How much does RBC charge for international wire transfers?

RBC charges $45 for an outgoing international wire initiated online from a CAD account, and $17 for incoming international wires over $50. In-branch wires cost more, and there’s an additional $35 penalty if the destination requires an IBAN you didn’t provide. None of that includes the FX markup, typically 2% to 3% above mid-market, or unpredictable SWIFT intermediary deductions.

Can a non-resident open a business account with RBC or Airwallex?

Yes, at both, as long as you have a registered Canadian company. RBC requires non-residents to visit a branch in person with government-issued ID to activate the account. Airwallex handles verification entirely online, so directors outside Canada don’t need to travel.

What documentation do I need to open a Canadian business account?

Corporate registration documents (Articles of Incorporation or a Master Business Licence), your CRA Business Number, and government-issued photo ID for directors and any beneficial owner holding 25% or more of the company.

What are the best alternatives in Canada for multi-currency businesses?

A few digital-first platforms compete in this space. Wise Business supports 40+ currencies at mid-market rates with low, upfront fees. Venn offers CAD and USD account details, 2% interest on balances, and 1% cash back on cards, with no monthly fees. Loop is popular with Canadian importers holding USD, EUR, and GBP balances outside the traditional banking system.

Sources

1. https://www150.statcan.gc.ca/n1/daily-quotidien/260505/dq260505a-eng.htm

2. https://www.bankofcanada.ca/2025/09/payment-service-providers-are-now-under-supervision-registry-to-follow/

3. https://www.rbcroyalbank.com/business/accounts/estimate-business-account-fees.html

4. https://help.airwallex.com/hc/en-gb/articles/900001757106-How-is-Airwallex-licensed-and-regulated

5. https://www.cdic.ca/your-coverage/protecting-your-deposit/