National Bank Business Account Review: NBC Business Account Fees and Plans

Key Takeaways

• In 2025, the Canada Small Business Banking Satisfaction Study found a decline in satisfaction among small businesses, as the percentage of financially unhealthy Canadian small businesses reached 60%.¹

• National Bank prices its commercial accounts across three tiers, from C$7 a month for the Digital Business Package to C$100 a month for the Premium Business Package, with fees waived only under specific credit card or balance conditions.²

• Airwallex Business Accounts carry no monthly maintenance fee and route the majority of international payments over local clearing rails instead of SWIFT wires, saving businesses money and time on cross-border transfers.³

National Bank of Canada offers traditional, branch-backed commercial accounts for domestic businesses and licensed professionals. For businesses needing manual service or cross-border transfers, the account structure adds separate fees. While cash-intensive merchants benefit from its extensive Quebec-centred branch network, businesses moving money internationally should evaluate transfer speed and total cost. This review covers the features and fees of National Bank’s three business packages and how an Airwallex Multi-Currency Account compares.

National Bank of Canada (NBC) business accounts at a glance

National Bank offers three commercial deposit accounts based on transaction volume: Digital, Hybrid, and Premium. Each package includes a certain number of transactions, cash allowances, and waiver conditions.

National Bank incentivizes businesses that use digital banking and charges a premium for in-person service. The bank eliminates monthly fees for businesses maintaining a large balance or reduces them with the right credit card. Other clients pay for branch access whether they use it or not.

How Airwallex complements a National Bank business account

A domestic National Bank account works well for businesses operating mostly in Canadian dollars and needing branch access. Collecting or paying in other currencies introduces limitations such as closed domestic rails, fixed transfer limits, and a C$35 monthly fee per foreign currency account. Airwallex Multi-Currency Accounts provide businesses local account details in 20+ countries with the ability to collect funds in 70+ countries. This means a US or European customer can pay as if sending a domestic transfer, with no monthly account fee. 

Airwallex also routes payments differently. Instead of relying on SWIFT correspondent banking for every cross-border transfer, Airwallex sends 94% of transactions over local clearing rails, which tends to mean faster settlement and lower costs than the standard wire route. Opening an Airwallex Business Account typically takes one to three business days, entirely online, and comes with corporate cards with 0% foreign transaction fees. 

A business can keep National Bank for its Canadian dollar operations while using Airwallex to handle multi-currency receiving, holding, conversions, and transfers across borders. However, Airwallex isn't a bank. It operates as a fintech company and holds customer funds in segregated RPAA Trust Accounts under Canada's Retail Payments Activities Act.

Types of National Bank business accounts

National Bank's accounts are designed around how a business transacts, not just volume. Picking the right tier depends on transaction types, cash handling, and foreign currency usage.

National Bank Digital Business Package

The Digital Business Package suits remote service providers, consultants, and technology companies that transact almost entirely online. At C$7 a month, it includes unlimited digital transactions plus 12 outgoing Interac e-Transfers. Linking an eligible Business Platinum Mastercard to the account will eliminate the monthly fee entirely.

Trade-offs include a C$5 charge on every branch-assisted transaction or issued cheque, and no cash deposits included at all. Businesses sending frequent transfers should review Interac e-Transfer business limits and fees because overages can occur faster than most people expect.

National Bank Hybrid Business Package

The Hybrid Business Package combines digital banking and full branch service for businesses with modest, fairly predictable transaction volume. For C$10 a month, it includes 10 transactions (digital and assisted combined) and 2 outgoing Interac e-Transfers. Unlike the other two tiers, there's no way to waive the monthly fee through a balance or credit card.

Overages beyond the allowed amount cost C$1.05 per electronic transaction and C$2.50 per assisted transaction. This makes the Hybrid plan a potential fit for businesses with low, steady monthly transaction volumes.

National Bank Premium Business Package

The Premium Business Package may suit established, high-volume businesses and cash-intensive retailers. Its C$100 a month fee includes unlimited digital transactions, 100 assisted transactions, unlimited outgoing Interac e-Transfers, and cash deposit allowances of C$25,000 in bills and C$500 in coins.

Businesses can reduce the monthly fee to C$80 with an eligible business credit card, or eliminate it by maintaining a C$80,000 minimum daily balance every day of the billing cycle.

National Bank USD and foreign currency business accounts

National Bank handles foreign currency through two products. Its USD Business Account uses a pay-as-you-go model with a monthly minimum of US$8, charged only when a business's monthly transaction fees fall below that amount. Payments to American vendors still incur the usual wire or cross-border transfer charges.

For currencies beyond USD, National Bank offers 15 segregated foreign currency accounts, including euros, British pounds, and Chinese renminbi. Each account has a C$35 monthly administration fee and doesn't support cash deposits or cheques. Businesses weighing whether that structure makes sense should read up on managing multiple currencies in one account and review the best foreign currency accounts in Canada.

Who is a National Bank business account best for?

Determining if a National Bank business account is the right choice depends on company size, customer payment methods, and foreign currency exposure. Domestic businesses with physical cash needs benefit from branch support, whereas companies operating internationally often encounter higher fees.

Incorporated SMEs and accredited professionals

National Bank offers customized commercial packages that combine deposit accounts with preferred credit lines and commercial mortgages for physicians, engineers, accountants, lawyers, and other licensed professionals.

Incorporated businesses operating locally may benefit from the dedicated commercial relationship managers National Bank provides, but personal guarantees and corporate documentation are still required for all credit products.

Cash- and cheque-handling retail and hospitality businesses

Retail stores, restaurants, and other hospitality businesses that rely on physical cash need the kind of branch infrastructure National Bank provides for daily reconciliation. The Premium Package's bill and coin allowances help avoid overage fees. ABMs and Around-the-Clock depository boxes offer secure cash drops outside business hours, though standard depository tariffs and coin handling fees still affect margins.

Businesses transacting across multiple currencies

Companies managing international supply chains or selling across global markets may face additional complexity with National Bank’s foreign-currency structure. Holding multiple currencies requires separate accounts, each costing C$35 in monthly fees plus any applicable conversion costs.

Traditional banks tend to charge 2% to 3% above the interbank rate for conversions. For businesses that regularly transact internationally, avoiding hidden bank exchange rate markups matters more than any account fee.

National Bank business account detailed review

Beyond the fees, it’s important to evaluate National Bank on its digital platforms, point-of-sale hardware, cash management tools, and deposit protections.

Online Banking for Business vs Internet Banking for Business (IBB)

National Bank operates two separate digital banking systems designed for various business sizes. The standard Online Banking for Business portal works for the basic daily transactions of single-user sole proprietorships and SMEs.

Internet Banking for Business adds treasury tools such as multi-signatory authorization, dual custody, and batch payment processing. To gain access, businesses must pay custom administrative fees and ongoing monthly charges on top of the regular account charges.

Mobile banking app features and usability

On National Bank’s free mobile app, businesses on any account plan can check balances, send domestic transfers, and deposit cheques by camera. However, some users report occasional login delays and sync lag in the app. More advanced treasury functions, like multi-user approval chains and international wires, are desktop-only. 

Point-of-sale integration: Clover by Fiserv

National Bank partners with Clover, Fiserv's point-of-sale ecosystem, to give business account holders card acceptance that settles funds into their operating account within the next business day. Hardware options include mobile devices and full countertop stations, with separate processing contracts that have their own discount rates, PCI compliance fees, and lease terms.

Business Investment Account (BIA) and automated overdraft link

National Bank business accounts can be linked to a Business Investment Account to automatically move idle cash into interest-bearing accounts overnight. National Bank offers automated overdraft protection, though interest on any overdraft balance is charged separately based on the bank’s prime lending rate.

Operating credit cards and expense management

The National Bank Business Platinum Mastercard is the core business credit offering, and holding it waives the C$7 Digital Business Package fee. 

Expense tracking requires manual review of monthly statements rather than the real-time software that fintechs such as Airwallex offer. National Bank also does not offer instant virtual cards or automated receipt matching.

Security, CDIC coverage, and customer support

As a federally regulated Schedule I bank, National Bank provides statutory deposit protection, with eligible CAD deposits CDIC-insured up to C$100,000 per account category.

Branch advisors and National Bank Business Central phone agents provide commercial support. Branch specialists assist with lending questions, though general phone support experiences long wait times during peak periods.

National Bank business account fees

In addition to the monthly base fees, National Bank charges a variety of itemized fees for other services that should be estimated ahead of time before choosing an account. 

National Bank business account pros and cons

Established domestic businesses with steady cash flow and a need for local branch contact can benefit from a National Bank business account. Digital-based businesses that make cross-border payments experience more of the cons.

Is a National Bank business account worth it?

National Bank has value for brick-and-mortar storefronts, accredited professionals, and cash-reliant retail businesses operating within Canada. Businesses with steady cash flow can use Clover's point-of-sale solution and also offset the monthly fee with the balance waiver or eligible credit card.

The accounts make less sense for software companies, global eCommerce sellers, and businesses managing international suppliers. With the mandatory branch visit, C$35 foreign currency account fees, and standard FX markups, National Bank is an expensive option for anyone doing regular cross-border business.

How to open a National Bank business account

Opening a National Bank business account requires complying with federal anti-money-laundering requirements, which include an online application with a mandatory in-person verification step. To understand more about this process, see this guide to opening a business bank account in Canada.

Step 1: Confirm your business structure and eligibility

Applicants need to confirm their Canadian business structure, such as a sole proprietorship, partnership, or incorporated entity. The online application also requires personal online banking credentials at a Canadian financial institution to verify identity.

Step 2: Gather your documentation by legal entity

Required documents vary by company structure. Corporations need Articles of Incorporation, proof of business registration, and beneficial ownership details for any shareholder holding 25% or more of the voting rights.

Step 3: Submit the online intake form

Choose a business package through National Bank’s online portal and submit the required details. A National Bank Business Central representative will follow up within one to two business days to review the application and start activation.

Step 4: Complete the mandatory in-branch verification appointment

National Bank requires an in-person branch visit to finalize the account and set up signing authority. At the branch, authorized signers need to provide two pieces of identification, sign the deposit agreement, and pick up their debit cards.

National Bank business account vs Airwallex Business Account

Businesses with higher cash volume that collect and pay out mostly in Canadian dollars will value National Bank’s branch network. Businesses moving money across borders regularly tend to save more by pairing that account, or replacing it completely, with an Airwallex Business Account.

National Bank business account vs other major Canadian banks

National Bank's Digital Business Package is similar to entry-level business accounts at Canada's other major banks, though a key differentiating factor is the number of Interac e-Transfer allowances.

National Bank’s Digital plan features a credit card fee waiver and 12 included Interac e-Transfers, exceeding RBC's 10 or BMO's six. BMO's C$5 base fee is the lowest entry point for businesses that rarely send e-Transfers and mostly transact digitally.

Frequently asked questions about National Bank business accounts

How much are the monthly fees for a National Bank business account?

Monthly fees for National Bank business accounts range from C$7 for the Digital Business Package to C$100 for the Premium Business Package, plus a separate C$35 monthly fee for each foreign currency account. The USD Business Account works differently, charging a US$8 minimum only in months when transaction fees fall under that amount.

Can I get a free business bank account with National Bank of Canada?

No, National Bank doesn't offer a free business account. However, the Digital Business Package fee is waived entirely with an eligible Business Platinum Mastercard, and the Premium Business Package fee is waived with a C$80,000 minimum daily balance.

What are the requirements to open a National Bank business account?

The requirements to open a National Bank business account are valid identification, proof of Canadian business registration, and beneficial ownership details for anyone holding 25% or more of the voting shares. Applicants also need an active Canadian personal bank account and the ability to attend a mandatory in-branch verification appointment.

Can I open a National Bank of Canada business account completely online?

No, National Bank business accounts can't be opened entirely online. The initial application is electronic, but every account signatory must also visit a branch in person to verify their identity and activate the account.

Is National Bank safe?

Yes, National Bank of Canada is safe. It’s a Schedule I chartered bank regulated by the Office of the Superintendent of Financial Institutions. Eligible Canadian dollar deposits are CDIC-insured up to C$100,000 per category.

What is the best National Bank business account for small businesses?

The best National Bank business account for small businesses is the Digital Business Package because it includes unlimited electronic transactions and 12 Interac e-Transfers for C$7 a month, a fee that's waived entirely with an eligible Business Platinum Mastercard.

Sources

1. https://www.jdpower.com/business/press-releases/2025-canada-small-business-banking-satisfaction-study/?utm_source=gemini

2. https://www.nbc.ca/content/dam/shared/pdf/business/25167-fee-guide-banking-services-businesses.pdf

3. https://www.airwallex.com/global/blog/2025-eoy-mission-update