Opening a Business Bank Account in Canada | For businesses in Australia

Canada is a hotspot for international business. If you export from Australia, or have customers based in North America, opening a local business bank account in Canada makes managing your money easier.

In this blog, we’ll explore what you need to do to open one in 2025 and provide some details about the biggest banks. We’ll also introduce Wise Business, a borderless business account that allows Australian account holders to create a Canadian local account to get paid like a local. Not only can users spend less on fees, and grow your company internationally.

Table of contents
How to open a business bank account in Canada? Opening from overseas Requirements Process Types of businesses - Fee Duration Best business account for small business canada Can a foreigner open a business bank account in Canada? From local to global - Wise Business

How to open a business bank account in Canada?

According to the Canadian government, non-citizens can open bank accounts with “proper identification”¹. Like most bank accounts, you’ll need documents to support your application. You might also have to visit the bank in person, though this will depend on the bank.

Scotiabank, for example, advises non-residents and those without work or study permits for Canada to contact and work with a branch representative to set up an appointment². This means you may have to contact a bank directly before opening an account.

Opening a business bank account in Canada from overseas

Opening a Canadian Business bank account can be challenging as one would often require in-person verification and a physical business address in Canada. You'll need comprehensive documentation, including incorporation papers and a Canadian Business Number. If your Australian bank has Canadian partnerships, they might assist in the process. Agencies can help, but ensure you understand their fees and services.

Alternatively, solutions like Wise Business offers a hassle-free alternative to traditional banks. A Wise Business account allows users to create local bank account details in 8+ currencies including a business bank account in Canadian Dollar.

Do business without borders using Wise 🌍

Requirements to open a business bank account in Canada

Before you attend your meeting with your chosen bank, you must check the documents required to open your account.

Typical requirements vary according to the company structure and type. Incorporated businesses, for example, require more documents. Generally, you’ll need:

• Full personal details and information about your business
• Incorporation documents based on the company structure
• Trade name registration
• Canadian Business Number (BN)
• Canada Revenue Agency (CRA) registration number (where applicable)
• Two pieces of primary ID (e.g. passport or residence card), or one piece of primary ID and one piece of secondary ID (e.g. credit card in your name)

When opening a business bank account from overseas, you may also need to provide notarised copies of key documents such as articles of incorporation³.

All business owners, shareholders and signatories will need to submit the necessary information and documentation. They may also have to attend a bank meeting in person.

What’s the process for opening a business banking account?

The exact process for opening a business bank account in Canada will depend on the bank and account type. The initial stages should be relatively straightforward, though. The focus is on getting the right documentation together to support your application.

Here’s a step-by-step guide for the process:

1. Explore the major banks and business account types available
2. Check your eligibility as a non-resident or foreign business owner
3. Prepare your business documents based on the requirements for your business structure and the bank’s business account criteria
4. Contact the bank to set up either a virtual consultation or in-person appointment
5. Work with the bank rep to complete the business account opening process

Types of business bank accounts and their fees

When you’re researching Canadian business bank accounts, you’ll see accounts have features tailored to different types and sizes of organisations. The most common business types in Canada are as follows:

• Sole proprietor
• Partnership
• Corporation
• Non-profit organisation
• Cooperative

Each bank has a range of business bank accounts with tiered features based on the volume of transactions and balance amounts. Basic, cheaper accounts are designed for smaller businesses.

Below is an example of the bank account types available. These are just a guide. You will need to select a business account based on the specific needs and requirements for your business.

Business structure	Examples of different bank account types	Monthly fee
Sole proprietorship	TD Every Day Business Plan	$19 monthly fee
Partnership	RBC Digital Choice Business Account	$6 monthly fee
Corporation	TD Unlimited Business Plan	$125 monthly fee
Non-profit organisation	CIBC Not-for-Profit Operating Account	$4 monthly fee
Cooperative	Scotiabank Right Size Account for business	$6 monthly fee

How long does it take to open a business bank account?

It’s common to need to visit the bank to present your documents, before you can open a business bank account in Canada. Once you’ve held this meeting, it shouldn’t take long. RBC says the process can be completed in just 15 minutes⁴. Generally, your account will be up and running within 24 hours if there are no issues with your application.

Best business account for small businesses in Canada

When choosing a bank account in Canada, you’ll want to do some research to find the right one for your needs. Starting out with some of the country’s biggest banks makes sense. These tend to have the broadest range of products available. However, you should also understand your specific business need and how a business bank account will help address it.

Wise Business account

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. This new type of account can be opened and operated online, and comes with a range of perks designed to make life easier for business owners and entrepreneurs.

With a Wise Business account, you can manage your finances like a local in Canada and conduct transactions in the local currency. It is ideal for businesses seeking straightforward, cost-effective international banking solution which rely heavily upon foreign currency transactions.

• No monthly fees or minimum balance requirements
• One-time setup fee for access to 8+ currency accounts
• No hidden transfer fee markups on the exchange rates. Transparent fees on each transfer.
• Hold and convert 40+ currencies and send payments to over 150+ countries

Sign up for the Wise Business account! 🚀

RBC Royal Bank

RBC is the largest bank in Canada with around 1,250 branches⁷. It currently offers twelve different business accounts, each with a monthly fee⁸. You can use the business bank account recommendation service to narrow down your options.

• The Ultimate Business Account is the top tier offering with “many unlimited features” from $100 per month.
• The Flex Choice Business Account costs from $7 per month with no transaction limits
• Has online banking options and tailored advice and support for your business

HSBC was previously a popular option for business accounts, but it was sold to RBC in March 2024⁶.

TD Bank

TD Bank is Canada’s second-largest bank with just over 1,000 branches⁷. It has multiple account types, including a more entry-level Every Day Business Plan, and a premium Unlimited Business Plan⁹. TD also has a handy account selector tool for recommendations.

• No initial deposit is required to open a business account
• Accounts available in Canadian and US dollars

Scotiabank

Scotiabank is another of Canada’s “big five” retail banks. It advises customers to select an account type based on transaction volume and type². Scotiabank’s accounts include the Select Account for business, which has four tiers: Plan A, Plan B, Plan C, and Unlimited¹⁰.

• Offers overdraft protection from 500 CAD to $10,000 CAD
• Provides a range of resources for company owners, including advice and business support

There are also lots of account options available, so take the time to research and find the best banking solution for your business requirements. Then it’s a case of getting the right documents together and completing the application.

Can a foreigner open a business bank account in Canada?

Foreigners can open business bank accounts in Canada. Even if you aren’t a native citizen, or are currently living in another country like Australia, it’s possible to open a bank account as long as you provide the necessary documentation.

However, the process can be more complex with a few more hurdles to clear. Issues you might have to address include:

• Needing to visit a bank in-person to verify and sign documents
• Requiring a Canadian business number (BN)
• Providing notarised copies of key documents
• Meeting Canada’s strict Know Your Customer (KYC) policy⁵
• Needing a physical business address in Canada

Can I open a corporate bank account in Canada with a foreign corporate entity?

There’s no legal reason why you can’t open a business bank account in Canada with a foreign corporate entity. You don’t even need to be a resident to open an account.

However, there may be practical barriers to getting your business account up and running in Canada, which can be tricky to resolve if you aren’t based in the country.

These requirements are based on local law which requires banks to check the ID of all customers to prevent fraud and money laundering. In many cases, banks prefer to do this during face to face meetings.

One way around this may be to work with your local bank in Australia. If they have branches in Canada, or work with a partner bank there, you may find they’re prepared to be more flexible with the application process. This is because they will have already vetted your suitability for a business account.

Do i need a business bank account Canada?

When starting business in Canada as a foreigner, it is not only a sensible practical move but sometimes a requirement to have a business bank account. Without a business bank account, it can be troublesome to facilitate certain business registrations processes. In addition, having a separate business bank account not only keeps your personal and business money separate, but also helps keep your finances tidy enough for tax reporting.

A business bank account can provide access to necessary financial services such as business loans and lines of credit, which can be important for growth and cash flow management. While it is not necessarily a legal requirement to have a separate business account, it will make it much easier to maintain your finances and help your business thrive in Canada.

Can I open a Canadian business bank account from abroad?

Canada’s major banks may ask you to visit a branch to open a business account. There are agencies which can assist you with this, but even they may be unable to find a way around this mandatory meeting. If you choose to use an agent, make sure you know what you’re paying for before signing up.

If you want to open a business account to make it easier to manage your money in Canada, without the inconvenience of having to travel there, you could choose an alternative financial provider like Wise Business.

Opening a business account online - With Wise Business

Wise Business is a borderless account that operates like a bank. As an alternative to traditional banks, a Wise Business account lets you hold currencies like a local in Canada.

While you can register for free, a one-time fee (42 CAD for accounts created in Canada) gives you access to local account details for 8+ currencies. This includes having Canada account details which you can use to receive payments. There’s no in-person visits for approval or lengthy application processes. Everything can be opened entirely online, with ID checks and verification completely remotely.

For example, if a parent company in Australia expands to Canada, they can use their existing Wise Business account (created in Australia) to obtain a local Canada account details for a one-time fee of 65 AUD (including 8+ currencies). This allows them to receive payments and conduct transactions in Canadian dollars. Additionally, they can transfer money between currencies with minimal fees, avoiding hidden markups.

With Wise, foreign businesses can enjoy all the following features:

• Get a local Canadian account number
• Receive international Swift payments in CAD
• Hold and convert 40+ currencies with ease
• Send fast and secure payments to 150+ countries
• No monthly fees or minimum balance requirements

💼 Case Study: Learn how digital music distribution and artist services company GYROstream uses Wise to pay out royalties globally with transparent, low costs

From local to global - Wise Business account

It’s entirely possible to open a business bank account in Canada. But prepared for a lengthy process when working with a traditional bank. One area to pay close attention to is banking fees. If you’re regularly sending money overseas and receiving funds from suppliers or customers in Canada, costs can quickly spiral. Small businesses in the US have found this out the hard way — they lose $43m a year on international transfer and currency exchange fees alone¹¹.

Which is where Wise Business comes in with low transfer costs and transparent fees so that businesses can keep more of their money with them. Wise Business works as an alternative to traditional banks where you can create a Canadian business account for local transactions. But also use move money across different currencies for global transaction needs at the same time.

What's more, you'll benefit from the following with a Wise Business account:

• Free to register — Hold and convert between 40+ currencies. Send to 140+ countries
• Debit and expense cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 people at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions like Xero, Quickbooks, and more
• Get account details to receive in 8+ currencies for a one-time fee of 65 AUD

Sign up for the Wise Business account! 🚀

Sources:

1. Canada Government - Opening a bank account
2. Scotiabank - How to open a bank account
3. Canada Government - Authenticate your documents
4. RBC Royal Bank - Open a business account
5. Canada Government - Methods to verify the identity of persons and entities
6. HSBC - Goodbye announcement
7. Wikipedia - Big five banks of Canada
8. RBC Royal Bank - Accounts
9. TD - Business bank accounts
10. Scotiabank - Select Account for business
11. Wise - State of US SMBs