Digital Commerce Bank is a prominent digital payments provider in Canada. In addition to providing free online and mobile banking for both individuals and businesses, it provides a range of products and services like digital wallets, card services, and API developer tools. However, having an account at DCBank can bring you high transfer fees amongst expenses you could avoid. We will look at all of this in detail.
We’ll also look at Wise as a more affordable and secure way to send money overseas. With a pay-as-you-go fee structure andmid-market exchange rates, Wise is ideal for businesses that want to operate globally.
Digital Commerce Bank’s Business Account in Canada
The Digital Commerce Bank’s corporate banking account offers value and flexibility for your business in Canada.
Key Features of Corporate Banking with Digital Commerce Bank in Canada
The following are the key features of a DCBank corporate banking account1:
Complete business banking solution
No minimum balances required
Free online and mobile banking
Free statements available online
Secure deposits and access to your funds anytime, anywhere
The Corporate banking account also charges monthly fees and limits you to a maximum of 50 Interac e-Transfers per month.
Fees Charged by DCB in Canada for Business Account Users
Service
Fees2
Monthly account fees
49.95 CAD
Interac e-Transfer
1.50 CAD
Incoming domestic wire transfers
19.99 CAD
Outgoing domestic wire transfers
19.99 CAD
Transfer of funds to another DCB account holder
9.99 CAD
Looking to avoid fees where you can? Check out Wise
Foreign Currency Processing with DCB Business Accounts in Canada
Digital Commerce Bank bills customers according to the transaction’s currency rate. This means the confirmed transfer may not match the exchange rate. This can impact :
The fee charges levied on the transaction
The amount disbursed in the currency conversion
The amount of time needed to finish the transfer
Depending on your transfer route, DCBank may also use other service providers to convert currency, which can incur additional costs.
Receiving a transfer from overseas via DCBank could impact :
The amount you receive post-transfer
The time it takes to receive your funds
The corporate banking agreement also states that currency conversion is required because the account holds your money in Canadian dollars. This is also why you could lose money while converting currencies.
Looking for a Business Account That Could Do More? Check out Wise!
If you are looking for an alternative to your Digital Commerce Bank’s corporate banking account, you might want to consider Wise. Wise for Business offers many of the same advantages with some additional offers.
With Wise’s business account, you avoid additional fees for international transactions. You can pay employees or vendors overseas in their local currency, without any currency conversion hassles.
With Wise, you can also:
Pay staff, contractors, or suppliers in over 40 currencies across 160 countries at the mid-market exchange rate.
Receive payments locally in over 19 different currencies anytime, anywhere
Get account details for 19 currencies, including CAD, USD, JPY, EUR, GBP and more! - For a one time payment of 42 CAD.
For other currencies, you can enjoy conversion at the mid-market exchange rate when you send money with Wise. You also avoid monthly account fees and high transfer fees with Wise.
Wise Business further offers features like instant payments that may save businesses time on admin, batch payments for up to 1000 international fund transfers, and cash flow management, including easy invoicing and multiple user access to accounts functionalities. Besides this, the Wise API and app integrations offer enterprises smart tech to boost accounting operations.
While Digital Commerce Bank’s corporate account has advantages, infrequent use could lead to losses due to high fees. Furthermore, DCB charges currency rates that are higher than the mid-market rates.
On the other hand, Wise offers a multi-currency account with no inflated rates or high fees, saving businesses millions monthly. Wise also allows payments to non-Wise users via email or bank account. All international transactions occur at the mid-market exchange rate.
For a flexible, transparent global payments provider, check out Wise today!
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Discover whether the BMO USD Business account would be the right one for your business. Alternatively, you could use Wise for your international business needs
Take a look at the CIBC USD account to see whether it would be best suited to your business. You could also go international with a Wise Business Account