Your guide to Digital Commerce Bank’s business accounts in Canada

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.

An overview of the guide
Digital Commerce Bank’s Business Account in Canada Key Features of Corporate Banking with Digital Commerce Bank in Canada Fees Charged by DCB in Canada for Business Account Users Foreign Currency Processing with DCB Business Accounts in Canada Looking for a Business Account That Could Do More? Check out Wise!

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 va 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.

Click here to get your Wise business account 🚀

To Sum it Up

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!

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Sources:

1 - Digital Commerce Bank | Bank Accounts (dcbank.ca)
2 - Account Fees (dcbank.ca)
3 - DCBank Corporate Account Agreement