Your guide to Digital Commerce Bank’s personal account in Canada

Piyush Singh

25.06.24

3 minute read

The Digital Commerce Bank is one of Canada's leading digital payment solutions providers. It offers both personal and corporate banking accounts, free online and mobile banking, and a variety of other services. However, DCBank personal accounts have monthly inactivity fees amongst other expenses you could avoid. We'll cover this and more in the guide.

We’ll also look at Wise as a cost-effective way to send money abroad. With a pay-as-you-gofee structure, mid-market exchange rate, and Wise Card, it could be your financial companion for sending money abroad, traveling, or shopping internationally.

An overview of the guide
Personal Accounts at Digital Commerce Bank in Canada Key Features of Personal Banking with Digital Commerce Bank in Canada Fees Charged by DCBank in Canada for Personal Account Users How To Set Up a Personal Account with DCBank in Canada Foreign Currency Processing with DCBank Personal Accounts in Canada Looking to Avoid Fees and Add Currencies? Check Out Wise.

Personal Accounts at Digital Commerce Bank in Canada

DCBank’s personal account is easy to set up, budget-friendly, and perfect for daily banking.

Key Features of Personal Banking with Digital Commerce Bank in Canada

The following are the key features of a DCBank personal banking account¹:

No minimum balance requirements and no bill payment fees
No need for employment to open your account
No credit checks needed to open your account
No holds on direct deposits
Free mobile and net banking facilities
Free online statements available
Prepaid Visa or Mastercard to access account funds for in-store or online purchases

Looking at all these benefits, you may wonder if you can use your personal account for business transactions. While you can use a personal account for business, it’s not recommended as it risks your personal assets.

You can take a look at the guide to DCBank's business account if you're looking for a business account. you could also check out the Wise business account!

Fees Charged by DCBank in Canada for Personal Account Users

Service	Fee Charges²
International transactions	2.25%
Monthly account fees	9.95 CAD
Monthly inactivity fees	5.95 CAD
Interac e-Transfer fee	1.50 CAD
ATM transaction fees	1.00 CAD
Overdraft Fees	0.00 CAD

Looking to avoid fees where you can? Check out Wise

How To Set Up a Personal Account with DCBank in Canada

To open your account, download the DCBank personal bank account application form³ from their website, complete it, and email or fax it to the contact information provided on the first page of the application.

You need to provide DCBank with the following information⁴ to open your account:

Your full name and home address (if any)
Your date of birth
Your occupation or type of business
Proof that you are a Canadian resident (since the account can only be opened in CAD)

Before you can open your account though, verify your identity by bringing two (2) pieces of current, legitimate, and authentic identification, at least one of which must be a government-issued photo ID from the list below:

Your driver’s license or your passport (either Canadian or foreign-issued)
Any identification card with your picture and signature that was issued by a local, state, or federal government
Your Certificate of Canadian Citizenship or Certificate of Naturalization, in the form of a paper document or card but not a commemorative issue
Citizenship and Immigration Canada Form IMM 1000, IMM 1442, or IMM 5292, or the Canadian Permanent Residence Card
Secure Indian Status Certificate (SCIS)
Social Insurance Card
Your Canadian Birth Certificate or Old Age Security Card
Canadian Firearms License (FCAC)
Professional and Acquisition License (PAL)
National Defense Canadian Forces Identification Card — NDI 20

You may also have to submit a supplemental ID from the list of Supplemental Identification documents given by Digital Commerce Bank⁵.

Foreign Currency Processing with DCBank Personal Accounts in Canada

DCBank charges the exchange rate at transaction processing, which may differ from the confirmation rate, affecting the:

Fees charged
Amount paid out in the converted currency
Time taken to complete the transfer

Depending on your transfer route, DCBank also uses third party service providers for currency conversion. This could lead to added fees.

If you are expecting a transfer from another country, this might affect the:

Amount you receive
Time taken to receive your funds

The personal account agreement⁶ also mentions that the account is a Canadian dollar bank account, making currency conversion necessary. This may cause you to lose money during currency conversion.

Looking to Avoid Fees and Add Currencies? Check Out Wise.

Wise offers similar benefits to DCBank’s personal account but with added perks!

Wise’s multi-currency account has minimal fees on international transactions, starting at 0.33%. With its smart network of local banks, it converts your money to the local currency of the country you pay in, thus avoiding fees usually hidden in excessive exchange rates, and expensive currency conversion fees.

With Wise, you can:

Send money to over 160 countries and receive it in 19 different currencies at the mid-market exchange rate (often seen on Google), with fees as low as 0.33%
Hold over 40 currencies in the same account, including CAD, EUR, GBP, AUD, and USD, with the multi-currency account
Access funds quickly via the Wise Card, which allows you to spend like a local when you travel abroad

Having a Wise account also means you don’t pay monthly account and inactivity fees. You also get 2 free ATM transactions each month with the Wise Card and perform Interac e-Transfers instantly.

Click here to get your Wise account 🚀

To Sum it Up…

DCBank’s personal account offers benefits, but you can lose money due to inactivity fees and high exchange rates.

Wise’s multi-currency account enables transfers to local banks in over 160 countries, holds your money in over 40 currencies, and offers free monthly ATM withdrawals up to 350 CAD. International transactions always use the mid-market exchange rate.

If you are looking for a flexible digital payments service provider that offers full transparency, check out Wise today!

Sources:

1 - Digital Commerce Bank | Bank Accounts (dcbank.ca)
2 - Account Fees (dcbank.ca)
3 - Personal account application
4 - DCBank: Opening a Bank Account
5 - DCBank - Acceptable forms of identification
6 - DCBank Personal Account Agreement

Sources verified on 25 June 2024

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

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.