Is it possible to open an account without visiting the bank in Canada?
With these Canadian accounts, you can set up yours from the comfort of your home! Read on to discover online accounts in Canada and how you could get yours
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.
DCBank’s personal account is easy to set up, budget-friendly, and perfect for daily banking.
The following are the key features of a DCBank personal banking account1:
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!
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 |
---|
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:
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:
You may also have to submit a supplemental ID from the list of Supplemental Identification documents given by Digital Commerce Bank5.
DCBank charges the exchange rate at transaction processing, which may differ from the confirmation rate, affecting the:
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:
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.
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:
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 🚀
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.
With these Canadian accounts, you can set up yours from the comfort of your home! Read on to discover online accounts in Canada and how you could get yours
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