Manulife Business Account Review: Features, Fees & Requirements

Manulife Bank offers digital-first business accounts that help entrepreneurs earn interest on their idle cash while maintaining flexibility. This review walks you through key features, fees, and usability of a national business account, and whether it suits your operational needs. We’ll also go over a convenient alternative for customers looking for hassle-free international transfers.

Manulife Review: Quick Overview

Manulife: Key Features

The Manulife business advantage account is a high-interest, liquid savings solution for business owners who want a return on excess cash without locking funds into GICs or sacrificing flexibility. It pays 1.45% interest on every dollar, with no minimum balance required and no monthly account fee.² Deposits and transfers, including Interac e-Transfers, deposits via mobile app, direct deposit, and transfers from other Canadian institutions, are free.

Manulife also offers a US-dollar version: The Manulife Bank USD business account, officially called the US Business Advantage Account. It provides a 0.20% interest rate on US dollars, again with no monthly fees or transaction charges.³

Unique features include:

• Free deposits and bank-to-bank transfers between your accounts at other Canadian banks
• Free tax-payment portal (enrolment optional, fees apply per transaction).
  Eligibility for protection under the Canada Deposit Insurance Corporation (CDIC).

These features make Manulife a strong choice for businesses focused on earning interest, maintaining flexibility, and securely managing both CAD and USD funds without monthly fees.

Ease of Use

The platform is fully digital with no physical branches, letting businesses manage funds via mobile, web, or telephone banking, along with ABMs within The Exchange Network. Many customers appreciate the painless experience of earning interest on idle cash automatically, with seamless transfers back into their operating account when needed.

Integration with accounting software simplifies bookkeeping, reduces manual entries, and streamlines monthly reconciliations. While the interface is generally intuitive, some customers note occasional delays with large or international transfers, emphasizing the importance of planning ahead for time-sensitive payments.

Customer Service

Manulife operates via advisors rather than branches, offering support through phone and online channels. This setup allows for tailored guidance on account management and tax-related processes. Customers have access to specialist advice for setting up USD accounts or navigating tax-related queries.

However, feedback indicates that response times can vary depending on case complexity, which may require patience for urgent or high-volume transactions. Despite this, many customers report satisfaction with the professionalism and expertise of the Business Advantage Account advisors.

Manulife Fees

Here’s a breakdown of the core fee structure:

• Manulife business advantage account interest rate at 1.45% on all funds, with interest calculated daily and paid monthly.³
• US$ Business Advantage Account with 0.20% interest, same daily accrual and monthly payout.
• No monthly account fee for these accounts, and deposits and transfers are free.²
• Charges apply for Interac e-Transfers ($1.00, bill payments ($1.00), and cheques ($1.50).
• Optional tax-payment portal with one-time fee ($25), then $2 per transaction⁴
• Wire transfers fees start at $30 for transfers up to $10,000, go up to $50 for transfers between $10,000.01 and $50,000, and are $65 for transfers more than $50,000.⁵

In addition, foreign exchange transactions may incur fees depending on the destination and currency. Businesses planning multiple international payments should factor in these costs, as frequent cross-border transfers can add up quickly.

While domestic transfers and e-Transfers are inexpensive, keeping track of transaction volumes is important to avoid unexpected charges. Overall, Manulife’s fees are competitive for domestic savings and cash management, but international transactions may require careful planning or complementary solutions like Wise to reduce costs.

Wise Business Could Help Your Company Save on Global Payments

Manulife Benefits and Considerations

What are the benefits of Manulife?

Manulife Bank’s business savings accounts allow business customers to earn meaningful interest on their excess cash without tying up funds or paying fees. The service's digital-first nature means everything from deposits to withdrawals can be handled remotely, offering real flexibility. CDIC insurance also assures businesses that their funds are protected.

What are the potential challenges of Manulife?

Because Manulife is a direct bank, there's no branch to visit if you encounter issues—support is virtual or via advisors. Everyday transactional costs (Interac e-Transfer, bill payments) exist, which can add up. Moreover, its accounts are more like savings vehicles than full chequing solutions, meaning you may still need another bank for everyday operational payments or cross-border transfers.

Conclusion: Is Manulife the Best Choice?

Manulife’s Business Advantage Accounts are excellent for businesses looking to earn interest on excess funds without fees or restrictions. For operations focused on domestic cash optimization, the high interest and flexibility stand out. Yet, if you need full transactional functionality, regular international transfers, or in-person support, you might find limitations with this digital-first model.

Combining Manulife’s high-yield savings with Wise’s global payment platform could provide a more complete solution, offering both competitive interest earnings and cost-effective, transparent international transfers. Evaluating your business’s cash flow, currency needs, and payment frequency is essential before committing.

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments. Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Use Wise Business >>

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers
• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local
• Business Debit Card: Invite your employees to order a debit card for free, and pre-set their spending limit. Add them to your Business account with controlled access and track their spending in one place.
• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local
• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met
• Free invoicing tool: Generate and send professional invoices
• No minimum balance requirements or monthly fees: Canada based businesses can open an account for free. Learn more about fees here

Sources:

1. Manulife Reviews | Trustpilot
2. Business Advantage Account | Manulife
3. Current Rates | Manulife
4. Business Advantage Account Overview | Manulife
5. How to send a Wire Transfer | Manulife