RBC Ultimate Business vs TD Unlimited Business : your guide in 2024

Choosing the right bank for your business is an important decision that can impact the success and growth of your company. In Canada, two major players in the banking industry are RBC (Royal Bank of Canada) and TD Bank (Toronto-Dominion Bank). Larger businesses with high transaction volumes typically use RBC, while smaller businesses often prefer TD Bank due to its lower fees.

In this article, we’ll take a closer look at the features and benefits of both RBC and TD Bank for Canadian businesses, as well as introduce you to an alternative option with Wise's business account.

In this guide:
Comparing RBC And TD Bank At A Glance Fees Charged By RBC And TD Bank Beyond Accounts: What Do RBC And TD Bank Offer? Which Bank Is Better For Businesses: RBC Or TD Bank? Transaction Volume and Size of Business Cross-Border Operations Fees Online Banking Travel Perks Minimums and Eligibility Looking For An International Alternative Without The Excessive Fees? Try Wise

Comparing RBC And TD Bank At A Glance

	RBC	TD Bank
Currencies Covered	Over 40 currencies¹	Over 50 currencies²
Foreign Currency Conversion Charges	2.5%	3.5%
Monthly Fees Charged?	Yes³	Yes⁴ (can be waived)
Minimum Balance To Avoid Monthly Account Fees	75,000 CAD¹¹	3,000-5,000 CAD⁵
Online Activation Offered	Yes⁶	Yes⁷
Free Transfers Offered	Yes⁸>fees apply to Interac e-Transfers from RBC personal savings or business deposit account	Yes⁹>with TD Global Bank Transfer to the US
Best Suited For	Large Businesses/Corporations	Small Businesses/Corporations

Fees Charged By RBC And TD Bank

	RBC Ultimate Business Account¹⁰	TD Business Premier Checking Account¹¹
Minimum Opening Deposit	None³	200 CAD
Monthly Fees	100 CAD>can be waived with minimum daily balances of 75,000 CAD ¹⁰	30 CAD>waived first 3 statement cycles
Account Transfers	500 Interac e-Transfers included	No Info Available
Incoming Wire Transfers	Unlimited/Included	Included
Incoming Transfer From An Account In The Same Bank	Unlimited/Included	No Info Available
Account Statement Fees	Electronic: Free Paper Statement (no images): 4 CAD Paper Statement (with images): 5 CAD	Unlimited money orders and official bank checks
Cash Deposits Free Up To	25,000 CAD	30,000 CAD
Additional Cash Deposits	2.50/1,000 CAD (branch) 2.25/1,000 CAD (ATM or Night and Day)	0.30/100 CAD

Beyond Accounts: What Do RBC And TD Bank Offer?

Both RBC and TD Bank offer a wide range of banking services for businesses, including checking and savings accounts, credit cards, loans, and investments. They also have online banking platforms that allow you to manage your accounts remotely.

RBC is known for its comprehensive services and advanced technology, making it a great choice for larger businesses with complex banking needs. They offer a variety of account options tailored to different business sizes and industries, as well as specialized services such as cash management solutions.

Key features of the RBC Ultimate Business Account include:

• Mostly unlimited transactions with minimal fees

• Access to unlimited Moneris deposits

• Option to waive the monthly fee (75,000 CAD minimum daily balance)

• Access to RBC Online Banking for business, the RBC Mobile app, and RBC telephone banking

• 10,000 bonus Avion points

• Following approval for the RBC Avion Visa Infinite Business or RBC Commercial Avion Visa card

• Waived fees on RBC Express Core Services¹⁰

TD Bank prides itself on being customer-focused and offering personalized support to small businesses. Their smaller branch network allows them to provide more individualized attention to their clients. They also have a strong presence in the US market, which can be beneficial for Canadian businesses with cross-border operations.

Key features of the TD Business Premier Checking Account include:

• Discounts on TD Digital Express, safe deposit boxes, and your first order of business checks
• Fees waived for non-TD ATMs, money orders, and official checks
• Up to 3 additional accounts at no monthly fee
• Multiple ways to waive your monthly account fee¹¹

Which Bank Is Better For Businesses: RBC Or TD Bank?

When it comes to choosing between RBC and TD Bank for your business, there is no clear winner, as both banks have their own strengths. It ultimately depends on your specific business needs and preferences. Here are some key factors to consider:

Transaction Volume and Size of Business

If your business has a high transaction volume and complex banking needs, RBC may be the better choice for you. Their advanced technology and specialized services can help streamline your banking processes.

If you have a smaller business with simpler banking needs, TD Bank’s personalized support and lower fees may be more suitable.

Cross-Border Operations

If your business deals with cross-border transactions or has operations in the US, TD Bank’s strong presence in the US market may be advantageous for you. They offer convenient cross-border banking solutions that can save you time and money.

However, if your business has global operations and deals with multiple currencies, you may want to consider an alternative option like the Wise business account. With Wise, you can hold and manage money in over 50 currencies at the real exchange rate, making international transactions more affordable.

Fees

Fees are an important consideration for any business. RBC tends to have higher fees compared to TD Bank, but they also offer more comprehensive services. TD Bank’s lower fees may be appealing for smaller businesses on a budget.

With the Wise business account, there are zero monthly fees or minimum balances required, saving your business money in the long run.

Online Banking

Both RBC and TD Bank have user-friendly online banking platforms, allowing you to manage your accounts remotely. However, RBC’s platform is known for its advanced technology and features such as cash management solutions.

With the Wise business account, you also get access to a convenient online dashboard where you can track your transactions and make payments in multiple currencies.

Travel Perks

If your business involves a lot of travel, RBC’s Avion points and Visa Infinite Business card may be appealing. These perks can help you save money on flights and hotel stays.

Alternatively, with the Wise business account, you get access to a multi-currency debit card that allows you to spend in over 40 currencies at the mid-market exchange rate – saving you money on foreign transaction fees.

Minimums and Eligibility

RBC has no minimums but does have monthly fees, which can be avoided, but only if you have a very high daily balance of 75,000 CAD or more. TD Bank has much lower minimums and fees, making it more accessible for smaller businesses.

With the Wise business account, there are no minimums or monthly fees to worry about, making it a great option for businesses of all sizes.

Looking For An International Alternative Without The Excessive Fees? Try Wise

If you’re a Canadian business looking for an alternative to RBC and TD Bank, Wise’s business account may be the perfect solution. With no hidden fees or markups, you can save up to 8x on international payments compared to banks.

Some key features of the Wise business account include:

• Account details in 19 currencies, including Canadian dollars, US dollars, Norwegian kroner, Japanese yen, Hong Kong dollars and many more!
• The ability to hold and manage money in over 40 currencies
• Access to the mid-market exchange rate with no markup or hidden fees
• Low-cost international transfers
• Convenient online dashboard for managing transactions

It’s important to carefully consider your business requirements and compare the features and fees of each bank before making a decision. If you're looking for an alternative that offers international banking without excessive fees, give Wise's business account a try. Your bottom line will thank you.

Get your Wise Business Account in a few clicks

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Sources:

1. RBC Royal Bank
2. TD Canada Trust
3. RBC Royal Bank
4. TD Canada Trust
5. TD Canada Trust
6. RBC Royal Bank
7. TD Canada Trust
8. RBC Royal Bank
9. TD Canada Trust
10. RBC Royal Bank
11. TD Bank

Sources verified on 20 June 2024