Choosing between BMO’s eBusiness Plan and RBC’s Digital Choice Business Account? Here’s your guide

Managing finances is now more streamlined and efficient than ever. Choosing the right digital banking solution is crucial for smooth financial management and cross-border transactions.

Two prominent offerings in the Canadian banking sector are BMO eBusiness and RBC Digital Choice. This guide aims to compare these two platforms comprehensively, helping you make an informed decision that aligns with your specific financial needs. We’ll also be looking at Wise as an alternative or a boost for your financial operations.

A closer look at the BMO eBusiness Plan and RBC’s Digital Choice Business Account

When it comes to managing business finances, both the BMO eBusiness Plan and RBC’s Digital Choice Business Account offer a range of features designed to simplify and streamline banking operations^1,2, such as:

• Unlimited transactions: Both BMO eBusiness and RBC’s Digital Choice Business Account allow unlimited electronic credits and debits, which include transactions like bill payments, Interac e-Transfers, and electronic fund transfers.

This ensures businesses can perform as many transactions as needed without worrying about extra charges.

• Online and mobile banking: Both banking solutions provide extensive online and mobile banking platforms. This allows businesses to manage their accounts, pay bills, and transfer funds from virtually anywhere, at any time.

The convenience and accessibility of these digital tools make day-to-day financial management much smoother.

• Partnership with Moneris: BMO and RBC partner with Moneris Solutions, one of Canada's leading payment processors. This partnership allows businesses to seamlessly integrate their payment processing needs with their banking services, ensuring efficient transaction handling and streamlined cash flow management.

While BMO eBusiness and RBC’s Digital Choice Business Account share several advantageous features, there are also distinct differences that may influence your decision based on your specific business requirements.

Looking for a business account that offers you pay-as-you-use pricing? Check out Wise!

Pay Only for What You Use with the Wise Business Account

For businesses operating on a global scale, flexibility and cost-efficiency in financial transactions are paramount. The Wise Business Account offers a pay-as-you-use structure that minimizes costs while providing robust international banking features, making it an invaluable tool for cross-border financial management.

• Free same-currency transfers: With the Wise Business Account, you can send transfers in the same currency for free, simplifying domestic payments and saving on unnecessary fees.
• Send money to over 160 countries: Harness the capability to send money to more than 160 countries, opening doors to seamless global trade and partnerships.
• Mid-market exchange rate: Unlike traditional banks, Wise uses the mid-market exchange rate, the fairest and most transparent rate available. This is the rate you will find on financial news sites and search engines, ensuring you get the best deal without hidden markups.
• Minimal fees: For international transactions, Wise offers highly competitive fees starting as low as 0.33%^*, making it one of the most cost-effective solutions for global money transfers.
• Local account details: Obtain local account details in over 10 currencies, including USD, EUR, GBP, AUD, and more, to facilitate local transactions and reduce conversion fees.
• Receive and hold money: Receive payments in and hold over 20 different currencies, providing flexibility and ease in managing global revenue streams.
• International invoicing made easy: Simplify international invoicing by sending requests and receiving payments in multiple currencies, all from one account.
• Wise API for automation: Automate your payroll, payments, and administrative tasks with the Wise API, streamlining your financial operations and reducing manual workload.
• Software integration: Integrate your Wise business account with popular software solutions such as WooCommerce, Xero, FreeAgent, Oracle NetSuite, and Microsoft Dynamics 365 Business Central, among others. This connectivity ensures smooth financial management across different platforms.
• Wise business card: Get a Wise card for your business and your employees, enabling easy management of team expenses. The card can be used worldwide, ensuring your team has access to funds wherever they go.

All from one account!

Conclusion

The BMO eBusiness Plan and RBC’s Digital Choice Business Account offer compelling features such as unlimited transactions, comprehensive online and mobile banking capabilities, and strong partnerships with payment processors.

However, for businesses that demand even greater flexibility and cost efficiency in international transactions, the Wise Business Account presents a highly competitive alternative, providing a comprehensive and transparent solution for global financial management.

By understanding the features and comparative benefits of each solution, you can make an informed decision that best suits your unique business needs.

About the author:
	Piyush is an expert in finance topics for the Canadian market, covering everything you need to live without borders. He creates high quality content to help you make the best cross-border decisions. You can read more useful articles on his author profile.

1. BMO
2. RBC Royal Bank
   Sources verified on 27 September 2024