RBC vs CIBC for Business: Which Business Bank Account Should You Choose?

The Royal Bank of Canada (RBC) and Canadian Imperial Bank of Commerce (CIBC) are two of the country’s largest banks, each offering businesses different features, fees, and tools.

In this article, we’ll compare CIBC vs RBC to help you decide which option is better for your needs, especially if you operate in multiple currencies or work with customers abroad.

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RBC vs CIBC: Quick Overview

	RBC (Royal Bank of Canada)	CIBC (Canadian Imperial Bank of Commerce)
Key features	Multiple chequing accounts (Digital, Flex Choice, Ultimate), U.S. Dollar Business Account, batch payments, mobile tools	Everyday, Advanced & Unlimited Operating Accounts, U.S. Dollar Current Account, SmartBanking, Not-for-Profit Account, accounting software integration
Main fees	Monthly fees $6–$100; transaction and e-Transfer fees apply; U.S. Dollar account ~$9/month (waivable), RBC Bank Cross Border Business Account ($150 USD/month)¹	Fees waived with minimum balances on some accounts; transaction and deposit fees vary \
Great for	High-volume businesses and those with multi-currency customers; flexible banking options \	Small to mid-sized businesses with stable balances and predictable activity; strong long-term banking support and easy software integration
Trustpilot rating	1.3/5 (based on 1,649 users)²	1.2/5 (based on 1,747 users)³

RBC vs CIBC: Key Features

Let’s examine each provider's offerings in terms of account options, digital tools, and customer service, focusing on what Canadian businesses need.

RBC Features

RBC offers a diverse selection of business accounts and tools that can grow with your business.

Business Account Options:

• Digital Choice Business Account – Designed for businesses that primarily operate online, with a lower monthly fee and electronic transaction support.
• Flex Choice Business Account – A middle-ground option offering both online and in-branch flexibility.
• Ultimate Business Account – Best for high-volume businesses. Includes unlimited transactions and higher cash deposit limits.
• U.S. Dollar Business Account – Lets Canadian businesses hold and transact in USD without FX conversion, making it ideal if you invoice or pay in USD.
• RBC Bank Cross Border Business Account – Save on transfer and transaction fees with banking services for doing business in the U.S.
• Online Foreign Currency Account – Hold other currencies like EUR, GBP, or AUD, this is rare among Canadian banks.

Key Features:

• Multi-user access: Manage team permissions for secure collaboration.
• Advanced mobile and online banking: Access business tools via the RBC mobile app and RBC Online Banking for Business.
• Batch payments and invoicing: Streamline supplier payments and payroll.
• Accounting software compatibility: Export to platforms like QuickBooks or Sage.
• 24/7 customer support: Access help through a dedicated business line and online tools.

CIBC Features

CIBC’s business account lineup focuses on ease of use and cost-efficiency for small and medium-sized Canadian businesses.

Business Account Options:

• Everyday Business Operating Account – $0 monthly fee if you maintain a daily balance of around $20,000 CAD. $20 for self-service access and $25 for full-service access.⁴ This account is great for cash-heavy businesses with few monthly transactions.
• Advanced and Unlimited Business Accounts – Offer more included transactions and services for a predictable monthly fee.
• U.S. Dollar Current Account – Ideal for Canadian businesses dealing with U.S.-based clients or vendors who want to save on foreign exchange charges.
• Not-for-Profit Account – Competitive account tailored to charities and non-profits.

Key Features:

• SmartBanking for Business: Integrates with accounting platforms (QuickBooks, Xero) to show real-time cash flow and simplify reconciliation - excellent for accountants or DIY bookkeepers.
• eDeposit and mobile banking: Deposit cheques remotely and manage accounts from your phone.
• Cash management tools: Get support for payment scheduling, account consolidation, and financial planning.
• Local support network: Access help at branches across Canada or via a dedicated business service team.

RBC vs CIBC Fees

If your business handles lots of transactions or deals with international clients, you want to choose a provider that can provide you with the support you need.

RBC Fees

Monthly Fees: Range from $6 to $100 (depending on the plan).¹

Transaction Limits: Digital Choice includes 10 Interac e-Transfers and limited transactions; higher-tier plans allow more or unlimited transactions.¹

International Transfers: RBC charges a flat fee of $20 for international wire transfers outside the U.S.

Wire Transfers: Outgoing international business wires start at $6 per transfer (if the amount is under $1,000 CAD).⁵

Best if you need multiple types of accounts, do significant business in USD, or have high monthly transaction volumes.

CIBC Fees

Monthly Fees: $6 to $65 (depending on plan). Basic Plan $6/month; Advanced Plans are $20 to $35/month; Unlimited Plan is $65/month.⁴

Transaction Limits: Basic Plan offers pay-as-you-go transactions ($1.00–$1.25/transaction); Advanced Plans offer higher transaction limits (30–100 transactions); Unlimited comes with no limits.⁴

International Transfers: CIBC charges a fee and applies a currency conversion spread.

Wire Transfers: Outgoing international wires start at around $20 per transfer.⁶

Best if you keep a stable balance, want to avoid monthly fees, and don’t exceed transaction limits often.

Note: For businesses that send and receive money abroad, such as for paying overseas suppliers or freelancers, international fees can add up quickly. Alternative solutions like Wise Business can help by offering low-cost, transparent international payments at the mid-market exchange rate.

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RBC vs CIBC Pros and Cons

When choosing between CIBC vs RBC for your business needs, you’ll want to weigh the advantages and disadvantages of each provider to find the best fit for your business needs.

RBC Benefits and Considerations

Benefits	Considerations
Multiple account types tailored to different business sizes and volumes Strong U.S. and foreign currency support (e.g., U.S. Dollar Business Account helps reduce FX costs) Strong mobile and online banking features Flat-fee “Ultimate” plan available for unlimited transactions	Monthly and per-transaction fees can add up for smaller businesses Complex fee structures may be difficult to estimate upfront Cross-border accounts have high monthly costs unless heavily used. Lower-tier plans may feel limiting as your business scales.

What are the benefits of RBC?

RBC stands out for its broad selection of business account options, including tiered plans like the Digital, Flex, and Ultimate Business Accounts. This structure makes it easier for businesses to scale their banking as they grow.

For cross-border operations, RBC offers a U.S. Dollar Business Account and online foreign currency accounts in currencies like EUR or GBP, services that CIBC does not currently provide. RBC no longer has physical branches in the U.S., but it still enables access to U.S. cash through extensive ATM partnerships.

On the digital side, RBC provides advanced tools such as batch payments, customizable user permissions, and multi-user access, which are useful for finance teams or businesses handling regular payroll or supplier payments.

What are the points of consideration of RBC?

One of RBC's main limitations is the lack of physical branch access in the United States, unlike CIBC, which maintains physical branches through CIBC Bank USA. This could be a drawback for businesses that need to make U.S.-based cash deposits or manage local banking relationships.

RBC’s fee structure can also be difficult to navigate, particularly for small businesses or those with inconsistent transaction volumes. Lower-tier accounts include limited free transactions, and overage fees can add up quickly. As a result, businesses may be forced to upgrade to higher-cost accounts sooner than anticipated.

CIBC Benfits and Considerations

Benefits	Considerations
$0 monthly fees available with minimum balances⁴ Straightforward and simple account structure SmartBanking dashboard integrates with QuickBooks & Xero Mobile cheque deposit and digital banking tools included Local support at branches across Canada	High minimum balances required to waive fees Extra fees for exceeding transaction limits Not ideal for high-volume transaction businesses International transfer fees and FX markups still apply - not ideal for businesses dealing in multiple currencies Fewer advanced tools for scaling or cross-border businesses

What are the benefits of CIBC?

CIBC’s key strength lies in its simplicity and accessibility for small and medium-sized Canadian businesses. Its Everyday Business Operating Account offers the potential for $0 monthly fees, provided a minimum daily balance of approximately $20,000 CAD is maintained.⁴ The account tiers are straightforward, making it easy for business owners to understand what they’re paying for and when additional charges may incur.

Unlike RBC, CIBC operates physical bank branches in the U.S. through CIBC Bank USA, giving Canadian businesses the option to access in-person services like cash deposits and local support in select American states. This is ideal for businesses that require physical presence south of the border.

CIBC also offers a SmartBanking dashboard with real-time integration into popular accounting software like QuickBooks and Xero. This integration is particularly helpful for small business owners who want to streamline financial reconciliation and reduce manual work.

What are the considerations of CIBC?

While CIBC is a strong choice for cost-conscious or locally focused businesses, it lacks some of the advanced features and international flexibility that RBC offers. For example, CIBC does not provide online foreign currency accounts beyond U.S. dollars, limiting its usefulness for businesses that transact in multiple international markets.

Additionally, most of CIBC’s business accounts come with transaction limits, typically ranging from 30 to 100 transactions per month.⁴ For businesses with fluctuating or high-volume activity, this may not be the best option.

Which is Best: RBC or CIBC?

There’s no one-size-fits-all answer. The better choice depends on your business type, transaction volume, and how you manage cash flow.

Choose RBC if:

• You need unlimited transactions or a flexible account structure that scales with your business.
• You work with multiple currencies (e.g., EUR, GBP, USD) and want access to online foreign currency accounts.
• You require advanced digital features like batch payments, multi-user access, or team permission controls.
• You’re comfortable with digital cross-border banking and don’t need in-person U.S. branch access.

Choose CIBC if:

• You maintain steady account balances and want to minimize fees (e.g., qualify for $0 monthly fees).
• You need real-time accounting software integration with tools like QuickBooks or Xero.
• You value in-person support and access to branches across Canada.
• You want physical banking access in the U.S. through CIBC Bank USA branches.

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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.

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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

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Sources:

1. Business Chequing Accounts | RBC
2. RBC Review | Trustpilot
3. CIBC Review | Trustpilot
4. Business Accounts | CIBC
5. RBC International transfer | Wise US
6. Business payment options | CIBC