When you’re starting a business in Canada, especially one that involve U.S. clients or receives payments from the USA—choosing the right bank account isn’t just an administrative step. It can impact your cash flow, fees, foreign exchange costs, and even your growth trajectory.

In this guide, we’ll walk you through how to choose and open the right business account, compare traditional Canadian banks vs. Venn, and show why many small business owners are switching to Venn for cross-border and multi-currency needs.

What Small Business Owners Should Look For

Before you open any business bank account, ask yourself:

✅ Do you need multi-currency support?

If you deal with clients or vendors in the U.S., holding both CAD and USD in the same platform saves money on currency conversion and international transfer fees.

✅ How much are wire transfer and FX fees?

Traditional banks charge:

• International wire fees of $15–$80+ per transfer, depending on bank and amount.

• Foreign exchange markups of 2.5–3% or more on USD/CAD conversions.

These costs add up quickly if you’re receiving regular USD payments or paying vendors in foreign currencies.

✅ How fast and easy is the account to open?

Some legacy banks require branch visits or weeks of verification — not ideal if you want to focus on building your business.

Traditional Canadian Banks: The Reality

Big banks like RBC, TD, BMO, Scotiabank, CIBC offer business accounts and sometimes USD accounts, but with limitations for small businesses:

🔹 Fees & FX Costs

• Monthly fees or minimum balances often apply.

• FX markups of ~2.5–3.5% on foreign currency conversions.

• Wire fees of $15–$80+ for outgoing international transfers.

For example, receiving $10,000 USD via wire to a Canadian bank might cost $15–$20 CAD, plus conversion at a high FX markup when you convert to CAD.

🔹 Process & Speed

Opening a business account with a traditional bank often involves:

• In-person branch visits

• Multiple documents and proof of business operations

• Several days to weeks before the account is active

This slows you down when you’re trying to launch and scale fast.

Why Venn Is Built For Modern Small Businesses

Venn blends the best of modern fintech with the reliability of Canadian banking infrastructure — making it a powerful choice for businesses that deal globally.

🚀 Fast & Easy Account Opening

You can open a Venn business account online in about 45 minutes or less — no branch visits or long waits.

💱 Multi-Currency Accounts (CAD + USD + more)

Venn offers local currency accounts including CAD and USD — with real ACH capabilities so you can receive and send payments in USD like a local U.S. business.

💸 Lower Fees and Better FX

Compared to traditional banks:

• International wires cost just $6–$10 with Venn.

• FX rates as low as 0.25% above market, vs. 2.5–3% or more at banks.

• No hidden fees or minimum balance requirements.

This means on a $10,000 transfer:

• Traditional bank FX markup could cost ~$250 or more.

• Venn’s FX markup might cost ~$25 at most — saving you over $200 on the same transaction.

These savings compound every time you convert or transfer funds.

💳 Corporate Cards With Cashback

Each Venn account includes a corporate Mastercard with 1% unlimited cashback and no minimum spend requirements — something few Canadian banks offer.

📈 Interest on Balances

Unlike most business chequing accounts that pay little or no interest, Venn offers ~2% interest on both CAD and USD balances, helping your operating cash earn while sitting in the account.

Real Examples: Compare Costs Side-by-Side

Opening Your Venn Account: Step-by-Step

1. Visit Venn.ca and click “Sign Up.”

2. Enter your business information — everything is guided online.

3. Verify your identity and business details — usually takes minutes.

4. Connect your accounts/software like QuickBooks or Xero if desired.

5. Start receiving USD & CAD payments, issue cards, and manage expenses from the dashboard.

You’ll have a full business banking setup that supports international payments, multi-currency balances, and modern financial controls — without stepping into a bank branch.

Final Thoughts

For small businesses — especially those with a cross-border component — the choice of business banking provider impacts your bottom line every day. Traditional Canadian banks have legacy systems, higher FX costs, and slow onboarding. In contrast, Venn offers a modern, low-fee, multi-currency solution that’s tailored to businesses that need efficiency, transparency, and real savings.

👉 Whether you’re billing U.S. clients, paying vendors abroad, or just want to keep more of your hard-earned revenue, Venn is worth serious consideration for your business banking needs.