Venn business banking review
- Monthly Account Fee
- $0
- Multi Currency Accounts
- CAD, USD, GBP, EUR
- FX Fee
- 0.25%–0.45%
Summary
Get paid in four currencies, send transfers in 30+ currencies and earn cashback on your spending.
Venn offers business banking services for small- to medium-sized Canadian businesses. Open a multi-currency account to receive payments in CAD, USD, GBP and EUR. Get the mid-market exchange rate when you convert funds and send international transfers. Plus, earn 1% cashback on your business spending with the prepaid Venn Mastercard.
However, you won't be able to open a Venn account if you live in Quebec or run a sole proprietorship or partnership.
Pros
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Free & paid account options
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Receive CAD, USD, GBP and EUR
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Transfer 30+ currencies, spend in 150+ currencies
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Convert at the mid-market rate
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Get 1% cashback on spending
Cons
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Pay monthly for lower transfer fees and other perks
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No sole proprietorships, partnerships or Quebec-based businesses
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Account funds aren't CDIC insured
Venn: The Basics
These are the standard features to expect when you open a business account with Venn:
- Multi-currency accounts. Venn lets you open bank accounts in CAD, USD, GBP and EUR, allowing you to send and receive payments as well as hold funds in the currency of your choice.
- Mastercard Corporate Card. With the Venn prepaid Mastercard, you can earn cashback on your corporate spending. Get a physical card and unlimited virtual cards to use anywhere Mastercard is accepted. The Venn card is protected by Mastercard’s Zero Liability Policy.
- Payment options. You can send and receive payments with your Venn account using EFT, ACH, SEPA and UK Faster Payments.
- Real-time foreign exchange. Venn provides a real-time foreign exchange service so you can convert currencies in your account whenever you need.
- Accounting integrations. Venn offers integration with accounting software from QuickBooks and Xero to make it easy to manage your business finances.
- Team management. You can provide your employees with access to your Venn account, assign different access levels and limit the amount each team member can spend with a Venn card.
- Investments. Venn also offers access to GICs with interest rates of up to 5.25% and terms ranging from 30 days to five years.
Venn account plans
Venn offers three plans, all of which let you open accounts to receive, spend and transfer funds in multiple currencies. But exact transfer costs and account perks vary between plans:
Essentials
- Monthly fee: $0
- Conversion fee: 0.45%
- Local transfer: $2
- International wire: $10
- Highlights: Create up to 20 cards, Quickbooks and Xero integrations, GIC investments
Plus
- Monthly fee: $20
- Conversion fee: 0.35%
- Local transfer: free
- International wire: $8
- Highlights: Custom user roles/permissions, sub-accounts, automated receipt collection
Pro
- Monthly fee: $100
- Conversion fee: 0.25%
- Local transfer: free
- International wire: $6
- Highlights: Instant payment clearing, priority live chat, dedicated manager
What are the benefits of Venn?
- Easy application process. You can apply online for a Venn account in as little as five minutes.
- No monthly fee required. With a free Venn account plan, you can receive, spend and transfer multiple currencies, create up to 20 cards, integrate QuickBooks and Xero accounting software and more. Paid plans come with additional benefits.
- Manage multiple currencies. It’s free to open accounts in different currencies, making it easy to pay suppliers and receive payments from customers wherever you do business.
- Send bank transfers in over 30 currencies. You can send payments from your Venn account in 36 currencies, allowing you to pay vendors in over 200 countries around the world.
- Mid-market exchange rate. When you convert currencies in your Venn account, you get the interbank exchange rate with no markup.
- Free local transfers (with a paid account). You won’t pay transaction fees when sending EFT, ACH and SEPA transfers.
- 1% cashback. You can earn 1% cashback on all Venn Mastercard Corporate Card purchases. Cash back is automatically paid out every month.
- Avoid foreign exchange fees. When you make a purchase in a foreign currency with your Venn card, the transaction currency is matched with the currency in your Venn balance to help you avoid foreign exchange fees.
What are the drawbacks of Venn?
- Monthly fee for cheaper transfers. You’ll have to pay monthly to unlock lower conversion fees, cheaper wire transfers and other advantages.
- Not for all businesses. Currently, Venn isn’t available to businesses in Quebec or non-corporations like sole proprietorships and partnerships. (Compare bank accounts for sole proprietors here.)
- International wire transfer fee. You’ll need to pay a $6–$10 fee to send an international wire transfer from your Venn account.
- Currency exchange fee. A 0.25%–0.45% fee applies when you convert from one currency to another in your Venn account.
- Additional card fee. While your first physical Venn card is free, additional cards attract a $10 fee.
- Can’t accept credit card payments. You cannot use your Venn account to accept credit card payments.
- No mobile app. If you like to be able to manage your business finances on the go, Venn currently does not offer a mobile app.
- No phone support. There’s no phone number listed on the Venn website.
- Not CDIC insured. Your deposits aren’t covered by the Canada Deposit Insurance Corporation (CDIC) in the event that Venn becomes insolvent.
Is Venn legit?
Founded in 2021, Venn is registered as a Money Services Business (M22941967) and regulated by FINTRAC. It is headquartered in Toronto and holds client funds in segregated trust accounts with Tier 1 banks.
Venn only works with regulated Tier 1 banks and payment providers to provide its account and payment services. In Canada, for example, Venn partners with Mastercard, Payments Canada, Peoples Group and Digital Commerce Bank.
What should I know before I apply?
Venn only offers bank accounts for Canadian corporations. Corporations based outside of Canada, as well as sole proprietors and partnerships based in Canada, will need to consider other business banking solutions.
You’ll also need to be the age of majority in your province or territory to apply for an account.
How do I open a Venn account
You can open a Venn account by completing the following steps:
- Navigate to the Venn website and select Open Account.
- Enter your business email address and create a password.
- Enter the verification code sent to your email address.
- Provide your name, date of birth, phone number and job title.
- Provide your business details, including leadership and ownership information.
- Review all the details and submit your application.
If you want to send funds to your Venn account from a Canadian bank account, complete the following steps:
- Log in to your account to access your account dashboard.
- Select Add Money and then Link Account.
- Provide the details of the account you want to link.
- Enter the amount you want to deposit into your Venn account.
- Select Add Funds.
Compare other business banking accounts
Finder Score for business bank accounts
To make comparing even easier we came up with the Finder Score. Interest rates, account fees and features across 20+ business bank accounts and 15+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the account - simple.
Bottom line
If you’re searching for the best small business bank account in Canada to manage your finances around the world, Venn is worth a look. With competitive transfer fees, support for multiple currencies and the ability to earn cashback on your spending, it’s a competitive option. But Venn isn’t available for all businesses, so compare a range of options to find the business bank account that’s right for you.