Related: Small business bank accounts
Web business banking in Canada
Learn how web business banking works and how to manage your business bank account online.
Business banking has changed a lot over the past couple of decades. What was once handled with chequebooks and branch visits is now largely done online — and that’s where web business banking comes in.
Web business banking allows you to perform all your day-to-day transactions online, like paying bills, sending transfers and tracking your spending. Keep reading to find out how web business banking works, whether it’s safe, and how to manage your business finances online.
What is web business banking?
Web business banking allows you to manage your money digitally through two platforms:
- An online banking portal
- A mobile banking app
You can use web business banking to take care of all of your everyday transactions. That includes sending and receiving transfers, paying bills, depositing cheques and monitoring cash flow.
The main benefit of using web business banking is that it saves time.
Rather than taking time out of your working day to physically visit a branch and waste time in a queue, you can do your banking whenever and wherever is convenient to you. This gives you more freedom and time to focus on running your business.
Which financial institutions offer web business banking?
Web business banking is available from a wide range of major banks and credit unions across Canada, including:
- RBC
- TD
- BMO
- CIBC
- Scotiabank
- National Bank
- Canadian Western Bank
- Meridian Credit Union
- Servus Credit Union
- Coast Capital
- Vancity
But there are also several fintechs and digital financial services providers that offer web business banking platforms. These are generally designed for international business banking and offer features such as multi-currency accounts and cross-border payments. Some options worth checking out include:
- Loop
- Vault
- Jeeves
- Wise
- Airwallex
Web business banking options you can open online
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Is web business banking right for my business?
Let’s face it: as a small business owner, who has enough spare time to visit a bank branch, wait to be served and do your banking in person? Your time could be much better spent focusing on keeping your business running smoothly, and web business banking frees you up to do exactly that.
Whether or not web business banking is a good fit for your business will depend on the types of transactions you regularly perform. If your business operates mostly online — in other words, if you have no or very few cash transactions — chances are that web business banking will be a good fit.
But if your business frequently deals with cash transactions, you’ll likely need an account that allows you to visit a bank branch in person to make deposits.
RBC web business banking
RBC online business banking provides two web business banking options for Canadian business owners.
RBC Online Banking for Business
This option is designed for small businesses like sole proprietorships that have only one online banking user. It provides 24/7 access to your account online and via the RBC Mobile Banking app, and it allows you to manage your Canadian and US dollar business accounts.
You can use RBC online business banking to:
- Track payments and expenses, and access up to 7 years of transaction history
- Pay bills
- Send transfers
- Send domestic and international wire transfers in over 30 currencies
- Send Interac e-Transfers of up to $2,000
- File your business taxes using Online Tax Filing
- Reconcile payments and accounts receivables
RBC Express Online Banking
Express Online Banking is RBC’s solution for enterprises with multiple business banking users and more complicated financial needs. You can use this platform to:
- Delegate tasks to multiple users, such as other employees or your accountant
- Send and receive payments in Canadian dollars and foreign currencies
- Manage multiple business accounts or accounts for multiple entities
- Manage foreign exchange transactions and get preferred rates
- Pay bills, transfer money, send ACH payments, send bulk payments and send domestic and international wire transfers
- Send Interac e-Transfers of up to $25,000
- Access features such as balance and chargeback reporting services
- Perform large-volume transactions and reconciliation
- Set customized account controls
RBC Digital Choice Business Account
RBC Digital Choice Business Account
Get unlimited electronic debit and credit transactions, unlimited electronic cheque deposits, unlimited Moneris deposits and 10 free outgoing Interac e-Transfer transactions per month.Does RBC offer a business banking mobile app?
Yes, RBC offers two business banking apps:
- RBC Mobile app. RBC Online Banking for Business users can use the RBC Mobile app to check balances, pay bills, send transfers, deposit cheques, send payment reminders to clients and track spending trends.
- RBC Express Mobile app. Enterprises can use the RBC Express Mobile app to check balances, approve other users’ transactions, transfer funds, find a branch or ATM and more.
| Apple App store rating | 4.8/5 stars based on over 209,000 reviews (RBC Mobile) 1.5/5 based on 97 reviews (RBC Express Mobile) |
| Google Play rating | 2.2/5 stars based on over 43,000 reviews (RBC Mobile) 3.1/5 stars based on 439 reviews (RBC Express Mobile) |
Reviews as of December 1, 2024.
Dive deeper: RBC business banking guide
Scotiabank web business banking
The Scotia online business banking portal is known as ScotiaConnect. You can use Scotiabank web business banking to:
- Pay employees and suppliers
- Check your account balance and track your spending
- Send bulk e-Transfers
- Customize which of your employees can access your accounts
- Pay taxes
- Send and receive domestic and international wire payments
Does Scotiabank offer a business banking mobile app?
Yes, ScotiaConnect Mobile Banking for Business allows you to carry out all your day-to-day business banking tasks. This includes checking balances, approving payments, paying bills and transferring funds
| Apple App store rating | 1.8/5 stars based on 21 reviews |
| Google Play rating | N/A |
Reviews as of December 1, 2024.
TD web business banking
There are a few different platforms to choose from when managing your online business banking with TD.
TD EasyWeb Online Banking
TD’s EasyWeb platform can be used to manage small business accounts as well as personal accounts. Click the “Small Business Accounts” link from the navigation bar on the left of screen to view your accounts. You can use EasyWeb to check your balance, track spending, pay bills, send e-Transfers, set up recurring payments, pay government taxes and more.
TD Web Business Banking
TD Web Business Banking is the bank’s commercial banking platform. You can use it to make domestic and international wire transfers, manage payroll, pay bills, access customized reporting options, authorize payments and more.
TD Business Central
TD Business Central is TD’s new digital banking platform for businesses. As of December 2024, it’s still being developed, so customers will need to access some features through TD Web Business Banking. However, you can use TD Business Central to:
- Send Interac e-Transfers of up to $25,000
- Track wire payments initiated in Web Business Banking
- View statements for commercial deposit accounts
- Manage account users and assign customized permissions
Does TD offer a business banking mobile app?
Yes, you can manage your small business bank account via the TD app. You can use the app to:
- Check your balance and transaction history
- Pay suppliers and staff
- Send e-Transfers
- Set up recurring payments
- Deposit cheques
| Apple App store rating | 4.5/5 stars based on over 79,000 reviews |
| Google Play rating | 4.2/5 stars based on over 107,000 reviews |
Reviews as of December 1, 2024.
BMO web business banking
BMO offers two online banking solutions for business.
BMO Online Banking
Designed for smaller businesses with simple banking needs, BMO Online Banking lets you:
- Set up multiple account users
- Send e-Transfers (from $3,000 to $25,000) and bill payments
- Get up to 7 years of account and credit card transaction history
- Check balances
BMO Online Banking for Business
BMO Online Banking for Business is designed to suit businesses with more complex banking needs. It allows you to:
- Set up unlimited account users
- Manage payroll, send one-off and recurring payment via e-Transfers, EFT and more
- Send and receive international wire transfers
- Send bulk payments
- Create customizable reports about cash flow, account transfers, payments and more
Does BMO offer a business banking mobile app?
Yes, it does. BMO offers a choice of two mobile banking apps depending on the needs of your business.
- BMO Mobile Banking app. If you’re a BMO small business banking customer with a debit card, you can sign up for BMO Mobile Banking within the app. The app is designed for personal and small business accounts and can be used to send transfers, pay bills, deposit cheques and more.
- BMO Online Banking for Business app. You can use this business-specific app to monitor cash flow, send and receive e-Transfers and wire payments, approve payments and transfers, send Zelle payments within the US, manage account users and more.
| Apple App store rating | 4.6/5 stars based on over 111,000 reviews (BMO Mobile Banking) 2.8/5 stars based on 150 reviews (BMO Online Banking for Business) |
| Google Play rating | 4.5/5 stars based on over 83,000 reviews (BMO Mobile Banking) 3.4/5 stars based on 346 reviews (BMO Online Banking for Business) |
Reviews as of December 2, 2024.
Web business banking from fintechs
You don’t necessarily have to manage all your business banking transactions with a traditional bank or credit union. Recent years have seen the rise of several fintechs that offer business banking services online and don’t operate any physical branches.
Many of these providers focus on businesses that need to send and receive international payments and deal with foreign currencies. They commonly offer user-friendly online and mobile banking platforms that you can use to manage your money on the go.
One example is Wise, which offers business bank account details in up to 10 different currencies. It offers the mid-market exchange rate when you need to send international payments, and you can send money to over 70 countries around the world. There’s no monthly fee to worry about, you get a linked debit card with no foreign transaction fees, and you can integrate with accounting software such as QuickBooks or Xero for easier bookkeeping. And you can manage your account online or via a user-friendly app.
Loop is another business banking provider that specializes in international payments. It offers multi-currency accounts in CAD, USD, EUR and GBP, allowing you to send, receive and hold funds in the local currency where your business operates. You can also take advantage of multi-currency business credit cards and send funds in over 35 currencies.
Airwallex also offers a multi-currency account (the Global Account) and lets you hold funds in over 20 currencies. There’s no monthly account fee, and you also get a multi-currency card to pay for international purchases.
Is web business banking safe?
Yes, web business banking is safe to use. It comes with all the same security features you get when you do your personal banking online or via a mobile app, and common protection measures include:
- Two-factor authentication. In addition to entering your username and password, your bank may require you to enter an SMS code or use an authenticator app to confirm your identity when logging in.
- Access and approval levels. If your business bank account has multiple users, you have the flexibility to control access levels and set customized permissions for your staff members.
- Account monitoring. Major banks have fraud detection teams that monitor accounts for signs of any fraudulent or suspicious activity.
How to get started with web business banking
Before you can start using web business banking in Canada, you’ll need to open a business bank account. Some banks offer a completely online application process, but in many cases you’ll need to book an appointment or visit a branch to verify your ID
You’ll need to provide a valid, government-issued ID as well as business registration documents — learn more about specific requirements in our guide to the documents needed to open a business account.
You’ll typically be able to register for online banking during the account opening process. Your bank will provide you with the user ID you need to log in to your account, and you’ll need to create a secure password.
Dive deeper: How to open a business bank account
Pros and cons of web business banking
Pros
- Easy to use. Banks and fintechs are constantly investing time and resources to help make their online and mobile banking platforms as user-friendly as possible.
- Convenient way to manage your money. Web business banking offers a simple and convenient way to do your daily banking, giving you more time to focus on running your business.
- Perform day-to-day transactions. You can perform a wide range of everyday transactions via online and mobile banking, including paying bills, sending transfers and even depositing cheques.
- Extra business tools. Many online business banking portals also offer reporting tools to help you track cash flow and expenses, and accounting software integrations to help simplify your bookkeeping.
- Access for multiple team members. Web business banking allows you to authorize multiple account users so you can assign money management tasks to your employees.
Cons
- Transaction fees. Depending on your bank and the account you choose, some transactions you perform using web business banking may incur fees.
- Some businesses prefer branch access. If you prefer face-to-face customer service, you’ll need an account that supports in-branch transactions.
- Can’t make cash deposits. If your business regularly transacts in cash, you’ll still need to visit a branch regularly to deposit cash into your account.
Web business banking vs commercial banking
Online business banking is designed to suit the transactional needs of Canadian small businesses — accepting payments from customers, paying employees and suppliers, and paying for purchases. It falls under the classification of retail banking, which also includes personal banking products like chequing accounts, savings accounts and mortgages.
Commercial banking is designed to meet the much more complex banking needs of large corporations. It includes wealth management and investment services, merchant services, global trade and a range of financing options.
Web business banking vs personal online banking
Web business banking and personal online banking are actually fairly similar products. Both are designed to make it easier and more convenient to perform day-to-day banking transactions like paying bills, making purchases and sending transfers. Both also offer the freedom to manage your account online or via a mobile app.
But there are some key differences. Online business banking offers the following features not typically available on personal accounts:
- Support for multiple account users and the flexibility to set account access permissions for different staff members.
- The ability to send international wire transfers.
- Customizable reporting and cash flow tracking tools.
- Tax filing capability.
- Access to specialized business banking advice for your industry.
Bottom line
Web business banking makes it quicker and easier to manage your business finances. It’s safe, simple to use and allows you to perform most of your day-to-day banking transactions. If you don’t already do most of your business banking online, there’s no time like the present to find out how online and mobile banking can help streamline your everyday money management.
Frequently asked questions about web business banking
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