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The Big Five
The ‘Big Five’ are considered the most prominent and established traditional banks in Canada and are ranked among the world’s 100 largest banks. These banks are regulated by the Office of the Superintendent of Financial Institutions (OSFI), tend to have a strong physical presence and offer both personal and business banking services.
● Royal Bank of Canada (RBC): RBC is the largest bank in Canada in terms of assets and market value, with a significant domestic and international presence. It offers a comprehensive suite of business banking solutions and advanced business solutions like RBC PayEdge, a platform that automates accounts payable. This makes it popular with mid-sized to large businesses.
● Toronto-Dominion Bank (TD): TD is known for its community focus and strong digital banking tools, with a significant presence in both Canada and the U.S. TD offers a range of account packages, credit options and integrated payroll and is generally best suited for small to mid-sized businesses.
● Scotiabank: Scotiabank has powerful international capabilities, including a robust Bulk Interac e‑Transfer service that supports high-volume payments. It also offers comprehensive trade finance, export services and foreign currency accounts, making it well suited for businesses with cross-border operations, rather than those focused on domestic business.
● Bank of Montreal (BMO): BMO has a strong reputation in commercial banking and provides a full set of services for small businesses, such as tailored advisory services. It also offers specialised programs for sectors like agriculture, professional services and tech startups.
● Canadian Imperial Bank of Canada (CIBC): CIBC has ranked #1 for Small Business Banking Customer Satisfaction by J.D. Power2 for two consecutive years and is known for its user-friendly online banking experience. CIBC stands out with flexible account options, an all-in-one digital cash management platform, seamless global payments and accounting integrations.
There are also a number of banks outside of the ‘Big Five’ which are well regarded by Canadian businesses, despite being smaller in size and generally having a more regional focus. These include:
● National Bank of Canada
● Laurentian Bank of Canada
● Desjardins
● ATB Financial
Account opening and monthly fees
Traditional banks
Most Canadian traditional banks offer free account openings, but business accounts usually come with maintenance fees. Monthly costs usually range anywhere from $8 to $95. For example, the Royal Bank of Canada charges $6 per month for a Digital Choice Business Account, which includes unlimited electronic transactions, cheque deposits and up to ten free Interac e-Transfers. Alternatively, the Ultimate Business Account currently costs $100 per month and includes unlimited electronic transactions and 500 Interac e-Transfers.
MyGuava Business
MyGuava Business charges a one-time account setup fee of $15 with no monthly maintenance fees and occasionally runs promotions offering free account setup. There are no account tiers – just one digital platform with transparent and competitive prices. MyGuava Business is an excellent option for startups that may have inconsistent income or evolving payment needs.
Foreign Exchange (FX) and multi-currency support
Traditional banks
FX margins typically range from two to three percent above mid-market rates. Some banks (like Scotiabank or CIBC) offer foreign currency accounts, but usually in just one or two currencies (like USD or EUR) and with added fees. Real-time exchange rates and flexible currency management tools are generally unavailable unless you're in a premium tier or working with a commercial advisor.
MyGuava Business
With MyGuava Business, you can open accounts in 20+ currencies and enjoy transparent pricing with a flat 1% FX rate across all currencies. You also get live rates and low-cost international transfers with Interac, SEPA and SWIFT. MyGuava Business offers flexibility, transparency and cost control - perfect for startups entering new markets or more established companies looking to streamline their international operations.
Domestic and international transfers
Traditional banks
Transfers within Canada typically cost from $5 to $50. For example, with a BMO or Scotiabank business account, a domestic wire transfer costs about $30-40 to send and $15 to receive. RBC charges $45 for outgoing transfers and $15 for incoming payments. International transfers via SWIFT generally range from $30 to $80 to send, plus additional FX and intermediary bank fees. These fees can add up quickly for businesses who process frequent payments.
MyGuava Business
At MyGuava Business, domestic payments are $1.25 per transaction and internal transfers, regardless of currency, are completely free. SWIFT transfers are $70, which is slightly higher than the average price charged by traditional banks. This transparent, pay-as-you-go pricing makes MyGuava Business a great choice for international businesses.
Batch and recurring payment
Traditional banks
Most major Canadian banks, including RBC, TD, Scotiabank and CIBC, offer recurring payment options via Interac e-Transfer for Business, allowing businesses to schedule up to 10,000 regular payments, with a typical transaction limit of around $25,000. However, batch payment automation is limited across traditional banks and often requires third-party tools like Telpay, Plooto or VoPay for advanced functionality.
MyGuava Business
MyGuava Business supports mass and recurring payments for up to 3,000 recipients, ideal for payroll or freelancer and supplier payments. This feature requires no integration, is built into our platform and can be used across all of the currencies we offer.
Cards and ATM use
Traditional banks
Most of Canada’s big traditional banks (like RBC, BMO, Scotiabank, TD) issue debit cards free of charge with eligible accounts and offer extensive ATM access. For business credit cards, the banks charge between $0 to $175, depending on individual circumstances. For business debit cards, using your bank’s own ATM in Canada is usually free. However, withdrawing from another bank’s ATM can cost up to $9 per withdrawal.
MyGuava Business
MyGuava Business debit and credit card issuance is free and ATM withdrawals incur a charge of 1% of the amount withdrawn, regardless of whether you're withdrawing in CAD or a foreign currency, though you may encounter an additional fee charged by the ATM itself.
What works best for your business?
Canadian businesses have a wide range of choices when it comes to selecting a bank or financial solution. There are more than 30 domestic banks operating in Canada, with 15 subsidiaries and 32 foreign bank branches, as well as a multitude of financial technology companies. This high degree of competition means that these institutions must consistently retain a high standard of operation and provide a wide variety of services to meet the diverse needs of Canadian businesses.
From traditional banks offering in-branch support, credit facilities and insured deposits, to fintechs delivering digital-first solutions with low fees and flexible currency options, businesses can tailor their financial partnerships based on size, sector and growth goals. This competitive landscape encourages constant innovation, better pricing and improved service across the board.
While MyGuava Business does not try to compete with traditional banks, it offers a strong alternative for businesses, one that values competitive prices, global scope and digital simplicity. While traditional Canadian banks remain strong in terms of physical locations, insurance and credit, MyGuava Business shines with cross-border payments, real-time FX and efficient mass disbursements. For some businesses, the smartest move may not even be choosing one or the other, it could mean combining the two to get the best of both worlds.
To learn more about how MyGuava Business can benefit your business finances, check out our website. If you have any questions, our team is here to help – reach out anytime and we’ll gladly walk you through how our solutions can support your goals.
