Entrepreneurship & Small Business

Best Bank Acc for small online business? RBC?

  • Last Updated:
  • May 23rd, 2017 4:55 pm
[OP]
Newbie
Jul 12, 2015
24 posts
2 upvotes
GTA, ON

Best Bank Acc for small online business? RBC?

I'm looking for a small biz bank account that suits the following usage pattern:

- There will be around 5-10k in there at all times
- Use credit card/paypal to pay online for goods
- Withdraw cash to pay locally for goods
- Selling goods online and receive payment through Paypal or credit card payments
- Pay salaries electronically to personal bank accounts (direct deposit)

I read through some posts and saw that the RBC eAccount is well liked.

Will it suit my usage pattern? Or is there something better out there that I should look at?

Thanks.
2 replies
Member
Aug 24, 2006
469 posts
105 upvotes
omglawlz wrote:
Feb 6th, 2017 9:57 pm
I'm looking for a small biz bank account that suits the following usage pattern:

- There will be around 5-10k in there at all times
- Use credit card/paypal to pay online for goods
- Withdraw cash to pay locally for goods
- Selling goods online and receive payment through Paypal or credit card payments
- Pay salaries electronically to personal bank accounts (direct deposit)

I read through some posts and saw that the RBC eAccount is well liked.

Will it suit my usage pattern? Or is there something better out there that I should look at?

Thanks.
Should work good, I believe if you withdraw money at atm will charge you a fee.
To get around this you can typically transfer to your personal rbc account, or use it to pay all your cc's etc.
Possibly a link with another bank may work like tangerine but ymmv may be difficult
Newbie
May 22, 2017
2 posts
omglawlz wrote:
Feb 6th, 2017 9:57 pm
I'm looking for a small biz bank account that suits the following usage pattern:

- There will be around 5-10k in there at all times
- Use credit card/paypal to pay online for goods
- Withdraw cash to pay locally for goods
- Selling goods online and receive payment through Paypal or credit card payments
- Pay salaries electronically to personal bank accounts (direct deposit)

I read through some posts and saw that the RBC eAccount is well liked.

Will it suit my usage pattern? Or is there something better out there that I should look at?

Thanks.
Really depends on your biz model/industry. If you're accepting credit card payments online and seeing over $10K monthly in sales, stick with Paypal and then upgrade to a merchant account to process your transactions. Your sales are settled in your merchant account and you can transfer funds from there to any account (be it chequing or what have you). Some mainstream banks offer this, but you might want to do your homework and assess your needs. Be careful of high fees and rates.

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