• Last Updated:
  • Feb 9th, 2019 11:46 am
[OP]
Newbie
Jun 17, 2017
71 posts
7 upvotes

new small biz bank account

Is there any way I can open a bank account online w/o visiting a branch?
7 replies
Newbie
Feb 4, 2019
23 posts
11 upvotes
Try applying for the RBC small business eAccount online. Depending on the nature of your business and your answers to their application questions, you can get your account number almost immediately.

I believe you'll have to visit the branch at some point, though, in order to pick up the actual card. I'm not sure they mail it to you.
Deal Addict
User avatar
Dec 4, 2004
3788 posts
46 upvotes
Yep RBC small business eAccount online! Got 2 of them set up for my side businesses.
Deal Addict
Feb 22, 2007
1881 posts
227 upvotes
Toronto
Sorry to hi-jack your thread OP. I have a question regarding small business accounts.

1) Do you need to register a business in order to open a small business account?
2) When sending Email Money Transfers does the business name come up or is your personal name?
3) I have a company that I'm dealing with, who wants me to send and receive bank transfers. But they require all my details Full Name, Banking Routing info and if it's a chequing or savings account. If I have a business account, do I provide them with my full name or would it be the business name?

Thanks in advance
Jr. Member
Mar 5, 2018
123 posts
43 upvotes
realg123 wrote:
Feb 7th, 2019 11:36 am
Sorry to hi-jack your thread OP. I have a question regarding small business accounts.

1) Do you need to register a business in order to open a small business account?
2) When sending Email Money Transfers does the business name come up or is your personal name?
3) I have a company that I'm dealing with, who wants me to send and receive bank transfers. But they require all my details Full Name, Banking Routing info and if it's a chequing or savings account. If I have a business account, do I provide them with my full name or would it be the business name?

Thanks in advance
Yes, you have to provide the bank your business registration proof showing your business number + name (if there is).
As I have registered a Sole Proprietorship enterprise with a name, so the bank (TD) allows me to use either my personal name or Enterprise name, both are good.

For the wire transfer, you have to provide your client full detail, here is the list of detail on a Desjardins form:

Bank name and Address (I think they use the Central Bank Name: ask your bank)
Beneficiary’s Bank / Banque du bénéficiaire
SWIFT / BIC code
Beneficiary’s Branch ID / Numéro d’indentification de la succursale
Beneficiary’s Account Number / Numéro de compte du bénéficiaire
Beneficiary’s Complete Name / Nom complet du bénéficiaire
Beneficiary’s Complete Address / Adresse complète du bénéficiaire

These information must be exact if not the bank will cancel the transaction and it takes time to figure out
Deal Addict
Feb 22, 2007
1881 posts
227 upvotes
Toronto
TomShopper wrote:
Feb 7th, 2019 4:27 pm
Yes, you have to provide the bank your business registration proof showing your business number + name (if there is).
As I have registered a Sole Proprietorship enterprise with a name, so the bank (TD) allows me to use either my personal name or Enterprise name, both are good.

For the wire transfer, you have to provide your client full detail, here is the list of detail on a Desjardins form:

Bank name and Address (I think they use the Central Bank Name: ask your bank)
Beneficiary’s Bank / Banque du bénéficiaire
SWIFT / BIC code
Beneficiary’s Branch ID / Numéro d’indentification de la succursale
Beneficiary’s Account Number / Numéro de compte du bénéficiaire
Beneficiary’s Complete Name / Nom complet du bénéficiaire
Beneficiary’s Complete Address / Adresse complète du bénéficiaire

These information must be exact if not the bank will cancel the transaction and it takes time to figure out
Thank you. Regarding the Beneficiary’s Complete Name and Address. I'm assuming this is your personal address or business address and personal name or enterprise name?
Jr. Member
Mar 5, 2018
123 posts
43 upvotes
In my case, I have only 1 address as I'm a sole proprietorship. I think you have to put the address that you declare with your bank. Beneficiary name is either your personal name or enterprise name (when you open your banking account you have option for that, just tell them), but if you are incorporated, it must be the Company Inc., cannot be your personal name
Deal Addict
Feb 22, 2007
1881 posts
227 upvotes
Toronto
TomShopper wrote:
Feb 7th, 2019 5:15 pm
In my case, I have only 1 address as I'm a sole proprietorship. I think you have to put the address that you declare with your bank. Beneficiary name is either your personal name or enterprise name (when you open your banking account you have option for that, just tell them), but if you are incorporated, it must be the Company Inc., cannot be your personal name
Thank you

Top