Entrepreneurship & Small Business

Suggest bank for small business account

  • Last Updated:
  • Sep 6th, 2018 10:14 pm
[OP]
Newbie
Aug 30, 2018
4 posts

Suggest bank for small business account

Hi,

I have just incorporated and looking to open a business account. My income and expenses are mostly in USD and most of the transactions are done online. So, I am looking for a bank that let me keep my money in USD with low monthly charges. So far, I have shortlisted RBC and TD. From your experience, which one of these or other bank would you suggest? I am based in Toronto. Thank you.
2 replies
Deal Addict
User avatar
Feb 14, 2009
1100 posts
396 upvotes
mzaman wrote:
Sep 5th, 2018 11:24 am
Hi,

I have just incorporated and looking to open a business account. My income and expenses are mostly in USD and most of the transactions are done online. So, I am looking for a bank that let me keep my money in USD with low monthly charges. So far, I have shortlisted RBC and TD. From your experience, which one of these or other bank would you suggest? I am based in Toronto. Thank you.
I have no idea on USD, but suggest to also look at:

1. where is your personal account(s) is -- it is convenient
to transfer money. It is not relevant if you use 3-rd party payroll or
prefer to write checks to your-self.

2. Banks now offer "Business Payments", for example Scotia provides
all [all that I need] federal and provincial forms to pay installments and
balances for income tax, gst/qst/hst, source deduction, etc.

I prefer such bank service but the same can be done manually or in CRA site online.

Cheers!
Newbie
Feb 23, 2008
18 posts
2 upvotes
Toronto
We use RBC for their no fee USD chequing account, and no complaints. We are also setting up a cross border account with BMO Harris to easily collect payments from our US customers.

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)